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BizReport : Trends & Ideas archives : August 17, 2015


Pop-up stores worth £2.3billion a year to UK economy

The U.K.'s pop-up retail phenomenon is worth more than £2billion a year to the economy, according to a new report from digital communications company EE and the Center for Economics and Business Research.

by Helen Leggatt

Vacant stores on Britain's high streets have been used by retailers to test store concepts, products ranges and different geographic locations by installing temporary stores called pop-up shops. This practice has become established and, according to the 'Britain's Pop-Up Retail Economy Report', is worth £2.3billion a year to the economy, accounting for 0.76% of total UK turnover from retail, up from 0.6% last year.

"Pop-up retail is continuing to become an increasingly viable platform for both people with new business ideas and for established businesses looking to engage with customers in new and innovative ways," said Rob Harbron, Managing Economist for CEBR. "Successful retailers increasingly need to offer customers the ability to shop when and where they want. As such, the flexibility of pop-up stores makes the format increasingly attractive."

The report reveals that 44% of consumers surveyed had visited a pop-up in the past year, and they spent £8 per month more than before, at an annual total of £124 per person.

"Successful retailers increasingly need to offer customers the ability to shop when and where they want. As such, the flexibility of pop-up stores makes the format increasingly attractive," said Ross Bailey, founder and chief executive of pop-up retail space marketplace Appear Here.

However, the report reveals that despite the healthy growth in the pop-up retail sector, many small retailers are finding it hard to capitalise on sales as they are unable to take card payments. Furthermore, a quarter said they have lost sales due to insufficient stock management systems. to this end, EE has launched 'Connected Retail' a 4G point-of-sale bundle.






Tags: retail, technology, UK








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