Pop-up stores are here to stay!
A historically high level of shop vacancy rates, combined with changing consumer preferences and a growing emphasis on locally sourced products has created the perfect storm for the sector to flourish…
A high level of store vacancy rates, together with changing consumer habits and a growing emphasis on locally sourced products has created the perfect storm for the sector to flourish. However, pop-up retailers are still facing significant barriers to success. A lack of temporary internet connections, high business rates and rents, and finding short term contracts for technology, insurance and utilities, are holding back the sector from its true potential. If the barriers to pop-up retailing were removed however, double digit growth could be within easy reach, helping to breathe life back into the high street.
In the last year, the sector produced over £2,5 billion in retail turnover (equivalent of 0.7% of the total UK retail turnover) and employed more than 24,000 people. In the next 12 months, the sector’s growth rate is set to outstrip the wider UK retail sector by more than double, with consumers projected to increase spending in pop-ups by 8.8%.
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