Starting a Retail Business in London |
Posted: August 21, 2018 |
The UK’s highstreets have been undergoing something of a revolution over the course of the last decade. The rise of online shopping giants like Amazon has put tremendous amounts of pressure on more established retailers, and many well-known brands have shut their doors over the course of 2018. Toys R Us, Maplin, Homebase, and Mothercare are just a few of the household names that have been lost to the changing retail environment. What this means is that there’s a lot of high street property lying empty. This opportunity is no more acute than London. Thanks to the expanse of the metropolitan area, and the diversity of opportunities across the capital, a lot of independent, niche retailers have the chance to move into these newly empty units and start their own brands. If you’re thinking of doing the same, here’s some tips to take into account. Choosing a Neighbourhood The city of London offers many different places were retailers can set up, but as with buying property in any area, the closer you get to the centre, the higher the process get. As someone who is running an independent business, you won’t have the same start-up capital as a more established business, but this can work to your advantage. Each different part of London offers something unique to those who decide to set up shop. Shoreditch has a reputation for being the trendy hipster focal point of the city, Camden is known for its cool market vibes, and Peckham would be an ideal location for those who want to drive down the overheads of their business. Knowing what makes your local area tick is vital before choosing a premises. Set-up and Growth With the high street retail market as volatile as it has been in recent years, setting up any new business requires vital planning and organisation to make it work. If you’re in the likely position of setting up your first business, integrating yourself into the community, and making those connections is a must at the earliest stages of setting up your retail business. Capturing customer loyalty is vital from day one, as you’ll be wanting to make a buzz within the local area and drive that footfall from the minute your doors open. Having an understanding of social media is also vital at this point, as there are a great number of online London community groups that you can take advantage of to get specific messaging out to your customer base. As we have seen with the changing nature of UK high streets, the retailers that are more likely to survive are those that have a connection to the local area. Lots of independent retailers have been able to flourish in the new landscape, as they have lower running costs and aren’t subject to the same pressures that their nationwide counterparts are. If you’re thinking about using London as your base, be sure to exploit all the opportunities that are available to you in this diverse city. From here you can develop and grow your business into a successful enterprise.
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