Profit per square metre is a critical consideration when selecting a location for a retail business and planning the layout. The basic idea is that every square metre in the space needs to be optimized for maximum income potential. Merchandise that generates little profit per unit should not take up much space per unit. Items that generate more profit per unit can take up a bit more space to create a more powerful display. And dead space is to be avoided. Every metre should be used to display merchandise to boost profits.
Some retailers mistakenly think that they should use their retail space to store merchandise as well as sell it. The problem with this is that means they are using space that could be generating profit to just store items that are not visible to customers. Of course, it makes sense to have some items stored on site so you don’t run out of anything. But if you are using space that could be displaying merchandise and boosting profits to simply store items out of sight, you could boost profits by finding local rental storage.
Compare the cost per square metre of your retail location with the cost per square metre of rental storage. It’s very unusual to find commercial retail units that cost less than rental storage! Can the space in your shop that you are using to store overstock be put to use displaying more merchandise? Would that allow you to carry a broader range of goods and boost profits?
If rental storage would help you to boost profits for your retail outlet, you need to consider a few things to pick the best commercial storage unit for your needs. When can you access your rented storage unit? Can you have shipments delivered directly to it? How much notice do you need to vacate the unit? What is security like at the rental storage unit? Can you get insurance through the commercial storage rental or do you need to arrange that yourself?
The trick to boost profits in a bricks and mortar shop is to maximize the income per square metre of space and to pay the least per square metre of space. It doesn’t make sense to use premium retail space as storage when you can get rental storage for less. U Store It has rental units in Dublin, Cork, Waterford and Belfast with premium security and 24/7 access. We can also accept shipments so you don’t have to deal with the disruption in your retail space. Contact us today for an instant quote.