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February
2012 |
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Is there a place for pop-up stores in shopping centres?
The exercise of setting up a temporary store and trading
for a short period of time is not new (look at the many
boerewors stands that pop-up at sporting events), but what
is becoming a more accepted practice is to set up a temporary
store, or a pop-up store in a shopping centre.
A pop-up store is only open for a short period of time.
However, it is set up with a more strategic approach in
mind, such as, for the purposes of testing out a new product
(for retailers), or to earn income when stores are left
empty for incoming international brands (for management).
But, is there a place for pop-up stores in South African
retail and how do they fit into a shopping mall scenario
especially since shopping malls are typically designed for
permanent and long standing tenants?
Yael Shapiro, from the National Retail Leasing department
at Old Mutual Property, who runs top retailer accounts across
Old Mutual’s shopping centre portfolio says that:
“Pop-up stores are an excellent solution for recessionary
times; they can assist with strategic vacancies (particularly
when stores are kept vacant for incoming international brands).
They offer retailers an opportunity to test their product
with minimal risk.”
While pop-up stores may reap benefits for shopping centre
management and incoming retailers, they may not always be
ideal for permanent tenants, especially if a pop-up store
opens during a tenant’s most lucrative trading period
and sells similar goods.
In answer to this, Shapiro comments that “it is all
about the consumer and embracing competition. When one first
allows a store (temporary or permanent), we look at the
concept from a mix point of view to see whether it (a) fits
into the mix and (b) whether there is overlap with an existing
tenant. Obviously we want our permanent tenants to continue
to do well, however competition is healthy and it allows
for cross selling opportunities.”
Perhaps a time will come when shopping centres will be made
up mainly of pop-up stores that open for certain trading
periods. Until then, what’s needed is a healthy mix
of shops that benefits the consumer, while satisfying both
shopping centre management and permanent tenants.
Wendy Smith
P.S. Look out for this editorial on our editor’s blog.
Please feel free to make comments or raise new issues by
emailing the editor
editor@fastmoving.co.za
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Massmart
expects better earnings
Consumer goods distributor Massmart Holdings [JSE:MSM] advised on
Tuesday that headline earnings per share (Heps) would be between
10%-18% higher, or 402.4 cents to 431.6c, for the six months to
25 December 2011. Excluding forex, earnings would be between 5%
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It also advised that headline earnings would be between R865.2m
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would be in a range of R804.7m and R868.4m, or 1-9% higher. |
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