What is the ROI of a Storefront Renovation?
Updated: Mar 7, 2019
Are you excited about the idea of upgrading the storefront for your business? It can make a big difference to invest in these renovations. But, some business owners are worried about the money that will be spent on the project. Instead of being worried about the cost of the projects, it is better to focus on the potential benefits that will come from these remodeling work.
Renovations for Your Storefront
Commercial renovations come in all shapes and sizes, giving you the opportunity to customize the plans to match your needs. You can evaluate the extent of renovations that are needed to ensure that you receive the results that you desire.
Depending on the age of the building and the amount of time since your last redesign, you might be able to choose minor upgrades to change the appearance of the whole store. But, if the building is outdated and in need of serious improvements, then it often makes sense to invest in a complete remodeling package.
Keep in mind that customers notice little improvements. For example, adding the right lighting or repainting the store can make a noticeable difference to the appearance of your business property. So, don’t underestimate the power of both small and big remodeling projects.
Increasing Sales for Your Business
Yes, you will be spending money on the materials and construction costs. But, you can expect an increase in sales after the renovations are complete. It is hard to predict the value of the renovations, because sales patterns change in every industry. But, most store owners find that they enjoy a noticeable difference in the amount of money that customers spend when they walk through the door.
When people feel good in your store, then it increases the amount of time that they spend inside. A beautiful, comfortable storefront creates an environment where customers will stay for a while. As a result, your sales will go up.
Why Consider Commercial Remodeling?
Business remodeling can be done for a variety of reasons. It is important that you have specific goals in mind, to ensure that you choose the right details based on the needs of your employees and customers. If a store is aging, then the goal might be to add a modern flair to the décor, creating a fresh perspective when people walk through the door. Or, your goals might be focused on the flow of traffic through the restaurant, or the layout of products in a retail store.
The main benefit of commercial remodeling is to make your company stand out from the competitors. Customers have many choices in the area when they are ready to shop or eat out. You need to create a storefront that is comfortable and welcoming, helping to increase the likelihood that customers will keep coming back over and over again.
Not only does a storefront renovation have an impact on the flow and function of your store. But, these renovations also affect the branding of your company. If people see that the property is run down, then they might be worried about the company’s dedication to quality. You need to be sure that the appearance of your store is in alignment with the brand that you are working to create for your business.
Business Renovations vs. Moving Locations
When your storefront is outdated, you need to see how renovations often outweigh the option to move to a different location. Moving to a new building can be confusing for customers when they arrive at the old location and don’t know about the new location. You could potentially lose out on business because people don’t make the move to your new location.
Plus, it is common for business renovations to cost less compared to buying a new building. Price out the renovations that are needed, and you will see that the remodeling expenses are a fraction of the cost of what it would take to purchase a new property.
Finally, you shouldn’t overlook the future financial benefits that are available from upgrading your building. If you decide to sell the property, then you can ask a higher price tag because of the investments.
Customized Results for Your Business Remodeling Projects
Choosing to remodel your storefront might be one of the best investments for your company. If you are going to spend the money, then make sure to choose a contractor that offers customized planning. You can select the details that will create the storefront that you have always desired.
For more information about the services that are offered, talk to us at DCON Renovations. We provide commercial and residential remodeling services in New York City, Brooklyn, Queens, and more. Call today if you would like to schedule a consultation: (718) 628-3428