Renovating a commercial space is a significant investment, so getting it right is vital for returns. While renovations can disrupt your operations in the short-term, if you adopt a strategic approach, you’ll reap the rewards in the long-run.

Here are the essential factors to keep in mind before embarking on a retail renovation.

Define Your Purpose 

At the heart of any renovation lies the question: Why are you renovating? Understanding your motivation is critical. Is your brand evolving? Are your current fixtures outdated? Or, are you simply seeking a fresh look? Before diving in headfirst, clearly define your goals. Ensure your investments are not disproportionate to the achievable outcomes; sometimes reallocating resources is more effective.

Create a Timeline

Draft a detailed roadmap outlining your projected start date, completion date, and key milestones in between. Being organised helps keep everyone aligned and minimises business disruptions. Be flexible and prepared to adapt your timeline to address any unforeseen challenges, like holiday periods and potential stakeholder approvals.

Establish a Budget

A well-defined budget is fundamental to any renovation project. Collaborate with a skilled project manager to identify all potential expenses, including design, construction, permits, materials, and labour, and include a contingency buffer of around 15% for unexpected costs.

Choose Your Project Partner Wisely

Depending on the scale of the renovation, hiring a project management firm to handle all the logistics and installations—from fittings and signage to lighting and technology—may be necessary. A reputable project partner specialising in retail can also help assemble a capable team of architects, designers, contractors, and suppliers.

Consider Impact on Business Operations

When estimating renovation costs, it’s essential to account for potential revenue losses resulting from the construction process. The degree of these losses depends on various factors, including the project duration and the ability to maintain limited operations. While some businesses may navigate renovations without closing—by scheduling work during off-peak hours—most commercial renovations will inevitably lead to some level of disruption. An experienced project manager can assist in drafting timelines, preparing budgets, navigating regulatory requirements, and coordinating all necessary parties. They can also recommend strategies to minimise disruption, such as phased renovations or utilising construction barriers to isolate work areas.

Visualise the Look and Feel

Even without professional design skills, it’s essential to have a clear vision of your renovation’s aesthetic. Create a mood board that includes visuals reflecting the desired style – this will serve as a helpful reference point for design and ideation. Analyse your competitors to identify how your renovated space can stand out in the market.

Impact on Brand Image

A commercial renovation is a prime opportunity to refresh and realign your brand identity. Evaluate how your design choices, colour schemes, and overall aesthetics resonate with your values and appeal to your target audience.

Seek Out Cost-Saving Opportunities

Research modifications that could help lower your operating costs in the future. Upgrades to plumbing, insulation, and HVAC systems can result in significant savings over the long-term. Prioritising energy efficiency is crucial, even if it’s not your primary motivation for the renovation. Explore initiatives like adding renewable energy sources and improving insulation, which benefit both the environment and your bottom line. Implementing technology such as digital signage and self-checkout kiosks can also enhance operational efficiency and cost-effectiveness.

Assess Your Current Space

Weigh up the costs against the anticipated benefits. For instance, if a current area is already performing well in terms of sales per square foot, adding more space might not necessarily yield proportional returns, such as with a larger dressing room.

Prioritise Functionality

Review how the current setup functions, and brainstorm potential adjustments to enhance flow and usability. Thoughtful placement of aisles, displays, and checkout counters can foster a more welcoming shopping environment and boost sales opportunities. Consider accessibility needs for different types of shoppers, including families and those with disabilities.

Be Prepared for Regulations

Most commercial renovations will involve navigating regulatory requirements, such as securing necessary permits and adhering to health and safety standards. Ensure that all permits are in place before starting any work.

Quality Above All

While it can be tempting to cut corners, selecting lower-quality materials or finishes can be detrimental down the line, costing you more in repairs and maintenance. Investing in high-quality, durable materials will bring better long-term value.

Ready to bring your renovation to life? Talk to us today about your project!