Whether it’s co-working in a shared commercial space from Monday to Friday, or connecting with a roommate online to cut down on the rent, finding partners who are willing to share physical spaces in order to split costs isn’t a new concept. In fact, it’s only been aided and popularized with the help of crowd-sourcing technology and solutions like WeWork and AirBnB.
Now, retailers can take advantage of the same business model by sharing commerce spaces.
Shared retail spaces have joined the growing global trend of making businesses more manageable through cooperative resources—including real estate. Shared retail, which is also known as co-retailing, means that products designed, owned, and sold by completely different brands and businesses can be promoted and sold through the same physical address.
It also has its own app to connect business partners and make localized solutions more visible to retailers of all experience levels: SharedRetail.
While SharedRetail grants retailers immediate access to a wider variety of potential sales points, it also gives them greater control over their budget. In addition to splitting the cost of the rent itself, which is often one of the highest costs in a retail business venture, there are other considerations that will factor toward cost-savings when business owners take advantage of shared retail opportunities.
The money-saving perks from shared retail spaces include:
· Splitting the cost of utilities and certain services, like cleaning, management, and maintenance.
· Reducing the distance between distribution centers and customers—which means shortening delivery times, eliminating the potential for mishaps and lost items in transit, and decreasing what you’ll pay for drivers, gas, and related distance operations.
· Cutting down on advertising costs to help retailers reach twice the audience, generate new leads, and cross-promote products, with very little additional work and none of the added expenses that companies typically have to shoulder all by themselves—both in terms of literal dollars, but also in terms of strategy and risk.
· You only need to transport a small amount of your stock when you rent a limited amount of space. This means that you’re not paying for additional storage costs. In fact, the smartest route is to see how much of your warehousing you can offload to various shared retail sites that might directly sell it, which is a much better application of your investment.
SharedRetail is a new app that allows retailers to connect with one another, and with unused spaces of all sizes, all around the world. You not only discover the best opportunities—without a middle man (another bonus way of saving money)—but you also get to discover the perfect opportunities for your own budget and business model. You only need to pay for the exact space you wish to experiment with, for a length of time that’s sensible to your production schedule. Plus, you can directly negotiate your own contracts.
Only paying for what you actually need, by finding the right partners in the right places, is another great way to save money through co-retailing.
Save money and explore the best opportunities for your retail business with SharedRetail.