It has never been a better time to own a mobile business. Retail is evolving. Real estate is adapting.
Long term property lets are becoming a distant memory and consumer behaviour has drastically changed within the city landscape. People want things and they want them now. If businesses can roam and be flexible, they can have a better chance of being in the right place in front of the right audience.
As you are aware, the UK high street is in a period of downturn, with stores closing and previously established brands entering administration or liquidation. A recent BBC News report highlights retailers shut 2,870 stores in first half of 2019. Stores are also staying shut, with vacancies up year-on-year, reflecting a growing number of brands who recognise the end of reliance on purely physical outlets.
However, mobile retailers registered on the StreetDots platform have not succumbed to some of the wider sector noise, and reported average year-on-year growth in August 2019 of 23%. Retail is certainly not dead and new ways of entering the market are appearing.
StreetDots is the only digital booking platform for independent street traders. They are helping 2,500+ mobile traders to find and book hundreds of iconic trading locations (both public and private) in London and Manchester. StreetDots have seen a high uplift in within this marketplace (of which have been instrumental in creating) across the capital, with land operators now approaching them for site activation.
StreetDots assesses every independent business and location on its platform before approving. Over the course of the last 12 months, they have discovered that vendors trading on market-matched locations earn 71% more than those that have lower correlation.
Building owners need to remain competitive and relevant in this ever changing landscape. They need to keep their tenants happy, healthy and engaged. Mobile businesses can play a big part here, especially those that adopt StreetDots rotational business model.
As a street trader, knowing your ideal location is key, not only accepting the obvious that higher footfall means higher revenue, but also drilling down into detail, examining deeper demographics for business insight.
It might seem apparent that a coffee operator selling to music fans leaving a stadium late-night will perform as badly as a filling, meaty, carb-hit being offered to the early commuters at their local station at six in the morning, but applying this logic to one’s business can prove make-or-break for independents.
Testing and reaching new audiences is critical in developing one’s business; StreetDots advocates maintaining a variety of locations from which one can generate sales. Diversifying revenue streams is prudent, to ensure that any one stream unexpectedly stopping doesn’t spell the end of the business.
Once ideal locations have been found, it is also key to avoid stagnation; a single product can rapidly become passé, especially in the modern climate of ever-changing consumer needs. StreetDots demonstrates this is best done through rotation, which has the added benefit of avoiding lengthy leases with land owners. Rotation and selective day-part retailing, customised to best fit your product, avoids long periods through the day where a natural demand for the product does not exist.
Increasing numbers of established retailers are adopting similar tactics as they recognise the value of increased exposure, ensuring one takes advantage of all possibilities to get the vital step-up one needs to succeed.
If you are looking to expand your business, sign up to StreetDots platform, complete your profile and start booking amazing trading spots in London and Manchester. There are opportunities in mobile food, beverages, produce and retail.