Retail renovation is an important activity for anyone running a retail store. Renovations allow you to fix, replace, or simply improve the face of your retail store. This makes it easy for your customers to relate to your store and enjoy the shopping experience.
While renovations are an important part of your business cycle, they require money. As a store owner, it is important to have the right budget before embarking on any renovations. This prevents you from getting stuck in the middle and having an unfinished store.
Here are some of the things you need to know when planning your retail renovation budget.
Design
Design, or more specifically redesigning your store, can cost you anything from a few thousand dollars to a whole lot more. The more extensive the redesigning process, the more money you are likely to spend.
Additionally, if you plan on hiring a designer, make sure to set aside at least 20% of your entire budget as their fee. You can choose to perform slight design changes such as changing fixtures and repositioning certain items around your store to save on costs.
Flooring and Ceiling
Flooring and Ceiling are likely to be your landlord’s responsibility. Your lease should have detailed information on who is responsible for flooring and ceilings between you and your landlord.
However, if you are planning to add any cosmetics on the floors to match the mood of your store, you will incur costs.
Plumbing
This mostly pertains to the bathroom.
Does your store have a bathroom?
If no, does it require one?
If yes, do you need to change the position of the bathroom?
You are likely to spend less money if you have a bathroom and do not need to move it. In this case, a fresh coat of paint will do. If you need to add a bathroom or move it to a better position perhaps for the benefit of you and your customers, then you will incur greater costs.
Set aside some money to hire different professionals such as a structural engineer and plumber to make sure that your bathroom is made or moved the way you want. You can also employ the services of a commercial renovator to handle everything for you.
Electrical
This is yet another avenue where your expenditure depends on your preferences. If your retail renovation involves altering the lighting structure and making additions for more intricate lighting to fit the mood of your store, then prepare to spend more money.
You can cut costs by using existing wiring and fixtures. However, this might not work in all instances as some stores need specific lighting. Finally, take into account any power load increase that will happen after the renovation. This is likely to be caused by the addition of more equipment using more power in your store.
Millwork
This entails any woodwork such as doors, flooring, wall paneling, crown molding, etc. The material, quantity, and space required for your millwork will determine how much money you spend on your renovations. The more intricate and detailed the designs, the more time and money you are likely to spend on renovations.
Now that you know what you need when planning a retail renovation budget, you can take the next step. Retail renovation is a great step towards making your store look better. Make sure to involve a general contractor or commercial construction company like Headwaters Construction Inc. for professional services.
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