For many businesses, launching exclusively online is a safe option, enabling them to start building with lower overheads, fewer commitments and a chance to test the water. But there often comes a time when a more visible, physical presence is required. The Westfield Grand Prix is giving sustainable businesses that very opportunity – the chance to win a free retail space in one of the two London Westfield centres for up to 12 months. Winners will also receive a contribution to pay for design and fit-out, together with personalised guidance and financial support from design and retail experts, as well as in-centre advertising created by the retail media agency Westfield Rise.
Most entrepreneurs would jump at the chance to sell their wares in one of the world’s most iconic malls. But before taking the leap, your readiness should be considered. How do you know when your business is ready?
Your customers are crying out for it
Pantry Shelf, which offers sustainably packaged groceries, started life as an e-commerce website in September 2021 before attending markets, events and running a pop-up, then moving into a permanent space in November 2022. “Customers were telling us every day they wanted to shop with us in person so they could refill their containers and eliminate any delivery packaging,” says director Sarah Vargerson. “They wanted accessibility, and they wanted more variety.”
Your business needs a permanent home
Dee Stringer started Slumbering Hound, which offers handmade blankets, cushions, beds and accessories for dogs, in her home, selling online and at events until 2019 when an opportunity arose to take a shop in Hatfield, Hertfordshire. “My business had definitely begun to outgrow my home and I had been looking for premises,” she says. “I had spent years loading up vans and cars, and setting up at shows and events, having piles of sewing all over my dining room table, stock in the shed and spare room, and it all became a bit overwhelming.”
You need a more personal connection with your customers
Elena Brook-Hart Rodriguez, founder of the slow fashion brand and social enterprise Handmade Stories, quickly found it was much easier to sell in person than online, prompting her to open a pop-up shop in London in 2022. “I started doing Christmas markets and was amazed at how easily my products were selling compared with online. Looking at my analytics, I saw people would browse endlessly, or come to my website about five times before deciding to make a purchase, whereas when I did in-person events, people would usually buy on the spot without so much consideration.”
You’ve tested it out and know it’s the right move
During her first year of trading online, Vargerson was given the opportunity to take over an empty shop space for two months. “The idea was that we could test out a physical shop space without any long-term investment, boost awareness of Pantry Shelf by being in a prominent shop space, while at the same time the shopping centre benefited by bringing interest and footfall to an unused space. This wasn’t our original plan, but when the opportunity came along we grabbed it.”
You’ve got the right finance and systems in place
“In terms of finances (the big question), you want to have a plan in place to make sure you can cover expenses and minimise risk,” says Brook-Hart Rodriguez. “Determine whether a physical space is the most effective way of acquiring customers/making sales without compromising other areas of your business. If you already have a consistent revenue stream and you’ll have to neglect that to open a store, then it might not be the best decision.”
For Stringer, the numbers made sense. “I worked out how much I had been spending on attending events and shows, took into account that my husband would also take the weekend off work with me on these, and realised the shop rent would be on a par with that and a lot less stressful, so it made financial sense.”
Sometimes you just have to take the plunge
Ask some entrepreneurs, and they’ll admit they simply decided to have a go. Alex Sergent, co-founder of CBD gum iYTAL, made the move to a physical presence in September 2021 at the Black Eats market in Hackney. “The only way you’ll know you’re ready is when you choose to make a move to a shop presence, as there is so much to always learn,” he says.
You’ll also need to have a willingness to roll with the punches, suggests Brook-Hart Rodriguez. “Be ready to change and adapt. Things might not go according to plan, be ready to come up with new ideas to bring people to your store. Nothing is a failure,” she adds. “It’s all a learning experience. If something doesn’t work, it will force you to move in a different direction and take you closer to what actually works for you and your business.”
Applications for the Westfield Grand Prix in the UK are open from 22 May to 7 July 2023; complete a form and upload a presentation deck with your concept here. Finalists will face an online public vote to decide the People’s Award and will pitch to a judging panel that will decide the grand prix winner, to be announced in October 2023. The UK judging panel’s winner will then progress to the European final. See grandprix.westfield.com for more details.
