Pop-up retailing is scheduled to contribute £2.1bn to the economy this year, a study has forecast. The low budget outlets set up in temporary shops, stalls, and empty spaces have been one of the fastest growing ventures in in recent years.
Encouraged by the recession it is believed that there are now more than 9,400 stores employing 23,400 people in the U.K, according to the study by EE, the digital communications business and CEBR, the economic consultancy.
Their report estimated that the pop-up retailing industry is expected to grow 8.4 per cent over the next year, far more than the 3.4 per cent predicted for the high street. It is also believed that the growth could be even higher if rent costs, space issues and technology weaknesses are tackled.
To further encourage growth EE has teamed up with Appear Here (an online pop-up marketplace), the British Retail Consortium and entrepreneurs to launch a campaign in the UK to encourage newcomers. The campaign aims to support 3,000 pop-up shops with technology and advice over the next three years.
Mike Tomlinson, EE’s director of small business, said that the last decade had created a “booming pop-up retail economy” and that “Pop-up shops truly embody the entrepreneurial nature of the UK by combining these two factors to disrupt the retail market and bring a breath of fresh air into the high street.”
Ross Bailey, 22, chief executive of Appear Here, added that “Tomorrow’s high street will be about entertainment and experience and this is what pop-ups do better than traditional retailers.”