Planning a Store Renovation: Key Steps to Know

By renovating your retail establishment, you can generate revenue growth, enhance the consumer experience, and revitalize your organization. Conversely, one of the most critical measures is to establish a budget for the project prior to making any decisions regarding the design of your store renovation.

It is essential to limit one’s financial resources. Keeping this in mind, we have developed a guide to help you plan your store renovation without exceeding your budget.

The cost of a store renovation in Singapore is significantly influenced by the size of the space and the type of work that must be completed. Determine whether a full renovation (flooring, ceiling, partitions, lighting) or just cosmetic upgrades (painting, display fixtures, signage) is necessary in this context.

The cost of store renovation can vary significantly based on the quality of the embellishments selected, the type of building, and the scope of the project, as previously mentioned. In order to enhance one’s understanding of the anticipated outcomes, it is essential to assess the interim renovations, the fundamental cosmetic upgrades, and the full-scale commercial building project rebuild.

New light fixtures and ceiling tiles, fresh paint, updated restroom fixtures, and updated flooring are examples of basic cosmetic upgrades that can be implemented without the need to redesign the infrastructure. In other words, these are the most straightforward modifications that can be implemented.

Creating a thorough scope of work is one of the most efficient methods to get started. The contractor will be able to provide you with more precise estimates, and your budget will remain consistent with your objectives as a result of the distinct scope. In order to gain a more comprehensive understanding of the assets with which you will be interacting, it is advisable to conduct a building evaluation before you start work on this project.

The must-haves should be prioritized over the nice-to-haves during this phase. It is imperative to remind oneself that not all proposals are required to be included in Phase 1. As an alternative, collaborate with a commercial contractor at an earlier stage. In reality, they are capable of offering valuable insights into the actual expenses that are incurred during the planning process.

If you are unable to complete a full store renovation at once due to financial or scheduling constraints, it may be advantageous to implement a staged approach. Begin with the areas that will have the most substantial impact, such as reception areas, facilities, or areas that are directly exposed to consumers.

It is imperative to collaborate closely with your contractor in order to prioritize the scope of the work in a reasonable manner. This ensures that each iteration of enhancements is consistent with your long-term vision and does not require the reversal of previous work. This is the only way to maximize your savings when carrying out a store renovation project.