Retail Store Reimaging and Renovation Costs
There are many costs associated with construction alone in reimaging and renovation for retail stores. But what does this mean? What is reimaging construction?
Reimaging in construction can also be called rebranding. Rebranding or reimaging doesn’t have to do exclusively with signage, website and advertising - it also is represented in construction - particularly retail store construction. Retail stores often get reimaged to keep with the times, draw in more foot traffic and customer sales. In construction, this reimaging applies to signs, store decor, flooring and walls, and even store layout. The overall look and feel is refreshed by the construction details inside the store.
Reimaging and renovation are typically driven by the tenant - in accord with the landlord. Sometimes the fees are paid in part by the landlord as part of the lease agreement.
The store location, materials and type of building are all factors in the costs of retail store reimaging and renovation. It is vital to plan for these costs in advance - with all parties in the loop. The construction project manager can keep track of costs and communicate them to the parties involved.
Insurance is another factor in renovation costs. Concrete or steel are used more than wood construction today due to lower insurance costs. Architecture also can alter insurance fees - such as with styles of roofing. Architectural style and repeat construction can also alter insurance fees. Convenience stores for example cost less than other building types. Traditional fast food stores are similar - although modern fast food stores certainly get more in reimaging today than fast food restaurants of years past.
Store location is also critical to costs and can even be the biggest factor in the budget. For example renovation projects in San Francisco or New York can cost more per square foot than other cities or rural areas. Weather issues are also a factor in costs. More specific building techniques and materials are required for areas more likely to get earthquakes or snow. Local building permits and codes are also different for various locations, which again can impact building costs.
Labor also has a heavy impact in construction fees. Labor is important in the US as increasingly more citizens bypass traditional trades in order to get college degrees for office jobs. And the demand for construction labor is ongoing.
Modular and sustainability elements in construction also impact costs. Modular, pre-fabricated building elements are faster and easier to work with, and have less environmental disruption than more traditional construction methods. Of course there are many other sustainable elements in construction which may cost more (or at least cost more in building, yet can have long-term cost advantages).
These retail store reimaging and renovation costs must be considered and planed for - from materials to labor, location, architectural style, modular and sustainability elements, weather - to codes and regulations - they all add up for construction in modern commercial buildings.
Read more about Buildrite’s renovation services.
