Pop up space specialist discusses how retail and customers are changing

As part of Bdaily’s ‘Retail Week’ coverage we spoke to John Hoyle, CEO and founder of Sook, to find out more about the firm’s philosophy, business model, and the future of retail.

Sook offers pop-ups and other firms the opportunity to utilise retail venues, using digital walls and modular furniture, for when it’s convenient for them.

Q: Do Sook’s clients use your services as a stepping stone to leasing their own space or predominantly use it as-and-when?

A: “Our partners use Sook for a variety of reasons. To date, less than 10 per cent have taken the step to full term occupancy. The business case for long-term physical retail space is no longer as economically viable as it used to be.

“Instead our occupiers are focusing on the hours of the week that work for them; resulting in saving large amounts of cash by focusing only on times when their target audience is out and about.

“Some of partners, such as Radley in our Edinburgh space, have taken on Sook spaces for longer periods or are repeat occupiers who have returned to a space on a need’s basis or during peak times for their business.”

Q: Is there a particular sector or kind of vendor that is especially benefitting from your spaces?

A: “There is no one given sector that benefits from our spaces, Sook is for everyone. Our business model is based on demand, the need for a space seven-days a week is no longer there and the shift to short term leases allows likeminded companies to cater to its consumers.

“In high value retail hours Sook is a shop, in the morning it’s a gym, at lunchtime it’s a bank, in the evenings it’s an event space. Our current and previous partnerships range from Depop through to Uber and Mastercard.”

Q: What are your predictions on the future of retail?

A: “Over the past year, there has been an increased focus on local community and catering for local high streets. The pandemic has shifted focus to community and we support that. We want to give local businesses and individuals on the high street a chance.

“As we look ahead, we are seeing innovative business models popping up that are agile and stock light. However, it’s not just about retail – experience, leisure and retail are all important – Sook’s spaces offer a platform, not just somewhere to sell.

“One trend within the sector that is continuously developing is the demand for event led occupancy that drives customer engagement through online channels.”

Q: What are consumers demanding to see now that was not the case five years ago?

A: “Consumers are demanding more experiential retail. They no longer want to just walk into a shop and buy something, they want an ‘experience’, therefore, personalisation and providing a oneoff experience is essential.

“As we move to a greener future, consumers are also becoming more conscious of the way in which they live and shop. Businesses need to adopt a framework considering its environment, social and governance factors, alongside financial factors in the investment decision-making process.

“Sook is the perfect platform for this, due to the flexibility of spaces without a long-term investment. Additionally, with omnichannel, social and digital, people want a consistent experience across all platforms.”

Q: What does the future hold for Sook?

A: “Sook is performing extremely well. Since April this year, it has taken over £540k of sales, with a weekly growth rate of 12 per cent.

“In the next year, we will continue to work with more communities and brands who are also looking to disrupt the traditional high street model. With this in mind, we are planning to roll out one new space per month.”

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