It is not unusual for a highly successful entrepreneur to talk about how many times they failed before they succeeded. If you look at the business life of Steve Jobs, Walt Disney, Henry Ford, Thomas Edison, etc. Sometimes they use the phrase a “fast fail” concept. That is the idea that you test new concepts, continue to tweak them, but when it is clear the idea will not succeed you quickly drop the concept. The important part is that you learn from your mistakes and apply those lessons to the next concept. Eventually, you should have a winner.
With upfront investment being relatively low for pop-up shops, the “fast fail” method can work really well. Retailers and brands can simultaneously launch multiple pop-ups, testing various formats and different marketing initiatives…quickly dropping the formats and approaches that don’t work and investing in those that show potential!
As hard as the pandemic has been on physical retail, it has also forced some real innovations and creativity. Ultimately this should benefit the consumer and those brands and stores who focus on providing the solution which the consumer needs.