In recent years, the success of big box stores has been affected by e-commerce and the growth of specialty retail. Customers have turned away from the anonymity of large stores and appreciate the more personalized experiences and better service that they get by shopping online or at a specialty store. Because of this trend, the retail kiosk industry has grown from just a novelty to an expansive $12 billion industry.
An industry that was once fledgling and composed of only small, simple carts has expanded to include complex kiosks, called retail merchandising units (RMUs), and large freestanding kiosks that include electrical outlets for product display through television and lighting, tablets, and other turnkey solutions like RapidCut.
Worldwide especially, the retail kiosk industry has taken off. Mall traffic throughout Europe and the Middle East continues to grow, and shoppers are “voting with their feet” for unique experiences at retail centers. In North America, kiosk-generate revenue is expected to hit $4.4 billion by 2024, an annual growth rate of a whopping 6.1%. In fact, kiosks can now account for over 10 percent of a mall’s revenue.
Malls are creatively responding to these changes. Once a place for the distribution and storing of goods, they are now a place for great experiences. With plenty of franchise options out there, and short-term lease commitments, it is the perfect time for entrepreneurs to start their own kiosk business without the need to invest a ton of money up front.
If you’re asking yourself if you should open a mall kiosk, market conditions point to yes. The industry now has the perfect combination of technology, innovative products, and market growth and exposure to facilitate a successful retail kiosk business. The growing mall kiosk industry has allowed Mobile Outfitters to develop a globally successful kiosk program and Master Territory licensing program.
Wondering what it takes to actually run a successful retail kiosk? Download our Kiosk Success Checklist today and get started with your own retail kiosk!