Re: "Box" Shop and Shelf Space -What's Your Views?
 

I can understand a security deposit for renting pushcart and shops because in the event that the cart/shop is damage when the tenant does not continue the lease or the tenant default in rental payment, the security deposit will be forfeited and use to cover these default expenses. But for a box shop, if the box is damage, it can't be the boxpreneurs' fault because they are not there to tend the box. If they are there, may be their sales will be even better :laff: So what's the purpose of a security deposit? I have never rented one, never seen the related rental contract, so can someone explain why a boxpreneur need to pay security deposit???

Re: "Box" Shop and Shelf Space -What's Your Views?
 

InQBox, InQvestment, Shoe-In-A-Box, InQbox Global - can anyone tell me more about them?

Re: "Box" Shop and Shelf Space -What's Your Views?
 

If you have been 'box-ed' and having/had a bad bad experience with your box operator, please pm me your contact number (click on my name to send me a private message).

Re: "Box" Shop and Shelf Space -What's Your Views?
 

You can go to ACRA website and buy the business/ people profiles.

Re: "Box" Shop and Shelf Space -What's Your Views?
 

Hi XOXOXO, fyi, not everyone need to pay the deposit for renting the box space. They said depends on the package you take. Some packages are higher so no deposit required. I heard some boxpreneurs missed the 30 days period of informing them, that they do not want to renew the contract, thus their security deposit were forfeited. Also they state on the contract in the event that management fees are not paid when due, they will forfeit the security deposit and other fees, etc. Anyway all the terms and conditions on the contract are unfair to the boxpreneurs, better don’t believe what the sales staff tell you. :mad:

Re: "Box" Shop and Shelf Space -What's Your Views?
 

Hi Harvey, last time they are called InQbox then they cancelled their company. Now they changed to InQbox Global, Private Limited Company.

Re: "Box" Shop and Shelf Space -What's Your Views?
 

I totally agree with you guys. Those so called as directors that say that they are the "first" concept store in SG are really "smart" man. Can paint a beautiful picture to everyone and even to the media that they are so so good, watever entrepreneur award etc... Making everyone thinks that they are so good and business is profitable.

But in the end?

I just wonder, will any genuine company of such box concept stores actually" 1) owe tentants $ but find all kind of excuses and put the blame back to the tenants? 2) Even owe landlord $ till they are being forced to close down? 3) have disputes with all their franchisees and dont think that the problem lies with them? 4) Even the contractors and the POS systems companies they also can ended up quarrelling with. 5) Think they know a little bit on law then misuse law and threaten tenants and find their minor faults.

Im not generalising that all box concept stores are like this, but at least some of these stores are. And they are indeed very thick skinned. tarnishing all the good image of what positive revenue such concept stores may provide to small entrepreneurs.

Media is a very good way to help bring awareness to the public of such possible "scams".

Re: "Box" Shop and Shelf Space -What's Your Views?
 

I think you may be referring to my box shop at Suntec City. Regarding your complaint, I've replied you directly and has talked to the sales girl immediately and noted that her father got a stroke around your visiting period. It might affect her performance during that period and I'm so sorry to give you such bad impression.

I do agree with you a not upto standard sales staff attitude may affect sales. Therefore, I do arrange monthly meeting with staff to have a better understanding of the difficulty and try a way to improve the sales of the box users.

Re: "Box" Shop and Shelf Space -What's Your Views?
 

I do agree with some of posts. A bad performing box shop actually affecting a lot on other box operators.

But thank God for his blessing and we'll start a push cart with box space tomorrow (2 Oct).

Just some tips for sellers who're planning to look for box space.

1) Know exactly how much you've to pay for the box. Some box shops charge you few hundred dollars per month and sales commission. Calculate whether the gross profit portion is sufficient to cover the rent & commission.

2) Sellers has to spend some effort, i.e. to advertise through other channels. Imagine a shop with good human traffic passing by on a day, say 10,000. Assume 5% (1 out of 20) pass by will go into the shop, say 500 persons. Out of the hundred over boxes inside the shop, assume 5% may by chance can notice your box, i.e. 25 persons. Then, further assume 5% will eventually buy your goods, i.e. 1.25 person (slightly over 1 sales per day). Above has assumed that your products are nicely displayed and can attract people to buy.

We've real case that seller sells SPA soap at $50 per piece with not attractive packing. By right, no one will notice of the products when they browse around the shop. But it sells over $1,000 per month.

Cause the seller also market on the net or through their own website and box shop is something like a collection centre.

3) Your product price can't be too cheap. If you're selling S$1 - 2 products, it may not be sufficient to cover the monthly rental.

4) Seller's commitment. We've some real cases that sellers pay us 3 months rental and left the stock. After 1 month, we tried to contact the sellers to top up stock when they run low. Then, we realised that they were not in Singapore. So with no stock in the box and how can we sell for them?

5) Commitment period. If a box shop is running healthily, they won't persuade you on long rental period. Personally, I think 3 months period is reasonable as for just 1 month, you won't see much of the result. And for box shop owner, there will be a lot of administrative work for move in move out and rearranging the stock data.

I noted that some of the forumers may use other retail box service with bad experience. They might charge you few hundred dollars per month, late payment to you or forfeited your deposit. But we wish you to be fair for some of the box shops which are running honestly.

We wish you guys all the best in your business!

Re: "Box" Shop and Shelf Space -What's Your Views?
 

Hi Bee Bee, thanks for sharing. Interesting to hear the views coming from a box-shop operator. Me never rented any boxes before, but just sharing my thoughts.... to add to your tips above...

1) I would suggest if people are interested to rent a box i.e. start a business, no matter how small the scale and how short is the rental period, to do a financial budget. Estimate your monthly operating expenses -rent, staff costs (commission), transport, etc and also factor in the product costs (which should take into account shipping costs). And remember, "sufficient" is not enough, think big:laff: if u can't earn a decent profit, don't waste time.

2) Re the 2nd pointer.... the 5% example is interesting :D . I say, no need to guess, no need to estimate. If u are serious about renting a box at a particular location, do your homework. Visit the place on weekdays and weekends, monitor the crowd yourself, know when are the peaks, know what kind of crowds appear, watch the human traffic of boxes already selling similar items. If u think "I need to work, I have no time to do such homework" then perhaps don't waste time doing this kind of box sale, go for online selling.