Sook founder John Hoyle devastated as he announces closure of retail pop-up space provider
Sook, a UK-based startup that operated in the pop-up retail space, has shut up shop after failing to raise sufficient funding.
In a LinkedIn post, founder John Hoyle, said: “I’m devastated to announce the closure of Sook.”
“In spite of the extraordinary efforts of our team, growing sales and achieving international scale we were unable to raise sufficient investment to continue in the current environment.”
He added: “I’m so proud of all that we achieved and incredibly sad that we cannot continue. Please support our team members as they search for new roles.”
“They have first hand experience of disrupting the retail and real estate sectors during incredibly challenging times. Thank-you to everyone who supported us over the last five years.”
2022 RTIH INNOVATION AWARDS
Sook, which took vacant retail spaces and gave them a modular, digital fit-out which could be rented by the hour, emerged victorious at the 2022 RTIH Innovation Awards, picking up the Bricks and Mortar Innovation gong.
Our judging panel said of the company: “There aren’t many things more depressing than empty shops on a high street, especially when it’s at odds with the number of innovative SMEs desperate for a bricks and mortar base to interact with customers.”
“Sook realised this demand for physical space hadn’t gone away, it just needed to solve the disconnect between brands and landlords while making it quick, easy and cost-effective for those brands to create a bespoke space.”
“As well as enhancing local communities and economies with these immersive pop-ups, it gathers analytics for its occupiers, allowing them to best understand how to use physical space as efficiently and effectively as possible.”
“Sook also claims to have placed great importance on sustainability with its offsite modular construction typically producing 30% less CO2 compared to a traditional shop fit and powering all its units using 100% renewable energy providers.”
“Finally, it’s not just SMEs working with the company – Uber, Mastercard, Facebook, SumUp, Hard Rock, Tik Tok, Jagermeister, Depop and Raspberry Pi all have also sought it out as a solution for enabling physical spaces to thrive via innovative technology.”
RTIH Editor, Scott Thompson, said: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“Congratulations to our 2022 retail technology hall of fame entrants.”
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