Well it has certainly been an interesting couple of months in Retailing during the peak trading period and the issues have been wholly diverse. From the hype of Amazon opening their first Australian Hub there has been plenty of noise covering a large amount media real estate.
95 percent of all retail sales are the result of some combination of online, mobile, and in-store interaction along the path of purchase.
Whether your lease is expiring or taking up your option for a further term you should by now have reviewed your Fitout Presentation and Merchandising and established what refurbishment works you would plan to drive sales growth.
The recent Retail Sales results have been (and rightly so) reported as “frightening,” to quote ARA Executive Director Russel Zimmerman. And I concur that this Christmas retail performance stands as one of the most important outcomes since the GFC.
Disclosure Statements have been an integral part of the essential documents and procedures related to Retail (Shop) Leases for over a decade.
Lessor’s Disclosure Statements have formed an integral part of Retail Lease documentation for over 10 years now.
This is the final part of this mini-series relating to exercising your Retail Shop Lease.
In part 1 we advised how to establish the timelines (critical path) to your lease option event, noting that time is of the essence.
Resulting from several recent retail leasing tragedies related to Lease Options being missed, it is time to revisit some basics with Lease Options 101.
Following on from the “10 Negotiation Tactics” blog post, this week we want to discuss the concept of BATNA…. when negotiating your lease (or for that matter any important commercial negotiation).
Negotiation is an everyday part of our lives and so much of it depends on how we prepare, conduct ourselves and manage the process as well as relationships.
For consumers today, shopping is all about speed, convenience and flexibility. They want to shop anywhere and anytime, which requires a seamless experience whether they’re in-store or online. In fact, retailers need to breakdown the silos of “on-line” and “in-store”, and embrace the fact that...
- Research is Mandatory
Regardless of any negotiations you enter into, research is required to establish the outcomes you need to achieve. In retail tenancy leasing, research is needed on your industry, your business, the shopping centre, the Landlord and the current market.
Each week at Lease1, we field several member calls per day with queries relating to a retailers shop lease and their relationship with the Landlord.
Here is an innovative way of addressing the market inequities between a Landlord and Retailers: below is an extract from a recent article from Dennis Price which needs more airtime and a lot more input from the Industry-he just maybe on to something here!
The ARA in conjunction with their referral partners, Lease1, have been burning the midnight oil of late with the unprecedented number of Retail Shop Lease legislative and Code reviews on behalf of Members.
Traps in the rent review process can catch out unsuspecting tenants and cause major problems if not fully understood. The traps that landlord use to their advantage are varied. Many leases are structured to provide landlords with the scope to issue review notices during a longish “window of...
The process of entering into a Retail Lease is complex. Not only is the negotiation process across numerous commercial terms intense, but ensuring the accuracy of the paperwork that needs to be dealt with.
There are three key areas that all retailers need to focus on to improve the value and profitability of their business.
When we enter into a lease or purchase a business with an existing lease, it is an unfortunate trait of human nature that any research on the location and its sustainability invariably stops there and then. Retail Leases are complex, with very specific conditions and critical events, and it is...