Passing Go: How to Effectively Manage the Retail Leasing Process

Passing Go: How to effectively manage the retail leasing process Letter of Intent SIGN THE LEASE Permitting Negotiation If you lease space without a broker, thoroughly review the documentation and sign. If it's feasible, have an attorney review the documentation or if you're using a tenant broker, review with them. Having both review is ideal. Generally binding written agreement with lease terms and conditions of Based on market conditions and Many of retail tenants are in an industry that requires a signed lease or LOI in order to secure the proper licensing and permitting to open up business. (Time operating leverage, you or your broker negotiate the best deal desired space. This document is used to create the final lease PLAN terms. documents. Now is the time to engage a designer or space planner to help optimize the new space's layout. = 1 week to 2 months) NEEDS (Time = 1 -2 months) It's important to complete a needs analysis and space plan ahead of time. (Time = 1 month) Analysis of Proposals & Selection Plan the Space Based on your specific requirements, business objectives, and quality of received proposals, you pick the best property. (Time = 3 days to 1 week) THESQUAREFOOT 500 Space modification begins immediately after the lease agreement is signed by both parties. Make your vision come true! Develop your spaces new design, get the building & construction permit. (Time = 1 week) 500 2.?• ? • ? • ? • ? • ? •? 500 .?•? • ? • ? • ? • ? •? •? This is also a good time to study things like traffic counts in order to Construction It's also a good idea to visit current Bid out the work and choose a tenants in each lead contractor. Coordinate understand how much drive by traffic you can location and ask meetings of all contractors. them about the property and what expect at each location. some pro's and cons are. Study & Narrow Down Furnishing Once you've visited each property, it's important to go back and review your notes. Choose furniture and fixtures, branding and logo. thesquarefeut (Time = 1 to 2 weeks) %3D TAKE NOTES! Implementation Monitor the general completion of the work. Never stop Key items to check for: Parking Visibility Ingress/egress • Anchor tenants Competitor distance Compatible tenants to help drive more customers to you. communicating with the lead contractor. Apply for code of compliance certification (Time = 2 to 4 months) TOUR Once you have a list of properties to tour, it's time to hop in the car and see '• ? • ? • ? • ? • ? •? • ? • ? • ? DONE and feel them. Final Inspection and get the keys. (Time=3 days to 1 month) Total time = 4 to 12 months Identify Property Going it alone Working with a Broker Due Diligence CONGRATS! You can either begin by searching availble spaces on If you're working with a broker, they can provide you with a survey of property listings you can Understand your target demographics, pick some areas of town that match the demand (avg annual income, residential radius) You've decided to open up a new TheSquareFoot or you can simply start driving around. (we know which we would choose) retail location! look at. (Time = 3 days to 1 month) (Time = 3 days to 1 month) • 2 • 2 - ? • ? • ? 2• ? • ?• ? • ? • ? •? •? 09 Passing Go: How to effectively manage the retail leasing process Letter of Intent SIGN THE LEASE Permitting Negotiation If you lease space without a broker, thoroughly review the documentation and sign. If it's feasible, have an attorney review the documentation or if you're using a tenant broker, review with them. Having both review is ideal. Generally binding written agreement with lease terms and conditions of Based on market conditions and Many of retail tenants are in an industry that requires a signed lease or LOI in order to secure the proper licensing and permitting to open up business. (Time operating leverage, you or your broker negotiate the best deal desired space. This document is used to create the final lease PLAN terms. documents. Now is the time to engage a designer or space planner to help optimize the new space's layout. = 1 week to 2 months) NEEDS (Time = 1 -2 months) It's important to complete a needs analysis and space plan ahead of time. (Time = 1 month) Analysis of Proposals & Selection Plan the Space Based on your specific requirements, business objectives, and quality of received proposals, you pick the best property. (Time = 3 days to 1 week) THESQUAREFOOT 500 Space modification begins immediately after the lease agreement is signed by both parties. Make your vision come true! Develop your spaces new design, get the building & construction permit. (Time = 1 week) 500 2.?• ? • ? • ? • ? • ? •? 500 .?•? • ? • ? • ? • ? •? •? This is also a good time to study things like traffic counts in order to Construction It's also a good idea to visit current Bid out the work and choose a tenants in each lead contractor. Coordinate understand how much drive by traffic you can location and ask meetings of all contractors. them about the property and what expect at each location. some pro's and cons are. Study & Narrow Down Furnishing Once you've visited each property, it's important to go back and review your notes. Choose furniture and fixtures, branding and logo. thesquarefeut (Time = 1 to 2 weeks) %3D TAKE NOTES! Implementation Monitor the general completion of the work. Never stop Key items to check for: Parking Visibility Ingress/egress • Anchor tenants Competitor distance Compatible tenants to help drive more customers to you. communicating with the lead contractor. Apply for code of compliance certification (Time = 2 to 4 months) TOUR Once you have a list of properties to tour, it's time to hop in the car and see '• ? • ? • ? • ? • ? •? • ? • ? • ? DONE and feel them. Final Inspection and get the keys. (Time=3 days to 1 month) Total time = 4 to 12 months Identify Property Going it alone Working with a Broker Due Diligence CONGRATS! You can either begin by searching availble spaces on If you're working with a broker, they can provide you with a survey of property listings you can Understand your target demographics, pick some areas of town that match the demand (avg annual income, residential radius) You've decided to open up a new TheSquareFoot or you can simply start driving around. (we know which we would choose) retail location! look at. (Time = 3 days to 1 month) (Time = 3 days to 1 month) • 2 • 2 - ? • ? • ? 2• ? • ?• ? • ? • ? •? •? 09