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INCREASING NON-PEAK OCCUPANCY

INCREASING NON-PEAK OCCUPANCY. Terry Webb Mainstreet Retail, The Mills Corporation. Leasing. Knowing your inventory and knowing how to sell it. Learning about the tenant you are leasing the inventory to. Negotiating the deal. “Failing to prepare is preparing to fail”.

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INCREASING NON-PEAK OCCUPANCY

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  1. INCREASING NON-PEAK OCCUPANCY Terry Webb Mainstreet Retail, The Mills Corporation

  2. Leasing • Knowing your inventory and knowing how to sell it. • Learning about the tenant you are leasing the inventory to. • Negotiating the deal.

  3. “Failing to prepare is preparing to fail” John Wooden, UCLA Basketball Coach

  4. You Must Have A Plan • Prior Year Assessment • Occupancy by month • Income by month • License and location expirations • Establish Rent Guidelines • By location, month, season and term • Know your competition • Determine Your Merchandise Mix • Knowing your inventory and knowing how to sell it.

  5. Think Like A Retailer“Come Live in my House for a While” • Occupancy Costs • Rent to sales ratio • Survey existing tenants • Cost of goods sold • What is the retailer’s markup? • Labor Costs • Owner operated versus hired help • It is the retailers 2nd or 3rd highest cost • Do Not Assume They Understand The Business

  6. Creative Deal Making • Location • Rent Structure – let them help you • Use Clause / Concept Development • 30 – Day Kick outs • Percentage Rent • Props, Displays, Other Benefits • Be Flexible and Open To Change

  7. A January to October Strategy • Rental Terms “Three – Six – Twelve” • Monitor and Plan the Expiration Dates • “Piggyback” the Term • Christmas includes October and January • May and June include April • Back to School begins in July and ends in September • Sell “The Season”

  8. Gold Jewelry 10k,12k,14k Silver Jewelry .925 Handbags / Leather T-Shirts Cell Phones (each carrier) Cellular Accessories Cosmetics Candles Embroidery Belts-Ties Men Accessories Women's Fashion Jewelry Table Top Home Furnishings Collectibles / Gifts Watches / Lighters Children's / Infant Apparel Engraving Specialty Food Toys Cultivate Year-Round Tenants

  9. Banquet Rooms Funeral Homes Apartment Complexes Restaurants Auto Accessories Air Conditioning Newspapers Movers Tanning Salons Home Improvement A new Costco or Sam’s Windows Catering Companies Beauty Salons Child Car Centers Parade of Homes Pool Companies Landscapers Chamber of Commerce Security Companies Dentists Doctors Formal Wear Bridal Accessories Bridal Shops Modeling Agencies Ski Resorts Dance Schools Scuba & Dive Store Golf Courses Miniature Golf Hot Air Balloon Rides Car Washes Visitor Centers Health Clubs Park Districts Martial Art Studios Travel Agencies Non Traditional Uses

  10. Negotiating 101 Two Sides of a Profitable Coin! “Achieving Win-Win”

  11. Negotiating Getting to Win - Win • Your “must have” needs are satisfied very well. • The other party’s needs are satisfied to an acceptable degree. • Win-Win can build long term relationships and provides a starting point for future opportunity.

  12. Effective Negotiators Prepare, Probe, and Propose Create the proper plan to guide you through the negotiation process.

  13. “When I am getting ready to reason with a man I spend one-third of my time thinking about myself and what I am going to say, and two-thirds thinking about him and what he is going to say” ~~~~~~~~~~~~~~~~~~~~~~~~ Abraham Lincoln

  14. Creative Alternatives • 30 or 60 day kick-out • Spread rent payments according to monthly sales • Recapture start-up costs from rent or percentage rent • Give a rent discount for first month • Offer visual or fixture assistance • Offer flexible rent payment terms • Let retailer extend their contract on a percentage of gross sales in January/February • Use an unnatural breakpoint versus a natural breakpoint • Offer a term breakpoint versus a monthly breakpoint • Offer an RMU display (out posting) to help increase exposure of a current temporary in-line tenant • Pay full months rent for January, but close for two weeks

  15. Take a Genuine Interest in Their Business • Share Business Information • Quickly Respond To Requests • Treat Them Like A Permanent Tenant • Meet and discuss their business • Suggest ways ti improve their sales • You Create Goodwill Ambassadors • Builds Loyalty

  16. INCREASING NON-PEAK OCCUPANCY Terry Webb Mainstreet Retail, The Mills corporation

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