The Bannon Retail team is acquiring stores on behalf of national and international retailers with a variety of use categories including Card Factory, Lush, Pret A Manager, Eason, Jump Juice Bars, Matt Britton, McCabes Pharmacy, Tuthills, Gino’s and L’Ombre Hair & Beauty. As part of our work, we advise them on their rollout strategy across Ireland.
On meeting a potential acquisition client, we study the retailer to understand their brand placement and their customer profile. This together with other research allows us to accurately assess where best to locate them.
We secured the acquisition instruction for Smiggle (the Australian go to brand for school, lifestyle and stationery products) and by way of a sample case study we set out below the service provided and our contribution to a successful store roll out.
The Brief:
On successfully pitching our acquisition services, our brief from Smiggle was to provide a full service in identifying new store locations and negotiating lease terms on their behalf.
Stage 1:
Smiggle was a new entrant to Ireland. We began by educating them on the current economic climate, the retail market within Ireland and the retail hierarchy across the country. Leasing structures in Australia are quite different to those commonly used in Ireland. We prepared a detailed presentation on the standard leasing terms in Ireland to include lease length, owner and occupier renewal rights, upwards downwards rent reviews, break options and sub-letting terms. We also assisted them in securing a legal team to represent the company in Ireland.
Stage 2:
Understanding the retailer’s model, we used our expertise to advise where their initial focus should be placed for unit acquisition. We completed a table of target locations and collated an individual pack on each detailing footfall, scheme size, current retailers, available units and sample costs. We toured the Country with them and agreed the target towns and cities where they wished to secure representation.
Stage 3:
We began searching for suitable available units within the agreed target locations. We commenced negotiations and proceeded to agree rental terms, tenant incentives, lease structure, break options and additional tenant specific requirements. On finalising terms, we assisted the legal team in bringing the lettings to lease signing. We assisted them in appointing a fit-out contractor and liaised with the team to provide unit plans and the technical information required to prepare fit out drawings for owner approval.
Outcome
Smiggle saw a stronger opening in Ireland than in any other territory they trade in. The conclusion to the roll out strategy saw the opening of stores in Dundrum Town Centre, Blanchardstown Town Centre, Swords Pavilions, Ilac Centre, Mahon Point Shopping Centre, Crescent Shopping Centre and Winthrop Street in Cork.
Based on our understanding of the market and the Smiggle brand, our advice was an initial roll out of 5-10 store openings. We achieved this target, and the occupier was extremely pleased with our seamless acquisition strategy and the stores secured.
The Bannon Retail team specialises in both owner and occupier representation nationwide. We complete on average c. 170 retail transactions per year. Understanding the market is key whilst advising both owners and occupiers across their portfolio. We collect over 250 pieces of turnover data weekly/monthly, and we use this data and experience to maintain insight as the leading advisors to the retail market across the country.
Author: Jennifer Mulholland, Divisional Director, Bannon
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