Smiggle (the Australian go to brand for school, lifestyle and stationery products) considered entering the Irish market for the first time in 2016 and required a strategy to gain representation across prime retail locations. On successfully pitching our acquisition services against international competition, our brief from Smiggle was to provide a full service in identifying new store locations and negotiating lease terms on their behalf.
Understanding Smiggle’s model, we used our expertise to advise where their initial focus should be placed for unit acquisition. As Smiggle was a new entrant we began by providing them with research on the economy, customers and spend patterns, the Irish market and retail hierarchy. As they were a new entrant to the market, we prepared a detailed presentation on standard leasing terms. We compiled a list of target locations detailing footfall, scheme size, current retailers, available units and sample costs. The Bannon team commenced negotiations and agreed rental terms, occupier incentives, lease structure, break options and additional Smiggle specific requirements. On finalising terms, we assisted the legal team in bringing the deals to lease signing.
Bannon delivered a seamless acquisition strategy for the client resulting in the opening of stores in Dundrum Town Centre, Blanchardstown Town Centre, Swords Pavilions, Ilac Centre, Mahon Point Shopping Centre, Crescent Shopping Centre and City Centre Cork. Smiggle’s performance at opening exceeded that of any other territory in which they have opened. Our relationship with the brand continues as we advise Smiggle in respect of lease events and rent reviews across their portfolio.