Canadian Retailer - Fall 2012 - (Page 25)

A P U B L I C AT I O N O F retailer’sguide FOR INDEPENDENT RETAILERS AND STORE MANAGERS VOL. 8.5 LEASE NEGOTIATIONS | EXTENSION CLAUSES • TENANT/LANDLORD RELATIONSHIPS • RESTRICTIVE COVENANTS S P O N S O R E D BY 10 TIPS FOR BETTER LEASING Signing the right lease takes time, planning and the right attitude BY ROBERT PRICE M ost retailers sign only a handful of leases in their lives, so the chances of developing an expertise in lease negotiations is slim. How much a retailer can leverage when it comes time to renew their lease depends on how well they negotiated their first lease. But what goes into signing the right lease the first time? It’s a critical topic, and with so many retailers feeling the pressure of higher rents, strategic lease negotiations are ever more important. This Retailer’s Guide offers 10 Tips for Better Leasing that will help retailers know what to ask when they begin the process of negotiations. TIP 1: IF IT’S NOT WHAT YOU NEED, WALK When pursuing a location for a store, take into account the proximity to customers, suitability of the space for the merchandise and other aspects like accessibility issues, age of the building and cleanliness. If the building isn’t a GradeA location, don’t pay Grade-A prices. And whatever you do, don’t start negotiations with an apology. When it comes to renting space, the retailer is the customer. Liz Crocker, owner of P’lovers, a fivelocation store that sells environmental product, moved her Halifax store from the space she rented for 17 years. The landlord wanted to double the rent and wasn’t interested in brokering a better deal for the store. Crocker asserted her rights as the customer, and got up and left. The new location of the store, Crocker says, is “1,014 per cent better.” “We’re paying less rent per square-foot, have more space and have natural light. We’re in a brand new retail building that has seven retail spaces, six owned by local independents. We’re finally in the kind of community that we could never create in the mall,” says Crocker. When it comes to leasing, Crocker says retailers need to know what else is on the www.retailcouncil.org/cdnretailer | fall 2012 | canadian retailer | 25 www.retailcouncil.org/retailersguide http://www.retailcouncil.org/cdnretailer

Table of Contents for the Digital Edition of Canadian Retailer - Fall 2012

PUBLISHER’S DESK
SHOP TALK
FIVE LAST MINUTE ECOMMERCE HOLIDAY PREPARATION TIPS
SEARS CANADA: REDISCOVERING THE RETAIL RHYTHM
PROTECTING TODAY'S BUSINESS AND BRAND
RETAILER’S GUIDE
CREATING COMMUNITIES TO DEFLECT CRIME
FUN FOR SALE
CRIMINAL BEHAVIOUR IS WHAT YOU DON’T SEE
ADVERTISERS’ INDEX
RETAIL BY THE NUMBERS

Canadian Retailer - Fall 2012

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