Retail Site Selection
Unparalleled Market Information and Analysis
A skilled, knowledgeable representative is essential in real estate transactions, since the right or wrong lease can have long-term effects that reverberate through a client’’s operations and profitability. Admiral’’s step-by-step approach saves retailers of all sizes time and aggravation by acting as (or assisting) their in-house site selector, helping them:
- Find appropriate space for a new lease that falls within the client’s expansion plans/criteria
- Assess the feasibility of a site and compare that site to alternatives
- Negotiate or assess potential renewals
- Assess or renegotiate existing leases
We use our unsurpassed trade area knowledge, market research capabilities and extensive relationships throughout the real estate industry to identify underserved markets. Once those markets are designated, we find sites which fit our clients’ needs, compare those sites and bring the transaction to completion.
- Understand the Business Profile. Admiral begins an assignment by understanding the client’s business, the demographic profile of their customer base and other factors required to produce a successful operation, including specific space requirements.
- Identify Markets. We then research and identify markets that have a demand gap for the client’s product or service. This is done by identifying a specific trade area (taking into account travel time, demographic make-up, geographic barriers, etc.), and assessing existing demand and supply for certain designated retail concepts. Important site-specific considerations also include co-tenancy within the surrounding retail area/corridor.
- Compare Sites. Once suitable trade areas have been located, Admiral generates a survey of available spaces in each market, outlines the relative costs of each, and reviews recent comparable leases. After comparing alternative choices based on each site’s competitive advantages and disadvantages (e.g. demographic and psychographic composition, traffic counts, visibility, space layout, mapping of competitive businesses, etc.) for each potential site, Admiral helps the client designate which of the available sites best fit the client’s needs.
- Negotiate Lease Terms. Admiral uses its broad real estate experience to thoroughly document each business point, often saving clients legal fees, since ambiguous (or missing) LOI language can lead to attorneys having to argue about business terms. In order to procure the strongest economic terms for the tenant, Admiral can also quantify the comparative net present cost of individual lease terms.
- Assist with Permitting & Approvals. Our company is equipped to assist clients through the permitting process, if necessary, with a sensitivity to construction cost and scheduling issues. Admiral is also experienced in working through a municipality’s violation procedures (e.g. Health Department, Environmental Protection Agency & Building Department).
Please review the Success Stories along the right hand side of this page to see examples of how we’ve helped our retail clients designate markets, compare specific spaces and negotiate business terms.