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NRF Presentation Bullet points January 2011 (ver2)            SOME OF THE CHALLENGES FACING FOREIGN RETAILERS OPENING IN T...
2   Store Design          Survey before you sign lease          Invest in a thorough field survey/Know the details of the ...
3   Contractors/Vendors          Building in the USA is often an adversarial process.                 While the market pla...
Summary     The Property Broker, attorney, Architect and engineers need to be managed and on same page.     Otherwise each...
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Challenges faced by Foreign retailers when opening stores in the USA

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Challenges faced by Foreign retailers when opening stores in the USA

  1. 1. NRF Presentation Bullet points January 2011 (ver2) SOME OF THE CHALLENGES FACING FOREIGN RETAILERS OPENING IN THE USA1. Real Estate/Property/Broker Trust your Broker. Integrity Objectivity Understand possible conflicts (In most transactions your broker is compensated by the Landlord!) Be aggressive in negotiating economics AND landlord work Landlord Capital contribution, Rental economics and rent commencement dates are all negotiable Pay close attention to Lease exhibits. Understand ALL possible hidden charges in the lease
  2. 2. 2 Store Design Survey before you sign lease Invest in a thorough field survey/Know the details of the space you are leasing. This will mitigate expensive and potentially time consuming unknowns Allows anything discovered to become negotiable Plans must synchronize with lease exhibits Plans must be detailed and accurate Know your permit/approval time lines
  3. 3. 3 Contractors/Vendors Building in the USA is often an adversarial process. While the market place will determine the contract cost a successful budget can only be achieved if the “variables” are managed correctly Competitively bid all components, Lighting, Flooring, IT, Signage, fixturing etc.. Be proactive with requests for additional money from contractors. Never pay for work not completed Be diligent with collection of Lien releases. (Failure to comply with this requirement CAN DOUBLE the cost to build)
  4. 4. Summary The Property Broker, attorney, Architect and engineers need to be managed and on same page. Otherwise each will have their own version of the Clients goal. Do your homework before signing a lease. A bad RE decision can kill a new concept. Hire experienced professionals with integrity WWW.GPLRETAILSOLUTIONS.COM

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