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Option Variables   

Have you outgrown the space you are in or is it too big?

Are the tenants around your store attracting the same quality of customer, or is the new center nearby a more desirable location?

Some retailers do not take the time to consider the variables they should look at prior to exercising an option.  For example, if you opened a store in 2000 and your lease was for a ten-year term with a ten-year option you have the opportunity to reevaluate your situation in 2010 prior to exercising your next ten-year option.

Ask yourself this question, “If I was opening my business this year, would I pursue my current location or would I prefer a different location?If the answer is “a different location”,  invest the time to contact other Landlords and seriously consider relocating your business.  Once you have an alternate location in mind, consider contacting your existing Landlord and share your intent.  They may allow you to lower your pre-negotiated rent or grant you another concession to keep you in the center.

The following list is self explanatory, but if you have any questions please email retailcriteria.com

 

bullet Option provision in existing lease form
bullet Option notification date determined
bullet Option rents determined vs. market rents
bullet Condition of center
bullet Tenant willing to let option notification date lapse
bullet Tenant willing to invest the time to identify an alternate center
bullet Tenant willing to relocate to new center
bullet Current and past sales trend
bullet Sales reporting lease required

 

   
 

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