Retail Vocabulary 101

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1 Retail Vocabulary 101 Scott Schuler Schuler Consulting Blount Hunter H. Blount Hunter Retail & Real Estate Research Co.

2 Drawing them in Your downtown is a product You compete with the entire town Attracting tenants/investors What do you offer them? Existing/projected performance Success

3 Speak their language This is the life s blood for your shareholders Tenants success or failure is tied to what is on these slides Understand your tenants /landlords lives Sometimes you can help in trouble areas Speak the language of tenants and landlords

4 Square Feet How big is your downtown today? Occupied/total size Critical mass Measure of ability to compete Basic measure = square foot (SF) My store footprint measures 50 X 100. That equals 5,000 SF.

5 Square Feet All landlords know this Rents are calculated $PSF Store owners must know it too Usually gross SF is used to calculate rent

6 Sales per Square Foot Basic measure of performance Sales productivity Chains focus on sales per square foot Last year, my sales were $500,000. My store is 5,000 SF. Sales per square foot was $100.

7 Sales per Square Foot Sales per square foot was $100. Q: IS THAT GOOD?: Mall average for small tenants space: $350 PSF Lifestyle shopping centers: $450 PSF Community centers: $200 PSF A: probably not

8 Sales per Square Foot How is your downtown doing? How do you stack up? Will your figure impress leasing prospects?

9 Sales per Square Foot Do you know what your psf is? Without this basic fundamental information, what do you offer retailers?

10 Sales per Square Foot Co-tenancy Who is operating Downtown now? HOW ARE THEY DOING PSF? Success arouses interest Do you have this information?

11 Sales per Square Foot SALES PDF ARE DIRECTLY TIED TO SUPPORTABLE RENTS Higher sales psf means: Higher rents A more attractive leasing location Happier landlords Increased investor interest

12 Base Rent AKA minimum rent or NNN rent Typically stated as dollars per square foot on annual basis Sometimes monthly

13 Base Rent My base rent is $10 per foot. My store is 5,000 SF. My total base rent for the year is $50,000. This tenant must make money on top of the $50K in base rent Can they achieve this in your downtown?

14 Overage Rent But wait there s more! Overage, or percentage rent Incremental percent paid when sales exceed a pre-negotiated level

15 Overage Rent When I negotiated my lease, the break point was set at 2% of sales over $500,000. I didn t owe overage rent this year; next year? Not always an issue in downtowns As downtown s performance grows, demand for space grows

16 Overage Rent Sought-after space can command overage rents Means tenants are doing well, landlords are making money Tie to BID activity?

17 Percentage-Only Rent Splits the risk between landlord and tenant: rent calculated as straight X% of sales The landlord really wanted me in this space. She offered me a percentage-only lease at 5% of sales for the first three years.

18 Percentage-Only Rent Typically means performance is not expected to be very stellar at first Allows tenants to get on their feet May be popular in emergent downtowns

19 Rent-to-Sales Ratio Must be within certain limits Total Rent Total Sales GOAL: 5%-15% rent-to-sales ratio 10% rule of thumb With rent of $50,000 and sales of $500,000, my rent-to-sales ratio is 10%. Ratio varies by tenant category Beyond 15%: business model begins to crumble Under 5%: landlord is leaving $ on the table

20 Operating Expenses Operating expenses include payroll and benefits, marketing, and other expenses not included in occupancy costs My total annual operating expenses are $40,000. This includes $30,000 for payroll, and $10,000 for other expenses. My operating expenses are 8% of gross sales.

21 Occupancy Costs All recurring tenant expenses Excludes: labor, income taxes, and inventory, fixtures Includes: rent, real estate taxes, insurance, utilities, MA dues or BID taxes

22 Occupancy Costs My occupancy costs are $65,000 for the year. This includes $50,000 rent plus $15,000 other real estaterelated expenses. Sometimes a place BID s can incentivize

23 Occupancy Cost Ratio Relationship between occupancy costs and total sales Occupancy Costs Total Sales = Occupancy Cost Ratio My occupancy costs are $105,000 including rent. This equals 21% of total sales. Must be within certain limits for tenant to succeed financially Landlords can help with tenant fitout Can be an important incentive for a landlord or BID

24 Gross Margin AKA gross profit or mark-up Key factor in determining profitability The spread between cost of goods sold and selling price Leave room for profit! My cost of goods sold was $250,000. My gross margin is $250,000 if I sell the inventory for $500,000.

25 Keystone Mark-Up Establishing sales price by doubling the cost of item to retailer AKA 100% mark-up Keystone = 50% gross margin I operate on a Keystone markup. My cost of goods sold was $250,000. My mark-up is 100%. I ll price the goods to earn $500,000.

26 Pitfall of Simple 25% Discount A simple 25% discount on Keystone mark-up erodes ALL profit Leaves no cushion for PAYROLL or other operating expenses $50 cost of goods sold + $50 Keystone mark-up = $100 original selling price 25% discount off selling price=$25=half of $50 gross profit

27 Pitfall of Simple 25% Discount $0 gross profit remains if occupancy costs exceed 20% (no cushion for PAYROLL or other operating expenses including rent) $100 - $25=$75 (gross profit) $100 X.20=$20 (occupancy costs) $75 - $20=$55 (net profit before operating costs) $55 - $50= $5 gross profit before payroll, rent, and other operating expenses Uh, oh! Those discounts seemed so small but they ate up all my profits and put me IN THE RED.

28 Example of Sales Tracking

29 Geo-Coded Sales Tracking

30 Geo-Coded Sales Tracking

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