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How do I get large retail tenants such as Walgreens to lease my building?
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I am planning to develop my property but I would like to have a big-store tenant such as Walgreens to sign a lease before I start building. Any advice would be appreciated. THANKS!
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2 Comments
December 16th, 2009 at 2:46 pm
Retail chains like Walgreens, CVS and Rite-Aid have a tremendous real estate portfolio. One article I read about a year ago in Business Weekly said that Walgreens was looking to open 7,000 locations by 2010.
Large corporations like this typically not only have a corporate real estate division to manage all of this work (leases, renewals, real estate legality issues, etc.) but usually have one national broker to represnt them and to help channel the work to all the different states since it would be a nightmare to try and find a broker per state.
I would isolate a preferred tenant list, do a quick search on where their home offices are located, give them a call and see if you can pitch them your vacant property. Be prepared to have market statistics like other stores in the plaza, sales for the area, crime stats, etc. Your broker should be able to put a market report together for you quite quickly that describes your area and the revenue potential.
Remember, these are not mom and pop stores. Decisions are made by committee not by one person. It may take 6-12 months for their business unit to come to a decision. Pitch positively, be as prepared as the larger mall developers and you should see results.
THIS is an interesting article on the subject.,-CVS-Or-Rite-Aid—Which-Tenant-Is-Best?&id=471657
December 20th, 2009 at 12:07 am
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