Case Studies

Case Studies

BJ’s Wholesale Club

BJ's Wholesale Club

Background

  • Entry into new market of Atlanta, Georgia with existing competitor Sam’s Club.
  • Speed to market important to acquire large 7-acre sites before competitor Costco entered market.

Approach

  • Advised client’s real estate department as to top submarkets to pursue in Atlanta with available land to acquire
  • Also met with top developers in Atlanta with whom to partner and ground lease properties
  • Analyzed demographic information of population, growth, and income and obtained building home permit information per county to prioritize submarket priority.
  • Compared demo info to competitive analyses of Sam’s Club: presence, location, and sales performance.
  • Years of experience to provide strong problem solving ability and intuitive sense of how to best position client

Result

  • Surpassed Costco to acquire sites quickly.
  • Opened 5 locations.

Chico’s FAS, Inc.

Chico's FAS, Inc.

Background

  • Engaged to assist Chico’s FAS, Inc. in the opening of a net of 65 Chico’s retail stores nationally each year, with particular emphasis on increasing market share outside of malls. 
  • Needed assistance opening a net of 45 White House Black Market retail stores nationally, also on an annual basis.
  • Selective rollout planned in the Southeast for new concept, Soma by Chico’s.
  • Requirement for all stores:  high-volume, profitable stores, averaging at least $1.5 million sales revenue per year. 

Approach

  • Advised client’s real estate department as to market priority in Georgia, South Carolina, North Carolina, and Tennessee. 
  • Analyzed high-income neighborhoods and shopping patterns of target customer to determine desirable centers for potential stores.
  • Leveraged relationships with developers and landlords to learn where desired co-tenants are locating.
  • Uncovered “invisible” opportunities in desired centers by questioning performance of weaker retailers to acquire their positions through downsizing or early termination

Results

  • Opened 14 stores within first 18 months.
  • Opened over 35 in 2005-6.
  • Awarded two consecutive years as “Top Broker ” across the nation for opening the most successful stores on behalf of the client.

Dollar General

Dollar General

Background

  • Hired to determine market value of locations in Georgia and South Carolina.

Approach

  • Used CCIM background, CoStar information, and market comps to determine appropriate rental rates.

Results

  • Disposed of 4 properties through assignment, sublease, or early termination of existing lease.

Firehouse Subs

Firehouse Subs

Background

  • Retained by Area Representative of Firehouse Subs to develop strategy for growth in Greater Atlanta area.
  • Assisted Area Representative with franchisee process by showing real estate possibilities in specific territories for the potential franchised location

Approach

  • Identified successful retail nodes for future locations based upon demographics, namely office population, competition, retail synergy, and restaurant sales.
  • Constantly advising Area Representative of available “invisible” opportunities for him to find appropriate franchisee to pursue quickly.

Results

  • Increased brand awareness in Atlanta market by opening over 40 restaurants.
  • Speed to market with initial 5 locations within the first year.

Havertys Furniture Stores

Haverty's Furniture Stores

Background of Assignment

  • Haverty's wished to improve its distribution warehouse matrix in order to fuel the growth of retail stores nationwide. 

Approach

  • Acted as an extension of client’s real estate department by interpreting demographic data
    and prioritizing retail markets and distribution locations.
  • Delivered in every market:
  • Standardized, high quality market information.
  • Quality local real estate professionals.
  • Reporting to track every transaction.

Results

  • Disposed of four (4) distribution warehouses and opened two (2) new distribution warehouses to fuel additional retail stores for future.
  • In 2004, Havertys opened four (4) retail stores in new markets and expanded two (2) retail stores. For both 2005 and 2006, Havertys was on target to open seven (7) retail stores in new markets, reposition two (2) stores, and expand one (1) store.

Hennes & Mauritz (H&M)

Hennes & Mauritz (H&M)

Background

  • Consulted with Real Estate Director for US Operations to open highly profitable locations in Southeast

Approach

  • Provided demographic maps for North Carolina, South Carolina, and Georgia identifying top malls and major shopping centers with highest per square foot sales
  • Assembled 20,000 square feet on two levels in premier location within prominent Atlantic Station in Midtown Atlanta

Results

  • Opened 1st Southeast store at Atlantic Station in Midtown Atlanta and surpassed $1M in sales in first week of opening

The Joint

The Joint

Background

  • Hired to identify prospects, aggressively market, and lease property at McBee Station in downtown Greenville, South Carolina by remote Atlanta owner.
  • Goal is speed to market to increase occupancy levels at market rent established by lender, Wachovia Bank.

Approach

  • Generate prospect list from Retail Tenant Directory of retailers headquartered, existing, and searching for space in South Carolina.
  • Leveraged local market knowledge from previous consulting project and industry publications to create list of potential retailers for submarket of Greenville.
  • Produced marketing flyer including competition map, aerial of property, site plan and demographic information to distribute to broker network in Georgia, South Carolina, and North Carolina.
  • Aggressively cold called prospects to create leasing opportunities.
  • Negotiated contracts based upon figures dictated by ownership.

Results

  • Leased to franchisee for The Joint, an expanding concept with over 50 locations in just under two years and featured in Shopping Centers Today.
  • First location in South Carolina averaging 1,500 square feet.

Kool Smiles

Kool Smiles

Background

  • Hired by largest pediatric dentistry to increase market share across Georgia, South Carolina, North Carolina, and Virginia.
  • Requirement for all locations: 6,000 – 8,000 square foot highly visible locations with prominent pylon signage in or nearby to the dominant grocer with target customers.

Approach

  • Advised client’s real estate department as to target metropolitan areas for each state.
  • Compared target demographics for each submarket against competitive analysis to determine feasibility for new location.
  • Pursued all opportunities with Letters of Intent to establish competitive marketplace for Landlords and achieve best economic deal for client.
  • Provided applicable comps of rental amounts and Tenant Improvement Allowances received by similar sized retail tenants to compute optimum offering rent.

Results

  • Evaluated Wilmington, Fayetteville, Raleigh-Durham, Greensboro, Charlotte and other North Carolina markets, but determined dentistry laws governing the state of North Carolina too restrictive to operate profitably.
  • Opened 13 offices in Georgia, South Carolina, and Virginia.
  • Analyzed possibility of smaller 1 doctor office in 8 submarkets in Georgia and South Carolina as future growth vehicle.                 

Lehman Brothers

Lehman Brothers

Background

  • Repositioned and disposed of Real Estate
    Owned (REO) properties for Lehman Brothers.

Approach

  • Oversaw leasing and repositioning/redevelopment efforts of a variety of property types – retail, office, mutli-family, single-family land and industrial
  • Directed the full sales cycle on multiple properties, including selecting buyers; negotiating LOIs and purchase and sale agreements; creating marketing materials; facilitating due diligence; minimizing buyer default risk and coordinating closings

Results

  • Disposed of approximately $200 million in cumulative value of REO properties over a three-year period

The Northface

The Northface

Background

  • Determine suitable location for Southeast’s 1st location.

Approach

  • Analyzed high-income neighborhoods in Buckhead, Midtown, and Alpharetta and shopping patterns of target customer to determine desirable centers for potential stores.
  • Compared and contrasted the shopping centers’ co-tenants, existing retailers’ sales, demographics, highest traffic yield, and prominence to evaluate optimum solution.
  • Leveraged our relationships with owners based on reputation of past clients to create “invisible” opportunities for client.

Results

  • Opened on West Paces Ferry Road at center of Buckhead at Whole Foods Shopping Center across from one and only St. Regis Hotel in Southeast.

Washington Mutual

Washington Mutual

Background

  • Engaged to assist Washington Mutual in the opening of a minimum of 20 retail branches per year in order to gain market share in the Atlanta MSA. 
  • Requirement for all branches: grocery anchored (Kroger/Publix) centers, preferably freestanding with drive-thru.

Approach

  • Advised client’s real estate department as to submarket priority in Atlanta.
  • Analyzed target demographics in relation to locations of competitors.
  • Assessed shopping patterns of target customer to determine desirable centers for potential stores.
  • Cataloged all openly-marketed availabilities and devised “invisible” opportunities that could be possible in desired centers or in desired market.
  • Combined analysis of target customer with site specific reconnaissance based on other possible demand generators (employment center(s), traffic (vehicle/foot), etc.) to determine locations that will yield highest return on investment.
  • Leveraged relationships with developers and landlords to learn where desired co-tenants are locating and investigate their strategy with the project (hold, sell, etc.) to gain insight on how to structure most favorable deal terms.

Results

  • Opened over 50 stores within first 24 months.