The Situation *Retailer operating 50,000 square foot stores needed to retain its good real estate locations but also needed to downsize its store level operating space to a smaller format *Some locations were owned and some were leased *Most of the leased locations had below market rental rates *The retailer was operating in bankruptcy
The Solution *Transition stores to a 25,000 square foot format and, in the process, subdivide the stores *Simultaneously offer these stores for sublease
The Results *Completed 80 full remodels, 135 reconfigurations *Subleased approximately 50 stores to third-party retail tenants *Negotiated consensual arrangement with landlords to allow subleases *Generated $15 million in incremental income *Downsizing to smaller stores
CorlissMoore principals bring years of senior executive experience - we know and understand the issues faced by boards, management and stakeholders in today's turbulent economy. More cost effective and responsive than larger firms, CorlissMoore helps clients navigate through challenging, unique or crisis situations, plan for future growth, develop an appropriate strategy, and lead and execute that strategy. Whether serving as interim management or working on a project basis, CorlissMoore offers relevant insight along with our pledge to do so in a timely and efficient manner....