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Concession retail business model

CONCESSIONS – HELPING TO FUND RETAIL DEVELOPMENTS

GPI Peterborough GC and concessions1In this week’s edition of Concession News, we look at how retail developments are incorporating Concession tenants into their plans, as they look to create a ‘destination’ proposition and fund the next stage of their growth.

Franklin D. Roosevelt once said, “There are many ways of going forward, but only one way of standing still.” This mantra has been applied to successful businesses the world over and is particularly relevant to retail.Bicester Concession Area Retailers always need to be thinking about the next stage of their progression as they look to attract new customers and increase sales and profitability.

Despite the difficult economic conditions we have experienced over the last few years, a number of Landlords have started and completed exciting development projects, many of which have incorporated Concessions to underpin the funding of the scheme.

Baytree EWM FrontageConcessions enable local and national, complementary brands to trade their stores from within the retailer’s footprint under long term agreement. The Concession tenants would typically pay a rent to be on site, in addition to other associated costs, thus making them an ideal means for the host retailer to introduce ranges they would not usually have access too, in a way that ensures guaranteed revenues.

Some of the most prestigious garden centre developments in recent years have used rental income to demonstrate to the viability of their schemes. The award winning ‘Garden Park’ in Peterborough and ‘Bicester Avenue Home & Garden Centre’ have become two of the UK’s leading destination retail venues, both of which involved working with tenants when the sites were at the design stage.

Concessions have also become an increasingly popular and important aspect of the business development as it enables Landlords to introduce new brands and ranges, in addition to creating a more profitable overall business model.

First Franchise Ltd have been working with a number of site owners to discuss how their businesses can benefit from the introduction of complementary retailers and the advantages of using rental income as part of a funding application.

New concession building Goulds Concession Building and Car Park M
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