Anyone who works with retail leases knows that leases are not all the same, and the parties cannot assume that cookie cutter language will meet all needs. However, if you work with leases in unusual locations, such as a theme park, the differences are even more significant and the impact on profitability can be staggering.
Barbara Champoux has worked with Six Flags Entertainment Corporation and other companies in the retail, lodging and leisure industries for almost 20 years. She has also advised retail and tourism-based businesses in a broad range of real estate and operating matters, including: the acquisition, financing, development, construction and operation of shopping centers and retail development projects, mixed use urban redevelopment, hotels and resorts, theme parks, aquariums and other cultural attractions, concert venues, movie theatres, themed restaurants, sports/entertainment venues and similar projects throughout the U.S., and representing all parties in facility operating and management agreements, and construction, architects’ and design/build agreements. Barbara, a partner in Crowell & Moring’s Financial Services Group, has primarily concentrated her practice in a wide variety of commercial real estate transactions for clients in such industries, as well as associated debt and equity financing, joint ventures, mergers and acquisitions, ownership structuring and reorganization, work-outs and restructures; as well as a variety of commercial leasing transactions, including ground leases, space leases, net leases and other tax advantaged leases.
Based on my recent survey of retail experts, retailers are starting to feel cautious optimism about the industry and its recovery. Current trends in the industry include luxury retailers bringing their lower-priced lines and outlet stores out of the shadows and into the forefront. Retailers are focusing on inventory management to meet changes in customer demand and preferences. They are looking outside the U.S., pursuing global opportunities in more stable, less saturated markets. Retailers are also looking for effective ways to use social media and other technological tools. Another trend in shopping centers across the country is an increase in non-traditional tenants moving into vacant retail space.
At the link is a recent article I wrote on recent trends in retail.