Larry Smith provides consultancy to Agents, Investors and Retailers in all project development and management phases, helping them to identify optimal strategic choices and acting as a controller in the executive sphere.
The company has the professional expertise required to offer its clients a multidisciplinary approach, a key requisite that companies currently look for when identifying a trusted partner for advisoring.
The consultancy provided is based on one hand on its analysis’ model consolidated and fine-tuned over years of experience and, on the other hand, on the result of a tailor-made approach adapted to the specific needs and qualities of each client.
Clients can currently benefit from the following internal expertises: Accounting, Management, Technical, Legal, Marketing, Administration.
Larry Smith has been involved in several complex projects along with international consultants and leading architects.
We collaborated, among many recent projects, with CityLife SpA in reference to the commercial center within the new district of Milan and "Prelios SGR" for the redevelopment of the Galleria Manzoni in Milan. Currently, among others, are being important advice as part of the redevelopment of sports, and in particular of the Soccer Stadium of Football Clubs: Udinese, Bologna, and other important initiatives.
- Identifying objectives and efficient use of resources
- Assistance with bureaucracy and liaising with local governments
- Market research, including project feasibility analysis and merchandising mix
- Risk assessment
- Assessment of management structure and procedures
- Long term performance assessment
- Due diligence aimed at structure restyling
- Analysis of consumer trends and specific retail sectors
- Estimate of sales potential and impact analysis of competition
- Monitoring and keeping up to date with developments in merchandising formats
Larry Smith is an acknowledged leader in the market research sector..
Over the last 30 years and more Larry Smith research office has worked on hundreds of projects at various stages of their development. This has enabled the company to develop an in-depth expertise and a rich database on Italian retail real estate, also
including continuously updated socioeconomic data on consumers.
Its approach is based on independent, transparent and impartial analysis aiming to provide the client with a solid evaluation to develop its business on. The goal is to provide all relevant information on the current situation whilst forecasting possible future scenarios as well, so that the client is able to take informed decisions, reducing all connected risks as far as possible.
Furthermore, Larry Smith works regularly with the Owners to monitor the performance of shopping centres in order to determine any improvements to be made to the merchandising mix or to the complex as a whole. The thousands of interviews carried out every year in numerous shopping centres of different sizes and in different locations, as well as the ongoing dialogue with management and marketing staff working in the centres, gives Larry Smith a privileged overview of consumers, scenarios and sales trends.
These experiences are priceless when it comes to taking decisions with regard to existing projects and better evaluating those under planning or in an expansion phase. For many years the research office has worked along with the Consiglio Nazionale dei Centri Commerciali (National Committee of Shopping Centres),processing aggregated data and providing analyses on performance levels within the sector.
RESEARCH SERVICES INCLUDE:
- Feasibility studies: analysis of the catchment area, sales potential and customer profile
- Competition analysis
- Customer surveys and focus groups
- Definition of the merchandising plan, of strategic positioning and concept
- Traffic flow studies and analysis of road network
Larry Smith has developed an in-depth knowledge of the retail sector, its dynamics over time and the needs of its various domestic and international protagonists, in shopping centres and multipurpose complexes as well as on the high streets.
This major focus on the evolution of the market made possible to bring international brands into the shopping centres managed by Larry Smith, contributing at the same time to the development and growth of national chains and excellent local businesses.
Recent case histories:
• opening of 1st “Apple store” in Continental Europe − Romaest 2007
• opening of 1st “Hollister” in Continental Europe − Romaest 2008
• opening of 2nd and 3rd Italian Apple stores − Carosello 2009 and Gigli 2010
• Superdry − Carosello 2013.
Leasing services include:
• Design of merchandising mix
• Selection of Retailers Negotiation on behalf of Owners
• Rental of stores and premises for services and leisure activities
• Legal assistance for contract documents and rules
• General consultancy to Developers at all project stages
• Search for locations for Retailers
LarrySmith began managing shopping centres in 1995.
During this years it has developed substantial expertise and a consolidated management model that has been optimised over the time on the basis of a constantly growing market.
It has continuously broadened its range of services, making them more specialised in order to meet the needs of its italian and foreign clients, with their different features and requirements. This “tailor-made” service ranges from marketing consultancy to property management. Over the years it has also been acquired plenty of experience with start-ups and in the management of medium-sized and large retail parks and shopping centres.
Today Larry Smith management team includes over 60 people and about 20 shopping centre projects managed with highly professional staff and the constant support of the head office with coordinators, an administration office, a legal office, technical services, marketing coordination, as well as research and the leasing offices.
Larry Smith uses coded procedures and a management program developed to coordinate specific activities from a to z.
A FEW CASE HISTORIES
In 1997 two major shopping centres were opened:
• I Gigli (Campi Bisenzio – Florence): in 1997 the biggest shopping centre in Italy, currently the 2nd largest in terms of visitors in Italy;
• Collestrada (Perugia): 1997 still the biggest and most visited shopping centre in Umbria.
Between 2002 and 2003 three innovative shopping centres were opened:
• 8 Gallery (Turin): renovation of a historic industrial building at a multi-purpose site and one of the leading shopping centres with a multiplex;
• Move In (Milan): 2002 1st leisure centre opened in Italy;
• Centrosarca (Sesto San Giovanni – Milan): 2003 one of the first shopping centres with a multiplex.
Between 2005 and 2009, 4 major projects were opened or expanded:
• Megalò (Chieti): 2005 still the biggest and most visited mall in Abruzzo;
• Romaest (Rome): in 2007 the biggest shopping centre in Italy and today one of the top performing malls in Italy;
• Market Central Da Vinci: 2009 biggest retail park in Italy;
• Carosello (Milan): 2009 one of Italy’s top-performing malls now in its 4th stage of refurbishment.
PROPERTY MANAGEMENT SERVICES INCLUDE:
- Pre-management consultancy
- Management structure start-ups
- Marketing campaigns
- Tender bid preparation
- Rental management
- Consortium and condominium management
- Investment performance monitoring and turnover analysis
- Assessment of areas of improvement and investment management
- Assessment of existing management and implementation of new management teams
- Turnover and visitor flow monitoring and reporting
- Corporate image projects and brand tests
- Management of all marketing activities: start up, maintenance and relaunch
In almost 20 years of managing shopping centres, the marketing activities developed by the company have enabled it to entertain hundreds of millions of customers, ensuring their loyalty to the malls and increasing their purchase intention. This way the work of retailers has been valued and their performances have been maximised.
Managing some of Italy’s biggest shopping centres in the various phases of their development, start-up, maintenance, expansion and re-opening has enabled Larry Smith to develop across-the-board marketing know-how in terms of both B2B and B2C.
It takes an ad hoc approach to every single project, maximising its efficacy through both the sharing of different experiences in the various shopping centres in the area and continuous liaison with the professional figures in the various departments.
The experience acquired in major shopping centres has also enabled it to create marketing management models that have then been reproduced in smaller centres, thus bringing them in line with best practices in the industry.
- I Gigli N° 10 CNCC 2003-2007-2008-2010-2011-2012 / N° 2 ICSC 2001–2013
- Romaest N° 1 CNCC 2008 / N° 1 ICSC 2009
- Centrosarca N° 2 CNCC 2004-2005 / N° 1 ICSC 2006
- Itaca N° 6 CNCC 2006–2007–2008–2009–2010–2013
- Carosello N° 7 CNCC 2005-2006-2007–2010-2012 / N° 1 ICSC 2014
- Megalò N° 2 CNCC 2006-2011
- 8 Gallery N°2 CNCC 2008-2009
- Gran Sasso N°2 CNCC 2013
The highly professional administration department is organised to keep up with the new market requirements. It provides versatile solutions tailored to the various needs of clients and assets, a comprehensive management service ranging from property management to management of consortiums and condominiums; through the integration of a new management software with the accounting program, Larry Smith is able to deal with every administrative, managing, accounting and fiscal aspect.
ADMINISTRATIVE SERVICES FOCUS ON THE MANAGEMENT OF CONTRACTS AND OVERHEAD EXPENSES:
- Legal notices for contract executions, terminations and assignments
- Calculation of instalments, rent invoicing and possible reviews/updates
- Calculation of interests on arrears, fines and respective invoicing
- Management of registration duty
- Management of guarantees
- Notifications of breaches of contract
- Supervisions of legal disputes and debt collection
- Preparation of cash flow and cash office analysis
- Preparation of management/administration reports
- Book-keeping and management of civil and tax compliances
- Budget and preparation of overhead final balances
- Allocation of overheads and respective invoicing
- Updating and adjustment of condominium expenses splitting
- Company compliance management
Larry Smith has developed an indepth knowledge of the retail sector, its dynamics over time and the needs of its various domestic and international protagonists, in shopping centres and multi-purpose complexes as well as on the high streets. This major focus on the evolution of the market made possible to bring international brands into
the shopping centres managed by Larry Smith, contributing at the same time to the development and growth of national chains and excellent local businesses.
FACTS & FIGURES:
- 70 Tenant Fit Out Coordination activities managed per year;
- 55 ordinary maintenance contracts managed per year for a total value of approx. € 3.5 Million/year;
- 40 extraordinary maintenance project management activities/year;
- Budget of € 1.6 million/year for real estate renovation activities;
- 30% of energy saving as a result of the energy optimisation projects completed.
TECHNICAL SERVICES INCLUDE:
- Tenant fit out coordination
- Technical inspections, preparation of specifications and contracts
- Assessment of existing services offered at facilities
- Supervision and monitoring of ordinary, planned and extraordinary maintenance
- Activities and management of interventions for real estate optimisation
- Optimisation of maintenance and management cycle
- Accounting, value engineering, budget control and time-frames
- Coordination of professionals entrusted by owners to manage land register practices, local housing rates and insurance
- Coordination of the energy optimisation projects, gathering together the best professionals and specialisations of the industry
The internal legal office provides legal supports for the day-to-day activities of the company’s departments; it assists the leasing office in the negotiation and drafting of contracts with retailers; it takes care of the management of the shopping centres; it mediates with the owners; it provides legal advice; it interacts with the Administration Authorities and provides up-to-the-minute legal counsel in the various sectors of reference.
Through its ability to analyse the real commercial potential of projects and the direct knowledge of Investors, Larry Smith acts as an advisor in the acquisition process of commercial assets or future projects. Larry Smith can organise specific tenders on behalf of the seller, guaranteeing maximum respect for all established procedures, and can work as a consultant in the selection and evaluation of opportunities on behalf of potential buyers.
The evaluation of shopping centres is based on deep analyses of their commercial success, of the evolution of their competitors on the territory and of sector trends: thanks to its experience and the studies made on more than 500 projects, Larry Smith has a rich database built on more than 30 years of activity.
Besides the historic sale of Curno, Larry Smith supported other clients in withdrawing from their investments: this was Carrefour’s case, for example, which registered unexpectedly positive results from the sale of the Limbiate, Syracuse and Pavia centres.
THE KEY FACTORS OF AN EVALUATION ARE:
- Performance analysis
- Analysis of legal documents and regulations
- Management check-up
- Technical due diligence
- Market analysis and impact of future competitors
- Estimate of benefits deriving from future improvements
- Comparables and market values
- Final evaluation based on the income methodology