At FSP, research is the rationale behind the decision. From working together to develop a brief that addresses the real issues, to presenting the findings in a way suited to you, FSP aims to provide the type of project that you want, underpinned by a tried and tested focus on research and analysis.

1. FSP RETAIL BUSINESS CONSULTANTS
FSP - Services

2. FSP Job Description
FSP RETAIL BUSINESS CONSULTANTS
TO CREATE AND HELP
IMPLEMENT RIGOROUSLY
RESEARCHED STRATEGIES
THAT WILL INCREASE THE
VALUE OF CLIENT RETAIL
ASSETS

3. Client Benefits
Optimise sales and rent by:
Identifying and exploiting market opportunities
Growing tenant sales
Analysing retailer sustainability
Strengthening retail/F&B/leisure mix
Retail insight across all project and implementation areas
Standardised approach
Informed by wide range of benchmarked data
Operational across shopping centres, retail parks, outlet and leisure schemes, high street
units
Applicable across Europe and UK
FSP RETAIL BUSINESS CONSULTANTS

4. FSP Clients
FSP RETAIL BUSINESS CONSULTANTS4
Leading institutions, developers, property companies and retailers including:

5. FSP Services
FSP RETAIL BUSINESS CONSULTANTS
PRE-ACQUISITION & DUE DILIGENCE
OTHER SERVICES
IMPACT STUDIES
MARKET INTELLIGENCE
LEASING SUPPORT
STRATEGY

6. Maximising Research
FSP RETAIL BUSINESS CONSULTANTS6
Source: FSP
Trading Gap
Analysis
Marketing
Informs overall
strategy
Asset
Management
Where to spend
money most
effectively
Leasing
Property
Management
Merchandise
categories most
likely to succeed
Presents size of
opportunity to
prospective
tenant
Identifies
underperforming
retailers

7. Pre Acquisition
FSP RETAIL BUSINESS CONSULTANTS7
Report Overview Benefits Price
Town Profile Identifies size and characteristics of
catchment. Benchmark against
comparable towns
Low cost overview of
location
£800
Catchment &
Demographic
Overview
Catchment map & penetration
Resident & Shopper numbers and
profile
Detailed Resident demographic
characteristics including ACORN
SWOT Analysis of centre
Base data for asset
assessment including
consultant visit
£5,950
Detailed opportunity
research
As above plus:
Trading Gap analysis
Retailer Sustainability analysis
Overview of current & proposed
competition
Suggested Tenant Mix strategy
Strong foundation for
defining future
strategy and leasing.
Retailer performance
data can inform
leasing, potential for
rental uplift and rent
event strategy
£11,950

8. Vulnerable Viable Thriving
CorporateRisk
Unit Risk
Very
Worrying
Head Above
Water
Healthy
M&S
21%
15%
3%
19%
17%
6%
8%
6%
5%
Starbucks
PandoraGames Workshop
Monsoon
Office
Boots
Clarks
Ernest Jones
River IslandWaterstones
New Look
Holland & Barrett
Herbert Brown
Nando's
Subway
Cineworld
Apricot
Superdry
Charles Fish
H. Samuel
Ann Summers
Cargo
The Fragrance Shop Zara
Claire's
House of Fraser
F.Hinds
Jones Bootmaker
Blue Inc.
Linens Direct Clintons Beaverbrooks
H&M L'Occitane
YO! Sushi Thorntons
Mothercare
Gap
Lush
Bhs
HMV
Muse
Build A Bear Workshop
Two Seasons
Bijou Brigitte
Next
Zizzi
Retailer Sustainability
FSP RETAIL BUSINESS CONSULTANTS8
FSP uses a bespoke
methodology to determine the
sustainability of each retailer
within a centre in terms of both
corporate and individual unit
risk.
Corporate Risk
Refers to the level of risk
associated with the business
overall
Unit Risk
This refers to the health of a
particular retail unit.
Source: FSP

9. Retailer Sustainability - Centre Plan
FSP RETAIL BUSINESS CONSULTANTS9
Source: FSP/GOAD
An example of a sustainable rent plan is shown, classified by unit risk – Vulnerable, Viable or
Thriving.

10. FSP’s Leasing Support Service:
Provides an independent view of the market opportunity
Provides a more professional approach to the occupier
Improves the effectiveness of leasing (saves wasted time and effort and gets results)
Recommended by leading retail agents (e.g. JLL, Cushman & Wakefield, DTZ, CBRE)
Identifies and focuses upon key location strengths for the specific occupier
Extends the range of relevant information passed to the occupier
Communicates the realistic opportunity in a manner the occupier can understand
Outputs Include;
Generic Summary Documents & Presentations
Occupier Specific (Bespoke) Summary Documents & Presentations
Occupier Sales and Rent Estimates
Profit & Loss Accounts
FSP RETAIL BUSINESS CONSULTANTS10
Leasing Support

11. FSP RETAIL BUSINESS CONSULTANTS
Output Examples

12. Trading Gap By ACORN Group – Market Share Gap
FSP RETAIL BUSINESS CONSULTANTS12
-
1
2
3
4
5
6
MarketShareGap(£m)
Primary Secondary Tertiary
Source: FSP/CACI

13. Under-Performing Zones
FSP RETAIL BUSINESS CONSULTANTS13

14. Absent Retailers - General
The recruitment of a selection of the below absent retailers would assist in improving Carlisle’s retail mix
and achieve a higher market share.
FSP RETAIL BUSINESS CONSULTANTS14
Source: FSP
Personal Leisure F&B
American Apparel Lipsy Bags ETC. Build-a-Bear Workshop* Ask Italian*
ARK Oasis* Beaverbrooks* Entertainer, The* Bella Italia
Bravissimo Office Crabtree & Evelyn* Evans Cycles Burger King*
Coast* Pavers* L'Occitane Paperchase* Cafe Rouge*
Duffer Menswear Phase Eight* Savers* Scribbler Carluccio's*
Dune* Primark* Druckers Vienna Patisserie*
East* Schuh Household Food EAT
French Connection* Select Cargo* Booths Supermarkets Giraffe
Gap Shuropody* Castle Galleries Co-operative Food* Handmade Burger Company
Gerry Weber Superdry* Clas Ohlson Hotel Chocolat* Harry Ramsden's*
JoJoMaman Bebe USC Fired Earth*
Mr Simms Olde Sweet
Shoppe
Jimmy's World Grill & Bar
Jones Bootmaker* Wallis* Laura Ashley* Krispy Kreme
Robert Dyas* La Tasca
Pret a Manger*
West Cornwall Pasty*
Zizzi*
Clothing & Footwear

15. Sample P&L Summary
FSP RETAIL BUSINESS CONSULTANTS
Table 2: P&L Analysis for Jones, Unit 6, Sample Centre
Year 1 Year 2 Year 3 Commentary
Gross Space ft2 1861 1861 1861
Selling Space ft2 1117 1117 1117
Productivity £ft2 535 567 584 Assumes 6% increase Year2, 3% Year 3
£ % £ % £ %
Gross Sales 597595 633451 652454
Net Sales 497996 100.0 527876 100.0 543712 100.0 Assumes VAT at 20%
Gross Profit 258958 52.0 274495 52.0 282730 52.0 Estimated Gross margin
Occupancy
Rent 59760 12.0 63345 12.0 65245 12.0 Actual rent
Rates 32292 6.5 32776 6.2 33268 6.1 Estimate
Service Charge 7500 1.5 7613 1.4 7727 1.4 Estimate
Heating/Lighting 4965 1.0 5041 1.0 5118 0.9 Estimate
Insurance and repairs 4063 0.8 4124 0.8 4187 0.8 Estimate
Employment 79128 15.9 80333 15.2 81557 15.0 Employment cost includes NI, pension, benefits, recruitment and training
Promotion 3165 0.6 3213 0.6 3262 0.5
Administration 2638 0.5 2678 0.5 2719 0.5
Depreciation 25529 5.1 25529 4.8 25529 4.7 7 year average life of shopfittings
Total Branch Costs 219039 44.0 224652 42.6 228611 41.9
Branch Contribution 39919 8.0 49843 9.4 54119 10.0 Gross Profit less total branch costs
HO Cost 26376 5.0 26778 5.0 27186 5.0 Branch contribution to Head Office costs
Profit Contribution 13543 2.7 23065 4.4 26933 5.0 Branch profit contribution after Head Office costs
F&F Cost - 50% 89350 89350 89350 F&F costs @ £140ft2 selling plus £30 ft2 non-selling
Average stock 74699 79181 81557 Assumes stock turn is 3.2 times per annum
Trading Assets 164049 168531 170907 F&F plus average stock
ROTA 8 14 16 Profit contribution as percentage of Trading Assets - FSP model 25%

16. FSP Retailer Database
FSP RETAIL BUSINESS CONSULTANTS

17. Testimonials
FSP RETAIL BUSINESS CONSULTANTS
“Manchester City Council have worked with FSP over the last year to understand the City Centre's shopper
audience, who they are where they come from, how the profile evolves throughout the year and how we can attract
more shoppers to Manchester. The depth of understanding that FSP have provided in terms of Manchester's
catchment has helped inform our marketing, regeneration and growth strategies for the City Centre. Their
consultative approach really got to the heart of the issues involved in a complex area and helped to facilitate
partnership working across different Council departments and external stakeholders. I look forward to continue our
working relationship with them in the future”
Peter Richards, Insight & Planning Manager- Manchester City Council
“FSP is a long standing consultancy partner to L&G, providing clear, concise, insightful research to our Asset
teams. Their work helps us understand the interaction of our shoppers and retailers to ensure the optimum
investment performance of our assets”
Bill Hughes, Managing Director - Legal & General Property
“FSP's clear advice on market strategy has had a direct impact on our approach”
Mark Gregory, Managing Director - Clas Ohlson UK
“FSP has made an effective and valuable contribution to the development of the business and will continue to help
us to deliver the full potential of Princes Mall.”
Andrew Glasgow, Director – Premier Property Group
“We have worked with FSP over a number of years and naturally get their analysis and opinion before making major
retail property investment decisions”
Bill Benjamin, Managing Director - AREA Properties Partners (UK) Ltd
“I am very pleased to have given the approval to the research as this really does appear to me to be money well
spent”
Robert Wood, Fund Manager, Continental European Real Estate
17

18. FSP RETAIL BUSINESS
CONSULTANTS
19 Manor Courtyard
Hughenden Avenue
High Wycombe
UK, HP13 5RE
T +44(0)1494 474740
F +44(0)1494 474262
fspretail@fspretail.com
www.fspretail.com
www.snap-shop.co.uk