The landmark IFMA-RICS collaboration has announced that next year a World Workplace Conference and Expo will be held in Europe. The high-profile World Workplace global... Read more »
IFMA’s Real Estate Advisory & Leadership (REAL) Community seeks to build and communicate knowledge and expertise on the practice of real estate as it affects real estate and facility management professionals, and to influence the practice of real estate management through its thought leadership. The REAL Community’s membership will conduct research, document next practices, and investigate new technologies, regulations, laws and business processes that have potential impact on the linked domains of real estate and facility management. Its primary mission will be to increase understanding through research and communication about the physical and digital environments in which real estate decisions are made and actions executed, positioning real estate and facility management as strategic partners in the creation of an organization’s business environment.
Join us for the December Webinar
Financial Institutions and Retailers are faced with similar Facility Management Challenges for their networks of small, widely spaced locations. A hot topic in today’s rapidly changing business environment is the Branch or Store of the Future and as Architects and Real Estate Consultants, the team at Labarre Associates has observed a significant gap in many firms’ analysis of their retail network; the tendency to rely heavily on sales/profitability trends or demographics while several critical facility questions are often not addressed:
- What is the Facility Renewal Liability for each location and how much should we be spending on Renewal?
- What is the cost to address Functional Obsolescence over and above Facility Renewal at each site?
- What is the limit for capital investment at each location and what information do we need to be able to do the math?
In addition to developing investment guidelines for each location, the network as a whole should be re-evaluated using a retail location analysis tool and a network strategy (which will be explained). Finally, the frequent re-evaluation of the network as a whole should be addressed on a periodic basis due to on-going competitor Store and Branch closings that open the door to a financially beneficial relocation, which could be missed if your team is sitting pat with the existing network. Networks can always be improved, but opportunities can be missed if the re-evaluation process is not re-visited frequently.