Knowledge is Power | Understanding the Condition of your Assets
For retailers, brick and mortar locations are a visual representation of the brand in the community. Understanding your store’s physical condition is key to maintaining and growing clientele as well as planning capital expenditures. One way to do this is to have a professional team conduct a review of the location to make sure it meets a variety of your brand requirements such as:
- Physical condition – floor covering, wall covering, ceilings, lighting, building envelope, doors and windows, etc.
- Signage – Are the current offerings being promoted? Brand standard being used?
- Furniture, Fixtures, Equipment, Millwork – Is the layout matching you visual merchandising guidelines and brand standard?
The result is knowing how often building components need to be refreshed so that proper capital expense timelines and budgets can be set. For instance, re-painting and installing new flooring should be redone at least every 5 years, whereas the roofs need to be replaced every 15-30 years, depending on the roof style and type. For several components on the interior that are brand specific, have your local store manager or staff complete the assessment, but the physical condition assessment work should be done by professionals with strong relevant experience. This expertise provides accurate and reliable data on the conditions, performed by an unbiased third party.
The asset management team at K2M Design assesses millions upon millions of square feet of retail space each year. We utilize the experts in our company to execute the condition assessment and record the data into your system or K2M Facility. With the data, you are able to make smarter, better capital expenditure decisions that best support your brand.
Contact Scott Maloney, President, for a consultation on any Assessment needs.