Fannie May
Introduction
Vestian partnered with Fannie May to optimize their real estate portfolio, reduce occupancy costs, and expand their market presence. Our end-to-end approach encompassed portfolio evaluation, strategic planning, and execution, resulting in significant cost savings and improved operational efficiency.
Challenge
Our client faced above-market pricing at many locations and had retail stores in close proximity, leading to sales cannibalization and reduced profits. They needed a comprehensive strategy to rightsize their portfolio, reduce costs, and expand nationally while maintaining optimal market coverage.
Solution
Vestian developed and executed a tailored strategy to address Fannie May’s real estate challenges. We evaluated the entire portfolio, providing guidance on store closures and price restructuring for stronger units. Our project management team remodeled, rebranded, and refurbished select stores based on company specifications and budgets. We collaborated with the client's marketing team to oversee design and construction at 25 locations. Additionally, we implemented processes for evaluating occupancy costs, targeted new locations, and assisted with lease administration and demographic profiling of current customers. This comprehensive approach resulted in a restructured portfolio that increased sales, gained market share, and is projected to save $1 million over five years.
