Retail Leasing Manager

Job description / Role

Retail Leasing Manager | Real Estate | Cairo Festival City Mall

Job Requisition ID: 157326

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world's most admired and innovative brands. Al-Futtaim Group's entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.

By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day

Overview of the role:

In this position, you are responsible for:
- Setting the tactics of the Leasing strategy on the Retail Portfolio that is aimed at ensuring the viability of the business and meeting overall objectives.
- Provide a market information and competition updates
- Managing the rental of retail units to ensure maximum occupancy and a premium level of rentals
- Undertaking lease negotiations and meeting the approved milestones
- The accurate completion of information and paperwork for tenants. (Data base, turn overs etc.)
- Consistently apply your experience and judgement to plan and accomplish goals and to sustain and expand market share.
- Effectively lead and direct the work of others, specifically your direct reports and supporting departments, outsourced consultants (Market Researches, Leasing Agents, etc.)

What you will do:

Key Accountabilities:

Planning: Prepares and implements leasing plans and strategies so as to exploit current market demands and generate future demand for the Retail Leasing business in order to achieve or exceed projected units and revenue target.

Market Intelligence: Researches market in terms of current demand, customer preference, types, size, and location of the properties. Where possible, obtains information on competitors pricing policy, property specifications to revamp the company pricing policy, strategies and tactics to effectively position the property against the competition and enhance market share. Liaises with external consultants for additional insights into the above information and for formulation of ERV schedule by externally appointed consultant as required.

Targeting Prospective and Existing Customers: Oversees preparation of a target list of prospective tenants including high end and flagship retail brands/customers, local and international, suitable for the type of properties available for leasing. Oversees preparation of schedules showing lease expiry profile on annual basis. In case of Retail tenants, prepares exit strategy if brand is not considered in line with agreed Retail mix.

Viewings and Presentations: Manages invitation of tenants to presentation of drawings/site meetings in order to generate new interest and maintain interest of existing tenants in the centre and work towards deal closure to meet revenue targets.

Term Negotiation: Prepares proposals for new and renewal tenants at rates in line with budget/ERV for communicating to tenant in order to close new business and finalise renewal of existing lease contracts in timely manner.

Negotiates and finalises lease terms in line with prevailing SOP's, Budgets, DOA's and any other conditions required by the business.

Arranging Legal Documentation: In liaison with Lease Administration team e nsures that all documentation is correctly prepared by Lease Administration in accordance with the SOP (LAF/LCA, Lease Contract etc.) and is signed by the authorized person as per the DOA in order to avoid any litigation in future and to serve as a point of reference. Maintains awareness of local legal procedures and practices, ensuring that these are upheld and/or not contradicted in lease terms.

Asset/Property Management: Ensures that existing leases are renewed on time and that any changes in terms and conditions or rentals are correctly recorded and rental is collected on time and in full to avoid any loss of money or dispute with the tenants. Proactively manage the tenancy schedules of asset to regear the lease contracts to increase valuation on DFC's portfolio. Negotiate exit strategies for tenants regarded as no longer fitting overall retail brand mix.

Financial Data Entry and Maintenance:

YARDI: Checks that all lease contract information is accurately recorded by Leasing Administration in REFX and systems

Financial

Credit Control: Liaises with Credit Control Department on AR status, follows up with tenants for outstanding payments, finalising statements of account and preparation of payment plans.

Prepares monthly statement of negative accruals and other accounting provisions.

Analysis and Reporting:

Progress Reports: Oversees preparation of progress reports on weekly/monthly/annual basis as appropriate, on the current status of the business; comments on assessment of future market trends and prospects and propose measures and strategies to achieve or exceed the projected target.

Budgeting: Evaluates historical performance, and market information on future market trends, to arrive at a rational budget projection both in terms of units and revenue so as to

contribute effectively in meeting company's overall objectives set for the year. Prepares Retail budget based on foregoing.

Budget Review: Reviews the actual performance against budget on regular basis to ensure that projected units and revenue target are being achieved, in case of a short fall examines the reasons and take corrective measures to bring it back on target.

ERV Report: Prepares and maintains current ERV schedule by liaising with external consultants / Feasibility team as required to ensure accurate valuation of property.

Audit: Manage any audit studies and requests. Action any findings/recommendations as are feasible and necessary

Job Context:

In this position you will operate within the boundaries of:
- the agreed departmental budgets and targets
- relevant policies and procedures
- the stipulations of the Delegation of Authority (DOA)
- legal parameters as specified by the Al-Futtaim Legal Department

Required skills to be successful:

Job-Specific Skills:
- Sound knowledge of Leasing market and practices in local market/international market
- Familiar with a variety of the leasing field's concepts, practices, and procedures along with the Brands awareness and categories

Behavioural Competencies:

Research, insights & analysis:
- Obtain & analyse information through effective intelligence gathering systems and interpretation of results

Strategy & planning:
- Influence strategy formulation and ensure an effective leasing planning process and plans

Products:
- Create, build and manage competitive products, portfolios & services

Leasing programme implementation:
- Create competitive and sustainable pricing policies, use pricing strategically and creatively
- Establish and develop effective channels for your business and support for channel members
- Deliver and manage effective customer relationships and infrastructure for same
- Establish, plan and manage programme and project frameworks and plans against objectives and budget

Measuring effectiveness:
- Establish, promote and use metrics to improve effectiveness
- Create and use a system of critical review to make more informed future decisions

Managing and developing people:
- Manage self and an Asset Management team
- Manage cross-functional relationships effectively
- Develop teams and self to enhance department's performance

Requirements

What equips you for the role:

Minimum Qualifications and Knowledge:
- Degree or equivalent level of education in any discipline

Minimum Experience:
- Minimum 8 - 10 years' experience in handling property leasing/portfolio management including lease negotiations and management with a reputable real estate company.

About Al-Futtaim Malls
Al-Futtaim Malls provides development and asset management expertise, specializing in building retail-led super regional malls in prime locations across MENA and beyond. With a proven track record of creating both sustainable revenue growth and value enhancement for tenants, Al-Futtaim Malls delivers exceptional experiences and exciting shopping environments for customers.

Part of the Al-Futtaim Group, Al-Futtaim Malls leadership team brings more than 30 years of experience and a deep understanding and knowledge of the retail sector, both from a shopper's point of view but as curators of space or landlords to other brands. The company has a directly managed portfolio including over 9 million sqft of retail space across four malls in the MENA region and two under development. Malls under the Al-Futtaim Malls portfolio include Dubai Festival City Mall and Festival Plaza in the UAE, Cairo Festival City Mall in Egypt, Doha Festival City in Qatar and Zenata Mall, Morocco.

Leveraging on the expertise of its parent company, Al-Futtaim Malls established PLEX Management Services offering a full array of services including asset management and development, leasing, and brand experience expertise to shopping mall landlords and retail organizations globally. Implementing global best practice and deploying Al-Futtaim Mall's deep understanding of mall management and retail dynamics, PLEX promises to deliver continuous growth and long-term value for its partners.

About the Company

Established in the 1930's, the Al-Futtaim Group initially operated as a trading enterprise. Rapid development throughout the 1940's and 50's saw it establish itself regionally as an integrated commercial, industrial and services organisation, positioning itself one of the leading business houses in the lower Gulf region. Today, it operates collectively over 40 companies bearing the Al-Futtaim name, dominates many market segments in the UAE, and has expanded its sphere of operation to include Bahrain, Kuwait, Qatar, Oman and Egypt.

The Group comprises a diverse range of strategically positioned operating subsidiaries and associate companies, structured to give the Al-Futtaim Group the flexibility and versatility to keep ahead of local competition while keeping pace with the ever-evolving global business scenario. The Groups continued investment in world-class systems technology is clear evidence of its commitment to maintain leading edge performance and service delivery.

The success of the Al-Futtaim Group can be attributed to a business approach that combines the ability to change with the traditional values of integrity, service and social responsibility that define its core business philosophy. This, linked with the Groups belief in decentralisation, gives the heads of the operating companies a high degree of functional autonomy and authority, providing the Group with essential flexibility, and individual employees a clearly defined work culture and sense of responsibility.