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Senior Director-Real Estate, Global Store Development
Tiffany & Co.
New York, NY, United States
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Overview
The Sr. Director of Global Real Estate will support the development of a global retail real estate strategy. This individual will develop and communicate standards to ensure a disciplined approach to retail real estate as well as serve as the internal expert on the global real estate industry, regional differences, trends and activities in luxury retail real estate. This person will also serve as the internal expert on the Tiffany and Company global store portfolio, lease status and content, while supporting regional real estate leadership in the structuring and execution of their real estate strategies as required.
This role serves as international subject matter expert on retail real estate and leasing trends, providing strategic and financial advice while managing a portfolio of existing lease holdings around the globe. This person will also support corporate (non-retail) real estate needs in collaboration with Facilities Management teams.
Responsibilities
GLOBAL REAL ESTATE STRATEGY:
• Support the development of a global real estate strategy, including development and communication of standard measures and key data points to ensure a disciplined approach to retail real estate;
• Support regional teams in the structuring and execution of real estate strategies and standards including site selection criteria, lease standards, and lease checklists;
• Prioritize future growth by determining key markets for entry.
• Oversee the External Global Real Estate Broker Services team and ensure all trends and baselines are being followed and represented.
• Run the Global Store Network approval process, using consistent and competitive data.
LEASING:
• Serve as internal expert on the Company’s global store portfolio, including lease status and content;
• Manage external RE Broker Services, deliverables and KPIs, inclusive of reducing rent.
• In conjunction with the Executive VP of Retail, the regional leads, contribute to a Global RE Strategy for all existing and new locations;
• Manage leasing transactions by liaising with regions to coordinate site selection assessment, test fit, cost estimating, schedule development, work letter development, and legal review;
• Develop systems with all regions to abstract, manage rent payments, critical date management, and auditing of rent payments
• Create synergies for the entire life cycle of the lease, inclusive of LOIs, Legal. leases, and Lease administration.
• Work and lead with in-house real estate attorneys in support of new lease negotiations and LOIs.
• Oversee a Lease Administration Manager to ensure proper:
◦ Management and maintenance of a comprehensive lease database;
◦ Provision of lease administration services for the all regions including abstracting and rent payment;
◦ Interpretation of commercial leases and direct the preparation of lease abstracts, amendments, assignments, and other documents;
◦ Preparation and maintenance of scheduling for all compliance documents and various lease reports;
◦ Tracking and monitoring of critical dates;
◦ Support of divisional finance leadership to audit monthly and annual billings, insurance, CAM, and real estate tax reconciliations;
◦ Tracking of co-tenancy thresholds;
◦ Maintenance of global database of landlords and developers.
FISCAL / PROFITABILITY MANAGEMENT:
• Support Corporate and Regional CFOs and liaise with FP&A to compile and review annual capital expenditure requests.
• Drive the operating budget expenses annual planning cycle
• Lead the capital planning process with the regions to increase Central visibility to improve prioritization of spend
• Facilitate with Sr. Director of Store Planning and Director of Operations the “Authorization to Proceed” ATP meetings and initial investment process
• Update and continue to develop monthly key financial metrics and reports. Present applicable metrics to Sr. Management on a regular basis.
• Improve, develop and report portfolio level store development cost and execution performance
• Lead the preparation and present all financial data related to the Store council/network meeting
• Serve as a critical partner to the VP-GSD in the development of GSD strategy and key priorities
• Improve upon the quality of deals and optimize lease terms
KNOWLEDGE SHARING:
• Compile and communicate industry best practices to regional real estate leadership pertaining to market assessments and real estate advisory services;
• Create and distribute promotional programs and materials to aid regional real estate leadership interactions with landlords and developers;
• Gather and maintain current retail network data and key metrics, analyze retail network data as a tool to aid planning and decision making;
• Benchmark key metrics against competitors.
Qualifications
• At least 15 years of significant retail leasing and real estate experience, to include some if not all of the below:
◦ Experience representing a retailer with higher-end store fit-out needs;
◦ Experience representing a retailer that develops stores internationally;
◦ Experience representing a retail mall operator;
◦ Experience representing an international, luxury hospitality company.
• Experience managing and organizing work flow, processes, and implementing best practices;
• Current knowledge of the retail real estate market, best practices, and trends.