USA. San Francisco International Airport (SFO) has issued details of its forthcoming tender for three newsstands and two speciality retail concessions.
Each contract offers a seven-year term, with two one-year extension options at the airport’s discretion. A Request for Proposals (RFP) is likely to be issued after 6 March.
As reported, SFO will also next week issue a RFP for a much-expanded Duty Free and Luxury Stores concession. Food & beverage opportunities will follow soon.
SFO will host an information conference on both the Duty Free and Luxury Stores lease and the Newsstand and Speciality Retail concession on 4 April.
DFS Group’s current master lease expires on 31 December 2017. It comprises not only duty free stores and duty paid luxury boutiques but also newsstands, speciality retail and an electronics store. In an effort to create additional business opportunities, SFO has developed a new contractual plan which consists of six separate leases – the duty free and luxury store contract and five additional concessions for newsstands and speciality retail stores.
Five leases but a single RFP
The RFP covers five different areas in the International Terminal.
The base rent will be the higher of the Minimum Annual Guarantee (MAG) or the tiered percentage rent stated in each contract.
The MAG, minimum improvement amount and annual rent are detailed in the table below.
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