Retailvisory home  >  Basics

Signing a lease? Read our checklist

What to know before signing a retail lease at the mall

Signing a retail lease is one of the most important steps in bringing your brick-and-mortar vision to life and typically takes one to three months to finalize. It’s a commitment that shapes your timeline, buildout, budget, and long-term growth, which is why approaching the process with clarity and confidence is essential.

Today’s retailers, from small businesses to established brands, are navigating leases with more intention than ever before. With timelines that can move quickly and market conditions that continue to evolve, a thoughtful, well-informed approach helps you avoid surprises and set a strong foundation for success. Before you move forward with signing your next retail or restaurant lease, here are five smart tips to help you navigate the leasing process with preparation and confidence.

1. Be a detective

Before anything else, make sure you have a solid understanding of the retail space’s location and the mall as a whole. Spend time exploring the property, noting foot traffic patterns, co-tenants, and whether your target customer is already shopping there. Visit your potential space at different times — weekday afternoons, weekend evenings, and peak seasons — to get an accurate sense of activity. Review the mall’s operating hours (including holiday schedules) and familiarize yourself with its general policies so you can anticipate how your business will operate day-to-day. For even more tips, check out our tips on picking the right store location).

Once you’ve confirmed the mall is a good fit, dig a little deeper. Look at the mall’s customer demographics, tenant mix, surrounding neighborhood, and any nearby competitors to ensure alignment with your audience. When you’re ready to move forward, request a Lease Proposal — also known as a Letter of Intent (LOI). This document outlines key terms and begins the negotiation process, giving both sides a clear starting point for the forthcoming lease.

2. Do your homework

It may seem obvious, but we strongly encourage you to read all the provided documents. We know that when a legal document lands in front of most of us with a bunch of legalese, our eyes may want to glaze over. Still, it’s key you always read the entire LOI and have a clear understanding of everything outlined in the agreement before signing. Look for things like term, delivery, and commencement dates, rent breakdowns, and more. Use our the Retailvisory Glossary to look up any retail leasing jargon you may not recognize.

Lease proposals may also include operational requirements such as hours of operation, insurance needs, or rules around signage, deliveries, and maintenance. These can vary by mall, so understanding them early helps you anticipate any operational adjustments. If anything feels unclear, flag it for clarification before signing.

Pro tip: Make sure you fully understand every date outlined in the document and feel confident you can hit those milestones. You should be certain you can open by the stated date so you don’t end up paying unnecessary expenses like dark rent.

3. Consult an expert

You’re an expert on your business. Consulting an expert, if it’s within your means, is a smart move. Whether it's a skilled lease negotiator or attorney, we highly recommend seeking guidance from someone who specializes in retail real estate deals, especially for long-term leases. They can assist you in negotiating lease terms, liaise with your landlord's legal team on your behalf, and ensure that you fully comprehend the commitments you're about to make, as well as the landlord's obligations to you. This invaluable support will provide you with peace of mind throughout the process.

An expert can also help you understand market norms so you know which items are typically negotiable and which aren’t. Their guidance can save you time, reduce back-and-forth, and help ensure you’re making decisions from a position of knowledge, not guesswork — especially if you’re navigating your first agreement.

4. Negotiate

It never hurts to ask — and some items in your LOI can be negotiated. But be prepared, it’s not guaranteed you’ll be able to negotiate on everything — we all know that there are constraints in any negotiation. Asking for a counteroffer is a good practice and a great way to build a relationship and trust with your negotiating partner as you both figure out a compromise and find common ground.

As you negotiate, prioritize the items that matter most to your business — such as timing, rent structure, or buildout responsibilities. Not every term needs to change; instead, focus on what will help you open on time and operate efficiently. A collaborative, solutions-oriented approach usually leads to the best outcome for both sides.

5. Be ready with the details

After submitting a formal lease request, you will be asked to provide historical financial information about you and/or your business. It is best to get organized up front with the things you know you’ll need during this process. That typically includes two years of tax returns and a credit application, plus, if you’re using a business entity, you’ll likely be asked to submit your formation documents (like articles of incorporation) and two years of profit and loss statements. Having these documents organized early not only speeds up the leasing process but also signals reliability — which can help your landlord move faster and more confidently toward approval.

Now that you’ve navigated the key steps of the leasing process, you’re entering the exciting phase where planning turns into reality. A well-structured lease sets the foundation for your store’s success — supporting your timeline, your buildout, and ultimately your customer experience. As you move into the next stage, we recommend reviewing our store buildout blueprint, which walks you through what comes after signing so you can prepare confidently for opening day.

---