National Vision, Inc.

Back in 2005, National Vision, Inc. (NVI) observed changes in its business that created an opportunity to expand formats.This resulted in NVI acquiring America’s Best Contacts and Eyeglasses, which provided them with a well-established retail presence. The acquisition marked the beginning of an aggressive expansion plan for the company. Realizing they would need a partner experienced in efficiently opening new retail locations to realize their objectives, NVI engaged Cushman & Wakefield Global Occupier Services.

Our GOS team collaborated with NVI to develop a comprehensive turn-key solution comprised of a suite of transaction management, design, and project management services. Our professionals have delivered full services to manage the process, from site identification assistance and negotiating LOIs through to the entire design phase, including project management of site details such as vendor management, permitting, signage and utilities.

Over the years, Cushman & Wakefield’s turn-key services have helped NVI to significantly reduce both the costs and time required to open a location. NVI has also gained ongoing value from our transaction management services, with notable savings produced by our lease renewal and renegotiation efforts.

Today, National Vision, Inc. is one of the largest and fastest growing optical retailers in the United States with over 1,100 locations and more than 12,000 employees. NVI operates five distinct retail divisions, including America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Wal-Mart locations, and Vista Optical inside Fred Meyer stores and on select military bases.

Since 2005, Cushman & Wakefiled cross-service teams have played a proud partnership role in NVI's growth success, delivering solid results, including:

• 700+ stores
• 15% increase in speed to market
• 550 ADA remodels completed in a six-month time period, including program management, design, GC selection, project management and project closeout

In 2018, our ongoing results included:

• Completed more than 6,000 Facilities Work Orders, with a 96% Service Level Performance
• Managed over $82 million in rent transmissions, with $350,000 in PLA invoice-review savings
• New Stores: Successfully opened 74 America’s Best & Eyeglass World locations, with a 3.83 change order percentage, beating our KPI goal of 5%
• Collected over $9 million in Tenant Improvement Allowance
• PDS value engineering savings of $1.7 million, exceeding our $1-million savings goal
• Completed 123 renewal transactions, achieving $274,000 in total free rent and $267,000 in Tenant Improvement Allowance, at an average annual base-rent adjustment of 1.38%