SignValue announced at the IBO conference in Salt Lake City, their exciting news becoming the exclusive billboard leasing representative for Walmart and the more than 5,000 high-traffic retail locations across the United States. We sat down with SignValue CEO, Paul Wright to get more details on the deal.
Paul, can you walk us through the process and time involved to finalize this relationship with Walmart?
Sure, we started advising Walmart about two years ago. At first it was just estimating a few site lease rates here and there, but we both quickly realized that there was a lot more potential. We knew we could be instrumental in putting even more high quality OOH site leases on Walmart properties nationwide. We negotiated a few digital bulletin leases in Dallas for them last summer and have continued to build a formidable relationship. Under our revised agreement, we’ll be handling all of their lease inquiries, evaluations and negotiations for several years.
Will you be handling only external signage for Walmart? They are developing a retail digital signage presence within their stores. Do you see opportunities to coordinate advertising campaigns to leverage both internal and external resources?
Yes, we will be responsible for all of the large format, vinyl and digital, exterior OOH sign site leasing on Walmart properties. As you mentioned, Walmart successfully launched Walmart Connect a few years ago bringing in-store advertising opportunities to brands and the local business community. We will be exploring ways to create synergies between existing sign programs and future OOH sign development on their properties.
As a billboard company operator, what expectation will SignValue and Walmart have if I would like to pursue a location?
As you would expect, SignValue and Walmart have high professional standards when it comes to OOH site leasing and development. Operators can expect to pay reasonable base rents with a revenue share, have term lengths based on the capital invested and be expected to share some vacant digital time. Other terms and conditions will vary depending on location and market considerations. Operators can also expect to work with experienced brokers who speak the OOH language and for the leasing process to be quick and easy.
If I have a store location I want to pursue, when and how will you be soliciting applications?
Today we launched a Find New Billboard Sites map on our website where we have loaded over 28,000 of our clients properties including Walmart, Extended Stay Hotels and Norfolk Southern just to name just a few. The site makes it easy for anyone who is interested in pursuing a new billboard site to find locations that are clearly addressed with aerial photos, street views, a contact form and even an application form to start the process.
Will the operator need to have sole responsibility for permits?
Yes, operators will be solely responsible for local and state permitting after they have a valid lease signed. We understand the permitting process can take from 30 days to 30 months, so we will be flexible and work with operators who are diligently working toward obtaining permits. There is currently no application fee (subject to change) and a limit on the number of applications each operator may submit.
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