WARBY PARKER
A Clear View of the Lease Landscape
Warby Parker’s thriving brick-and-mortar operations created a demand for more streamlined lease management. In response, our team took the initiative to enhance reporting and lease administration functions, facilitating growth with greater ease as well as streamlining their overall ASC 842 compliance.
Information for Smarter Growth
Warby Parker began its partnership with ASG in 2019, at which time they had approximately 100 stores up and running. Before that time, they had not had an established lease administration function in-house.
ASG stepped in and was instrumental in auditing leases, abstracting lease documents, implementing an ASC 842 policy, scrubbing data, and configuring Warby Parker’s platform to produce meaningful reporting. This solution ensured that they were poised for growth without the constraints of day-to-day lease portfolio management.
In the last four years, Warby Parker has added another 100+ stores to their portfolio, and their lease administration function is now a well-oiled machine. Our Lease Management team continues to work with Warby Parker as they look to grow more physical retail experiences throughout the U.S.
DISCIPLINE
ASG acts as a trusted partner, taking part in a number of internal meetings and often serving as the first point of contact with our developer partners. Their expertise in all things lease administration has proven invaluable. Their breadth of understanding of the industry has allowed us to effectively benchmark vis-a-vis our peers on a number of issues. In addition to driving our lease administration function, ASG has also worked with our Accounting team to implement ASC842, making a complicated process painless.
– Patricia Powers
Assistant General Counselor, Warby Parker