Opportunities and Challenges in Retail Real Estate
Our Tuesday Talks Series features Melissa Gonzalez and Jeff Roseman on trends in retail real estate as well as takeaways from the ICSC Conference
A Few Show Highlights:
On this episode of Tuesday Talks, we spoke with Jeff Roseman. Jeff is the Executive Vice President and a Principal at Newmark Knight Frank. Newmark Knight Frank is the world’s leading commercial real estate advisory firm. With a fully integrated real estate platform, Newmark provides clients with single-source real estate solutions from start to finish. For the past few years, Jeff and his team has helped us scout and negotiate real estate for pop-up and permanent retail clients.
First, we asked Jeff how short-term retail has evolved over the recent few years. He said that retail is not dying but in fact, it is quite the opposite. We believe the same thing. Retail is evolving just as consumers are. The market is changing as consumer needs change, just as it should be.
Further, as some industries are experiencing a decline in brick and mortar presence, others flourishing more than ever before. Jeff has found that companies are having to think outside the box in order to compete and flourish in today’s competitive retail market. The types of pop-ups that are thriving are the health and wellness and fitness related stores. For example, Equinox, provides cutting edge fitness classes, personal training and studios unlike a conventional gym setting. The high class and luxury feel makes these locations a destination for high-performance living.
Additionally, the cosmetic industry has also seen growth in brick and mortar. Emerging companies such as Glossier, that provide not only a luxury store setting but also an experience, is something consumers today seek out in their shopping experience.
From our conversation with Jeff, we reiterated that in order to be successful today a company must go above and beyond in providing a truly unique experience for their in-store shoppers. Having a large brand and well-known name is no longer enough for many retailers. If a company is able to exceed expectations of consumers, their brick and mortar stores will flourish.
We thank Jeff of Newmark Knight Frank for chatting with us and our followers on how retail has evolved over the past few years. Join our next Tuesday Talks Series on Instagram Live @lionesquegroup to continue hearing about the transitioning world of retail.