{"id":1004192138,"date":"2017-09-29T12:02:05","date_gmt":"2017-09-29T20:02:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192138"},"modified":"2020-02-27T22:40:18","modified_gmt":"2020-02-28T06:40:18","slug":"glre-summit-report-retooling-retail","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/glre-summit-report-retooling-retail\/","title":{"rendered":"GLRE Summit Report: Omnichannel Retailers Poised to Outperform Peers"},"content":{"rendered":"

By Sanyu Kyeyune<\/p>\n

\"sandeep\"

Sandeep Mathrani<\/p><\/div>\n

Recently,\u00a0industry executives convened at the 2017 Global Leaders in Real Estate Summit in New York City,\u00a0a conference held in partnership with\u00a0iGlobal Forum<\/a>. At the event,\u00a0top brass from GGP Inc., Olshan Properties and Staples Inc. conferred about retail growth opportunities and the sector’s accelerated transformation.<\/p>\n

Beyond the headlines<\/h2>\n

Echoing a popular belief, GGP CEO Sandeep Mathrani opened the discussion by asserting\u00a0that retail is overbuilt and under-demolished, and suggesting that more retailers will continue closing stores to rationalize their real estate footprints.\u00a0Opposing the narrative that says retail is dead, the panelists concurred that not all retailers\u2014only those with\u00a0under-performing properties in weak locations\u2014are suffering.<\/p>\n

\"jason\"

Jason Ellis<\/p><\/div>\n

Although\u00a0e-commerce\u00a0is claiming a larger share of retail sales, “there’s not this Doomsday, wherein everything gets delivered by Amazon<\/em>,” Jason Ellis, senior company counsel of Staples, said. On the contrary, retailers that engage customers at both points of sale\u2014online and in the store\u2014will continue to grow.<\/p>\n

Mathrani shared this point of view, adding that the\u00a0greatest source of GGP’s tenants are e-commerce providers that are looking to open brick-and-mortar stores, in line with the growing omnichannel wave.<\/p>\n

“The best retail real estate is doing very well<\/em>,” Mathrani maintained. “If you look at our portoflio over the trailing 12 months, you’ll see that earnings and sales productivity continue to go up.<\/em>” According to Mathrani, his firm has already inked 9.6 million square feet in retail leases<\/a> this year.\u00a0<\/p>\n

“It’s a fallacy to think that stores are actually getting smaller<\/em>,” he noted. He has observed the opposite, citing Foot Locker and Tesla as examples. More often, retail tenants are taking larger spaces, he explained, in order to display more products and offer a more immersive shopping experience, including the option of online ordering with in-store pickup.\u00a0<\/p>\n

Growth\u00a0strategies<\/h2>\n

“We’re seeing astronomical growth with buying online and picking up in store<\/em>,” said Ellis. “We’re trying to spur that because it costs us less not to ship the order.<\/em>”\u00a0And because Staples often offers lower prices for items\u00a0retrieved in store, the company has found a successful strategy to reduce costs and attract customers to its physical locations.<\/p>\n

\"Andrea

Andrea Olshan<\/p><\/div>\n

Like Ellis, Andrea Olshan has\u00a0uncovered another way to increase foot traffic.\u00a0At some of her firm’s mall properties, Olshan leases space to Happy Returns, a\u00a0startup that partners with e-commerce sites to offer free returns at their branded kiosks. “Companies like these get people into the mall, which is a great service for landlords and owners<\/em>,” she said.<\/p>\n

Olshan also stressed developing a keen understanding of what she referred to as micro-markets. “You can’t just look at demographics, you need to look at the quality of competition at the micro level<\/em>,” she said.\u00a0“Milwaukee, Wisc., and Dayton, Ohio, used to be three-store markets, and I think\u00a0that has changed. The dynamics of competition\u00a0are more complex.”<\/em><\/p>\n

There are ways to move toward a correction in the bricks-and-mortar retail space. For one, Olshan urged, planning boards and municipalities need to talk about the public financing that was issued in the late 1990s and early 2000s, because those bonds were responsible for much of the overbuilding that has\u00a0occurred.<\/p>\n

In addition to the\u00a0number of locations, the quality of the real estate remains a prominent factor in long-term performance. “There’s a big difference between Class A and Class B\/C retail properties<\/em>,” Mathrani said. “Generally, if you have high-quality assets, then you’re going to be a winner in this sector.<\/em>“<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Industry stalwarts discussed the need to rethink retail investment at EisnerAmper and iGlobal Forum’s Global Leaders in Real Estate Summit, dispelling myths about the rapidly changing sector.<\/p>\n","protected":false},"author":1242,"featured_media":1004192166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,23891,21742,21749],"tags":[37314,37703,32959,37717,37315,37716,35635],"class_list":["post-1004192138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-national","category-latest","category-retail","tag-andrea-olshan","tag-eisneramper-llp","tag-general-growth-properties-inc","tag-jason-ellis","tag-olshan-properties","tag-sandeep-mathrani","tag-staples"],"acf":[],"yoast_head":"\nGLRE Summit Report: Omnichannel Retailers Poised to Outperform Peers - 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