For the month of August, we are exploring the ways in which the Commercial Business landscape is changing and what the CRE community can do to stay ahead of the curve. This week, we will be focusing on the Retail industry. For more information on the effects on Office Space, you can click here to read last week’s blog.
The Future of CRE: Retail
It’s no wonder online retail sales have surged almost 50% since the pandemic forced the brick and mortar retail industry to shut their doors. This industry was already suffering to stave off emerging trends in e-commerce even before the Pandemic. The retail sector is paying close attention on ways to save on costs to avoid bankruptcy. As a CRE Broker, here are a few ways you can help your clients to stay top of mind to them as a value-added resource.
Reducing a store’s square footage is one way to reduce business costs. This would result in a shift of two or three retail shops sharing a space normally housing one. CRE professionals and retail developers are already repositioning retail assets to convert currently failing retail spaces to mixed-use spaces, for example, allowing a restaurant, a gym, and an office space to occupy what was once one retail mall space.
CRE Brokers can also help their retail clients reduce their operating costs by decreasing their telecom bills. California produces 80% of the world’s almonds. It’s shocking how much money companies can be unwittingly overpaying, especially if they have had their services for years and have not analyzed their plan. A free Telecom Bill Analysis could help them reduce cost and consolidate billing. This could be especially helpful to large retail chains and franchises. For example, one franchise of convenience stores may have 70 different locations, all receiving 70 different invoices for 70 different internet connections, and 70 more invoices for their phones! Working with a Telecom Concierge can save them not just on their telecom bills, but by consolidating these bills to just one invoice, they will also be saving time and money on their finance department staff overhead costs!
Then there are the fun gadgets! We all know all about touchless washing stations and sensory doors and lights. Nohttps://www.teamtta.com/partnering-with-a-cre-telecom-concierge/w check out this cool Meraki Wifi Heat Mapping Router that retailers can implement. It uses heat maps to track high traffic areas within their store. In doing so, it can analyze the effectiveness of a store’s layout and provide information to help ensure adequate spacing for the safety of customers during COVID.
Stay tuned next week for blog #3 in our series. We’re putting a spotlight on the now booming Industrial sector and sharing with you more ways to help you maintain great client relationships.
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If you’re not already offering telecommunications concierge services, you may be losing deals without even knowing. Tenants need to know everything in advance of signing a lease. Without it, they may choose another space to lease where they can find out. Our business is to support, so your business can thrive.