Pavilion Development has looked for ways to fill 10,000 square foot or less, build-to-suit spaces for single tenants for over 20 years. Rich Davies, owner and founder, saw this necessary niche while working in the industrial sector for the first part of his career.
And while things have certainly changed over the years, Marguerite Ogilvie from Pavilion Development told us that things are much easier now than when she first started. “I've been in the business for 15 years now, and It's easier now to put together retailer packages.”
But, Covid-19 has added unexpected stressors when trying to find new tenants. Ogilvie said many of the retailers they contact are putting decisions on hold and are weary about making any decision to move forward. This could only get worse as we look towards the future. She said “more retailers are moving towards online business and the holidays will see more online sales. Brick and mortar is becoming obsolete. With this shift, malls may not be around in 5 years.”
Pavilion’s Retailsphere takeaways:
While she said many of their investor companies have halted development at this time, the company has tried using this freed up time to “focus on the opportunities [they] didn't have time for before.” And Retailsphere is helping them make the most of these new opportunities.
Previously, Ogilvie had just researched online, relied on word of mouth or events like ICSC to find and place new retailers in their vacancies. Now, many of these strategies are no longer options. With Retailsphere, Ogilvie stated that finding retail tenants is even easier than before.
Her workflow has been streamlined and made easier, giving her more time to research and reach out to more retailers than even before the pandemic. When asked if Retailsphere was changing her process she said, “finding contact information, retailer size, and where they plan to expand has been very helpful. It's so much easier than before.”
Don’t let the changing retail landscape or work place be the reason you aren’t filling your vacancies. Retailsphere can help your company just like it has helped Pavilion development streamline their research process.
Sign up today for a no-obligation demo and join the growing number of shopping centers, brokers, agents, and developers turning to Retailsphere to help manage their leasing process and fill their vacancies.
Property and Market Research Analyst, Pavilion Development
“The fact that we own 18 shopping centers eases the concerns a property owner may have because we know the challenges of being a property owner. We can sit at the same side of the table as them and understand their needs because we have the same needs.”
Carter Stephens, Senior Broker at Roth Real Estate (Columbus, OH)Read their Case Study
“Retailsphere has changed how we research and communicate with new tenants. We are saving time with Retailsphere and we are increasing our likelihood of success with the initial vetting by Retailsphere,” Mullen said, “Retailsphere allows us to have contact info and basic info within days if not moments of identifying a target retail tenant.” A timeline that is even shorter than before the pandemic. "
Justin Mullin, SVP at Hyatt Commercial (Annapolis, MD)Read their Case Study
“[Retailsphere] has allowed us to narrow down our searches and spend less time doing so. We can develop targeted lists that get our spaces in specific tenants. Foresta said Retailsphere helps them find the “right fits.” The platform gives him the “ability to vet out possible tenants based on their site selection criteria and expansion plans.” And when he identifies an ideal prospect, he can “search for individual tenants and receive contact info for the decision maker.”
Tyler Foresta, a member of Patterson Woods (Wilmington, DE)Read their Case Study