Retailsphere Platform Helps Commercial Landlords Navigate Pandemic Vacancies

Retailsphere, the world’s most comprehensive database for retailer profiles, announced today that their platform has been integral in helping Patterson Woods Associates of Delaware carve a path forward through pandemic-related, real estate vacancies. Since partnering with Retailsphere, Patterson Woods has been able to overcome many pandemic-related obstacles, such as a drop in the quality of tenants and increased competition for well-capitalized, big brand tenants. Additionally, the Retailsphere platform has empowered Patterson Woods Associates to be able to quickly and efficiently identify a new realm of prospects that are a great fit for their vacancies.

Streamlining the Leasing Process

The COVID-19 pandemic changed the local real estate landscape for many commercial landlords. In the case of Patterson Woods Associates, they noticed increased competition for high-quality, well-known tenants and a glut of lower-quality or poorly-matched tenants as landlords scrambled to backfill vacancies. They needed a strategy that gave them access to tenants that were beyond the big brand names that other landlords were also competing for and they found their solution with Retailsphere.

The platform, which is based on the founder’s research at MIT and years of market experience with data platforms, allowed Patterson Woods Associates team members to create actionable lists of leads with Retailsphere’s in-depth data on national brands, franchisors and franchisees, and unique local, retail concepts. Now, rather than settle for tenants that were not the right fit for their spaces, they were able to use Retailsphere’s database and CRM outreach tool to identify and connect with tenants that would thrive in their locations.

Tyler Foresta, a member of the Patterson Woods team, commented that, “[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.”

He noted that the platform gives him the “ability to vet out possible tenants based on their site selection criteria and expansion plans.”

By identifying suitable tenant prospects up front, Retailsphere customers have a higher lead-to-close probability and an overall streamlined leasing process. While Patterson Woods Associates admitted some hesitancy to invest in a new tool during the pandemic, they now note that those concerns have been completely eliminated thanks to their success with the platform.