New York is the toughest retail market in the country, which means that whatever success they may have had elsewhere, retailers moving into the New York market are “like deer in the headlights.”
That unflinching assessment by Jeffrey Roseman, executive vice president at Newmark New Spectrum, means that new arrivals have to do more in the city just to stay in business. Competition has led to more emphasis on branding, which in turn has spawned even more competition. That means retailers are broadening the job descriptions for their brokers, who must do more to keep clients satisfied.
In this issue, The Real Deal profiles the leading retail brokerages in the city as well as some prominent newcomers nipping at their heels. Competition remains high, and several of the most successful New York firms are making concerted efforts to expand nationally.
A top broker is expected to help its retail clients with site selection, keeping in mind the goals of the clients, the kinds of neighbors its clients should have and customer demographics and traffic patterns. A broker is also expected to have enough clout with the landlords to sell the retailer and get the landlord to make the deal. Closing the deal is now just a final step in the process.
Today, brokers are getting involved with retailers earlier in the game before the actual leasing is closed. A new industry standard is emerging: ongoing relationships are replacing mere one-off deals in the way retailers collaborate with their brokers.
In the New York market, the need for a closer collaboration between retailer and broker looms even larger. And the reasons are obvious. “New York City is the most competitive retail market in the country, because everybody who s anybody wants to be in New York, especially in Manhattan,” said Faith Hope Consolo, vice chairman of Garrick-Aug Worldwide.
Here’s a look at what makes the industry leaders tick and what they’ve been up to lately. go to main story