Specifically, the desire to attract franchises to your shopping center once required a great deal of research and legwork to gather enough information on which to make profitable decisions. Not anymore. Retailsphere gives you access to actionable, in-depth, and up-to-date data on this popular retailer segment.

Chances are good you’ll be involved with two entities: a franchiser and a franchisee. Our platform looks at both of them independently.

The franchisors. These regional, state, national or international entities own trademarks, operating systems and brands. Franchisors rely on independent business owners for expansion and increasing market share at a relatively low per-unit cost. It’s important to understand any requirements they have for the spaces their brand occupies.

The franchisees. These independent business owners are the boots-on-the-ground operators that will physically occupy your space. This is typically who will hold your lease. Depending on their relationships with the franchisors, franchisees pay up-front fees and/or per-sale royalties, in exchange for training, marketing assistance and event help with real estate leasing.

Ensuring whether a franchise retailer is a good fit for your property could require an analysis of both of these entities. Luckily, Retailsphere provides information on the corporate franchise, the franchisees, and even their individual units in your area. The end result is detailed intelligence that can guide you to the right tenant, while also supporting your lease negotiation and tenant placement efforts.

But how is Retailsphere’s data different than other retail databases? There is more to providing comprehensive retail data than a cursory search and providing links to public information around the web. To ensure development and follow-through of actionable leads, a brand’s data must be comprehensive, current and convenient. Retailsphere checks all three of these boxes.

Comprehensive Data

Comprehensive data tells the complete story of your targeted franchise tenant, as well as the industry and markets in which it currently operates. Some of the information you’ll find on Retailsphere’s platform includes:

• Headquarters Contact Information
• Financial Information
• Ownership Structure
• Suggested Real Estate Square Footage
• Expansion Plans
• Initial and Royalty Fees
• Unit(s) Owner Contact Information
• Unit Locations
• Market Competition (Same Industry)
• Market Franchisees (Different Industries)
• Social Media Feeds/Reviews
• Temporal Sentiment Analysis

If, for example, you want to find a pretzel retailer to fill a 2,500-square-foot space in your lifestyle center, Retailsphere allows you to contact both franchisor headquarters and area unit operators, while also providing you with viable financial information, area and industry competition statistics, and even how consumers feel about the retail brand. This and other material put you in a stronger negotiating position, as you contact, and establish a relationship, with the franchisors and franchisees.

And, if you need additional information, you can easily submit a Retailsphere Request Research and let our highly trained team of researchers gather more in-depth data.

Current Data

In your search for the ideal pretzel retail operator, you can certainly look into open-source franchise information, corporate data and even government reports, as well as tapping into local demographics and competition metrics. You would also be spending a great deal of time on the process, with the end result likely being stale, out-of-date information.

Retailsphere uses some of these open sources of information to get our research started. Through Web scrapers and crawlers, Retailsphere’s software continuously scans open documents, corporate websites and other locations to find and gather recent statistics and info, which is then updated, in real time, on the Retailsphere database by the research team who speaks directly to the site selectors.

We also use the following methods to give you the most up-to-date intel available:

API connections. Retailsphere taps into feeds of retailer data around the web that feed directly into our profiles. Any time these feeds are updated, so are the Retailsphere brand profiles.

Crowdsourced information. The Retailsphere platform encourages local franchisors, franchisees, brokers, owners and others to update existing information on a regular basis. This “on-the-ground” system provides a higher degree of accuracy on the available data.

On-site researchers. Technology is great for information-gathering. There are also times during which picking up the phone is the best way to obtain current metrics. The job of Retailsphere’s highly trained researchers is to maintain regular contact with, and obtain the most up-to-date data from, franchisees and franchisors.

Curious to know when this franchisor or franchisee has been updated? Each information block inside of the Retailsphere platform is time and date stamped for the most recent content update.

Convenient Data

All of this available data won’t do you much good, if you can’t easily access or analyze it. Retailsphere’s user-friendly interface is easy to navigate, allowing you the ability to quickly browse, find and store the data you need.

And, once you’ve begun to contact potential tenants, such as the above-mentioned pretzel retailers, the Retailsphere data, as well as your actions, can seamlessly be plugged into a customer relationship management system, complete with a timeline and note-adding abilities. The information can be extrapolated into visual formats as well, providing quick overviews and analyses for reports.

Data and Decision-Making

In-depth data is essential when it comes to targeting the right tenant, one that will ultimately improve your retail property’s bottom line. Though finding and negotiating with franchise-format renters can present challenges, using Retailsphere’s system and methodology guarantees access to the specific information you need for smart decision-making. Additionally, relying on Retailsphere for granular information frees up your other resources, which can then be used to help boost other activities involving the successful operations of your retail assets.

Retailsphere has all the data you need -- and more -- to conduct in-depth research into franchisors and franchisees in all industries. Unlike other retailer databases, our team works tirelessly throughout the year to make sure information is accurate and up to date. Through 

Sign up today for your no-obligation demo to find out how Retailsphere can help you track down the right franchise tenants for your space.

The post Understanding Franchises: Why Retailsphere spends time making sure our profile data is right appeared first on Retailsphere.

Retailsphere's impact on Hyatt:

• Streamline communication with tenants
• Comprehensive Retailer Data
• Found specific vital retailer requirements

From the Boardroom to the Boatyard, Main Street to Market House, and the Corridor to the Shore, Hyatt Commercial connects businesses with locations, investors with investments, landlords with management solutions, and CRE professionals with the resources they need to provide the best in class services to their clients. 

They currently have nine agents who are actively working with 3rd party businesses and landlords. Justin Mullen, SVP at Hyatt Commerical said, “Retail tenants are unique in that their location in most cases is their business. They need to have the exact right setting to succeed to their highest capabilities. You can’t fit a square peg into a round hold so you need to know the specific requirements of a retailers business and you need to know how to cater your properties to those requirements.” And this is why Hyatt began talking to Retailsphere.

But as the world knows, the retail industry had been facing difficulties even before the Coronavirus Pandemic, and more so now. Even businesses with 55+ years of experience, like Hyatt Commercial, have felt the never-ending effects.

Hyatt Commercial had to send their employees home and put most activity on hold. Nothing could have prepared them for the impact COVID-19 could have had on their business. Luckily, Hyatt had also recently signed up with Retailsphere, giving them the ability to work in new ways and continue to grow their business. 

“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.

Retailsphere is helping real estate companies like Hyatt Commercial prioritize their time and efforts and change the way they attract and place new tenants around the country. Justin let the Retailsphere team know that “reducing the time required to connect with a decision maker and being prepared with basic information, thus reducing the friction of the discussion [was their] primary goal.” 

In doing so, Retailsphere showed the Hyatt team exactly how to leverage the platform to get the best results. They ended up seeing the success of the platform, especially in the Retailsphere research team. The decision to use Retailsphere was an easy one, and they “determined that if the research was as good as it appeared to be then we would have an opportunity to make money to justify the cost.”

As the world's largest retail database, Retailsphere's goal is to provide more comprehensive retailer data than any other platform in the Retail Industry. We give shopping center owners, landlords, commercial real estate brokers, and developers, the needed data to make strategic business decisions.

The Retailsphere team is here to help other companies like Hyatt Commercial adapt and excel in an ever changing market. We’re committed to helping you get the most out of our platform. Don’t just take our word for it, Hyatt is a real success story and has noted “the Retailsphere team was strong enough to gain our confidence here and we wanted to be at the forefront of this type of resource.”

We want to gain your confidence as well. Sign up today for a no-obligation demo and see how easy your tenant search process can be. Research, reach out, and track prospects through tenancy with Retailsphere.

The post How Retailsphere helps Hyatt Commercial Get Ahead appeared first on Retailsphere.

A force majeure clause is a provision that excuses one or both parties from its obligations under a contract when circumstances arise outside of the control of the party, and make fulfilling the terms of the contract impractical or impossible. Given the longevity of the Covid-19 pandemic, many are asking if it could be viewed as a force majeure event within a tenant's lease agreement. In short, it depends on the language within an individual contract between a landlord and the tenant. Force majeure clauses aren't often left to interpretation, to ensure a tenant can only call on that clause if certain requirements are met. The three criteria that must be met to invoke force majeure are:

1. The event must be outside of the reasonable control of the party;
2. the ability of the affected party to meet the demands of their contract must have been prevented, impeded, or hindered by the event;
3. and the party must have taken all reasonable steps to avoid or mitigate the event or its consequences. 

Most would consider the Covid-19 pandemic outside of any party's reasonable control. Some contracts will specifically list pandemics, epidemics, or diseases‚Äù as outside of a party's control, which makes claiming Covid-19 as a force majeure event a clear option.  

If a contract does not explicitly list these items, then it must be decided if Covid-19 falls under an act of God, action by government, or some other generalized provision in the contract. Depending on where the contract is held, again, the Covid-19 pandemic would most likely fall into one of the above provisions. But just because it meets the event requirement, does not mean it meets all of the necessary criteria listed above.

The effect the pandemic has had on the party to meet contractual obligations may be more difficult to prove. An impact on the profitability of a company due to Covid-19 is most likely not enough to enact a force majeure event. This would be similar to an economic downturn or adverse business conditions, which again are typically not enough to enact a force majeure clause. The pandemic must have created circumstances that make it impossible to perform the actions of the company. 

Finally, the party must have taken reasonable steps to avoid the event or consequences of the event. This is very specific to the actions of the businesses involved in the contract, and thus would be analyzed on a case by case basis. This could mean operating as a to-go or delivery restaurant instead of dine-in, or utilizing alternative suppliers if one is unable to get the needed goods from typical sources.

Because of the reach of the Covid-19 pandemic, it could mean less options for mitigating the impact of the event, but a party will need to show efforts to overcome obstacles. If it seems clear they have exhausted all efforts, the force majeure event could be claimed. 

The result of claiming a successful force majeure event usually results in a few different actions that include: extension of the timeline to perform the obligations in the contract, a suspension on obligations for the duration of the event, or if an event lasts beyond a certain period of time, the contract may be terminated in extreme cases.

Because the ability to claim a force majeure event is dependent on a contract's specific language, each case must be analyzed individually. If you are a party receiving a force majeure notice, it is important to consider if it falls within the protections given in your force majeure clause. If you are a party issuing a force majeure notice, make sure you have documented your actions and provide thorough records with your notice. Additionally, making a force majeure notice should be done diligently. If it is not accurate, it could be considered a breach of contract.

As the Coronavirus pandemic continues to stretch on, and many states are enacting new restrictions as cases are again on the rise, many tenants could feel a second wave of decreased revenue. If you are a party considering issuing a force majeure notice, or a party receiving one, it is always good practice to consider each notice on a case-by-case basis depending on the contract and the specific tenant; and to involve the proper legal council. 

This does not constitute legal advice. We recommend that you consult with legal counsel regarding any force majeure notice.

The post Is Covid-19 a force majeure event for leases? appeared first on Retailsphere.

And while things have certainly changed over the years, Marguerite Ogilvie, Property and Market Research Analyst, from Pavilion Development told Retailsphere 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.”

“Retailsphere has made our tenant search so much easier. Finding retailer information like size of space, expansion plans, and contact information through Retailsphere is streamlining our brand research process.”

• Finding contact information, retailer size and expansion never easier
• Research process streamlined
• Freed up time to focus on opportunities
• Tenant search so much easier

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. 

The post Retailsphere helps Pavilion Development streamline process appeared first on Retailsphere.

The year 2020 has continued to disappoint with numerous bankruptcies and permanent store closures. Estimates show close to 130 million square feet of empty retail space plague our nation’s shopping centers. The reopening of retail locations are beginning to increase though incrementally and malls are beginning to find ways to keep their head above water.

To advert the crisis of increased vacancies, the type of tenant needs to evolve and shopping center owners and managers need to find them. 

Below is an offering of various concepts to combat the empty retail space crisis.

Residential conversion

This may be tricky, depending on zoning, but most growing cities have a large demand for housing. Converting a large anchor space into a small apartment development might be the right fit for a vacancy that isn’t suited well for retail. Another similar concept: Senior housing. Many senior housing establishments are relatively small compared to large apartment buildings. And plus side for the seniors? They will be within walking distance to shopping (one less ride on the senior center bus). 

Health/Medical office

Healthcare has been a huge emphasis this year. Medical offices might be considering an expansion or relocation. Hospitals and other health care service locations have expanded their services to include COVID testing. For these health care centers, it can be a challenge to keep at risk or well patients separate from potentially positive COVID patients getting tested. The logistics of separating patients could be simpler if the health care center had a specific location for COVID testing, like an empty retail space. Already eight months into this pandemic with the growing sense that we are still in the middle of it, seems fair to suggest a COVID testing site could reasonably have a 1-2 year lease, at least. Once a vaccine is developed, the testing site can be converted to a COVID vaccine site, extending the lease further. 

Grocery/Essential Retailer

The obvious choice for a large anchor store conversion would be a grocery or other essential retailer. Several grocery stores have done very well, such as Trader Joe’s, Costco, and Target. Other essential retailers such as Home Depot, Lowe’s, and Tractor Supply Co. have also exceeded expectations and continue to expand to new locations. 

Essential Service Businesses

Not all brick and mortar retail is suffering. Essential service businesses have weathered the pandemic because they don’t compete with online shopping. A few examples would be tailors, locksmiths, IT services, banking, building materials supplier, animal shelters, and laundromats. 

Large Retailer

Large retailers, i.e. Best Buy, REI, and Ikea have excelled due to online purchases for sought after products during quarantine, such as electorics, outdoor gear, and furniture. 

Distribution Center

Online retailers are realizing the necessity of warehouse space and logistic centers as they expand. Amazon has reportedly been picking up empty spaces to use as Amazon Fulfillment Centers. Call it ironic fate that Amazon and other online retailers who put a considerable amount of brick and mortar retailers out of business eventually swooped in to fill their own physical location. 

School

In an unprecedented year with shocks to the educational system, more and more parents are seeking top-bar education for their kids. A charter or private school might just be the perfect conversion concept for chronic empty anchor space. Keep in mind important factors, such as enough parking for faculty, parents, and students in addition to a proper, safe space for the drop off and pick up carpool lanes. For smaller vacant spaces, consider a daycare or preschool facility. 

Experience 

For several years there has been a vastly growing ideology based on minimalism, focusing on buying more experiences than stuff. Parents cling to the notion of having less toys to clean up and children remember those peak moments from an adventurous experience. An example of an experience spot would be a children's museum where everything to see is interactive and geared towards budding creativity and learning. Other experience spots include arcades and trampoline parks. 

Pop up Shops 

Seasonal and holiday pop up shops are already a norm for most shopping centers. A different take is a pop up shop for retailers to try out a space for a very short lease time (about 90 days). The retail owner, perhaps one that has not had a physical location before, can sample the experience of a physical store, as well as seeing if the location fits their needs. On the other side, the shopping center owner can get a glimpse to see if this retailer will be the right fit. Another win, it fills an empty vacancy and shoppers get to try out something new. If the pop up show goes well, there is always the option to extend the lease. 

Coworking Space

In addition to retail closing up in spring, office buildings fell dark and like retail, some have not recovered. The new norm for many professionals has been the work from home environment. However, many suffer from the distractions and lack of social interactions. The trend for coworking spaces is growing. Offering flexibility to cater to freelancers, budding entrepreneurs, and even enterprises, coworking spaces have the flexibility to allow professionals to work in a designated work space without lengthy office rental contracts or extra costs for amenities. 

Fear not, there are plentiful ways your empty retail space can be transformed into a thriving location. The next step is to find the right tenant for your vacancy, which can be a burdening chore. Make it easier by seeing how Retailsphere can guide you through your search for the exceptional tenant. Set up a time to meet with a Retailsphere professional today to keep the empty retail crisis away from your space. 

The post The Retail Void: Creative Ways to Fill Empty Spaces appeared first on Retailsphere.