Excerpt from roundtable during Tango’s virtual retail summit The Next Normal for Retail Location Strategy on May 19, 2020.
Store Lifecycle in a COVID-19 World
Shannon Koenigsdorf – Region Lead, Client Service Delivery, PSC, Cushman & Wakefield:
“Let’s talk a little bit about the store life cycle. Obviously, a strategy is one thing we want to decide, we need fewer stores, they need to be in different positions, we need to do new deals and we need to renegotiate. That’s what you want to do and then you got to actually go do it. You have to execute, you have to do the transactions, you have to retrofit if the building is closed buildings and pay the rent facilities. Is there a lifecycle view of this that you could bring to bear here?
“Yeah, I think that what we’re seeing right now with core teams is a shift to focus on the core business and a call to focus on the survival and, quite frankly, for some, thriving of the core business during this time that will remain. What we offer clients at the PSC are 1,000 associates who are cross-trained in each of those core services or that you recommended. We offer those tenants the ability to supplement their teams with experienced deep talent that can quickly scale up and scale down to address all the things that we’ve been talking about today. So, with 250 transaction managers who’ve been able to step in and supplement teams for major, major retailers to enable them to reach thousands of landlords in the matter of a couple of weeks.
“As we continue to look at back to work, our ability to come into thousands of stores, again, in the matter of a couple of weeks to install your sneeze guards, for lack of a more sophisticated term, all of the store signage in a uniform programmatic way that’s allowing retailers to, again, focus on that core business of training the associates, on focusing on the customer is what we specialize in. So, I think that the impact of COVID will live on past the transactions certainly even the project management that we’ve been talking about today in making sure that your teams through the lease administrators and the facility managers are trained in abreast of new cleaning protocols and how to dialogue with landlords for your lease administrators and how to work within a changing lease when we are re-trading terms and making sure that our databases are sound. All of those things are going to be really, really important and need to be very tight as we move forward through this environment and even past it.”
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