This Platform Lets Retailers And Landlords ‘Swipe Right’ On CRE Soulmates
Los Angeles Real Estate News
October 12, 2017
Smartphones and apps revolutionized online dating. Users can fill out short profiles and quickly swipe through potential matches. Finding a mutual connection has become fast, efficient and fun.
Australia-based StoreMatch plans to do the same for the retail industry, giving retailers and landlords a leg up in a fast-paced, evolving market.
Founded in late 2016, StoreMatch provides quick access to the retail leasing marketplace, creating direct and efficient connections. Landlords fill out profiles specifying what they are looking for in a lease, while retailers list their size and location requirements. After receiving a match, parties can contact each other directly to begin the leasing process.
The system is confidential for all parties and free for retailers to use to find the best vacancies.
Expediting the search process gives landlords and retailers an edge in finding the right tenant and saving money. The traditional method of generating leads, combing through listings and traveling to sites can take over 26 weeks, StoreMatch co-founder Mike Whitfort said. The platform’s algorithm matches specific retailers’ needs with landlord vacancies and delivers real-time results in a simple contact format.
Rather than spend 50% of their time sourcing leads, real estate agents and retailers can focus on closing deals, Whitfort said.
StoreMatch has produced over 12,000 matches in Australia. After launching in the U.S. in September, it has signed over 700 major brands and many of the nation’s top landlords, and has already led to 3,000 matches in the U.S.
The platform could help fill vacancies caused by shifting retail trends. The rise of the experiential economy has retailers rethinking physical storefronts, and landlords have begun to pay more attention to the tenant mix in their properties. Failure to find the right tenant for a shopping center’s target demographic could lead to financial setbacks and an inability to grow a business.
A lengthy search process keeps these centers empty, costing landlords money and wasting opportunities for retailers.
There are 474M SF of multi-tenant shopping centers and single-tenant properties in the Greater Los Angeles area, with an additional 1.8M SF of retail under construction in Los Angeles County, according to a report from Colliers. Using StoreMatch, both parties can focus on the best options available.
Whether the user is a trendy local retailer or an established international retailer looking to expand into a new market, StoreMatch aggregates growth strategies and increases the ability to close vacancies faster and easier.
Contact StoreMatch and speak to a client manager or learn more here.