Following is a great article regarding the effect of the economic climate on the face of retail. Jim Young of RealComm (the author) addresses several areas which are critical for those of us facing a changed retail market. To quote Mr. Young, “Real estate technology has always been about efficiency, effectiveness, productivity, transparency, tenant satisfaction, and overall asset value based on a good performing building or portfolio.”
He goes on later in the article to say, “The reality is that smart companies have already begun to prepare for the recovery and are using the downturn to strengthen their market position. In the end, those companies who are who well-organized, well-managed, “automated” and innovative will be best positioned for success. Integration of technology into real estate management and operations is a valuable goal in both good and bad economic times – but now, more than ever, technology is critical for streamlining operations, reducing expenses, and thriving when the storm is over.”
Retail strategies are relatively new for communities. And now, to compound this already confusing transition, the landscape of retail is in great flux with challenges of a nature that communities have never seen. What is certain is that the market will recover and communities, like the retailers noted by Mr. Young, who are proactive, aggressive, and knowledgeable will be best positioned for sustained growth during that recovery. Buxton’s client cities have had unparalleled success in marketing themselves in this highly competitive world and will continue to have a competitive advantage over those communities that are reactive to market demands – regardless of economic climate.