There are still plenty of opportunities for success in retail—for retailers executing the right strategy. SRS Real Estate Partners, which is expanding its SRS Signature Brand footprint to Los Angeles and plans to focus on high-end street-front retail product—says that diversification and brand placement are the biggest trends for retailers today. The firm has hired Mike Rielly as SVP and managing principal to lead the new L.A. office, which will open next year.
“The biggest trends we see involve the need for diversification and incredibly precise brand placement. Retailers have shrunk their development templates and instead of 100, 300, or 700 units are looking for 20 to 100,” Rielly of SRS Signature Group tells GlobeSt.com. “Because of that and due to changing shopper traffic patterns, retailers must be extremely strategic and precise with their store choices and there are fewer of them. Because of this, specialization and laser focus on retail representation and incubation, and most importantly being able to move agnostically for our clientele, is a huge advantage.”
The firm’s new office in Los Angeles will develop successful strategies for foreign, domestic and online brands, and, as it says, “redefine” retail services and deal making. “The new Los Angeles office will offer SRS’ full suite of services expanding on its strong presence and market share in Southern California,” explains Rielly. “The office will not only house the Signature group leadership, it will further the growth of SRS’ local tenant rep and project leasing teams, and also expand the reach of the National Net Lease Group, and Investment Property Group.” In addition to Rielly, managing principals Patrick Luther, Matt Mousavi, Garrett Colburn, Terrison Quinn will also run the L.A. location.
The decision to open an office in Los Angeles was part of the firm’s organic growth, and the need for more targeted retail strategy and experienced retail representation. “In terms of why now for Signature’s creation, I feel that as retail evolves and becomes more and more complex to navigate, the need for strategic and better representation is paramount,” says Rielly. “Signature is the ultimate solution and so the timing couldn’t be better.”
The firm plans to recruit talent for the new office, but didn’t disclose any specific goals for the new team, other than to maintain the brand’s mission. “Signature and the L.A. office will work hand in hand with SRS nationally to create a powerful and symbiotic relationship that benefits all of their clients and pushes the envelope of what retail and commercial representation means in the 21st century,” explains Rielly. “This goal is nothing short of being the ultimate national solution for any aspirational or high-end brand looking to grow and establish long-term success.”