Reflecting on the Agency Model w/ Special Guest Steve Greenfield, Retail Real Estate Revival

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Manage episode 343117424 series 2988189
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This Tuesday we are talking about the drop in vacancies in retail real estate. We also welcome long-time collaborator with ASOTU, Steve Greenfield, to discuss October’s Auto Intel Report.

  • Brick and mortar retailers are coming back from the pandemic with surprising strength as recent numbers reveal U.S. retail vacancy fell to 6.1% in the second quarter, the lowest level in at least 15 years, while asking rents for U.S. shopping centers in the quarter were 16% higher than five years ago, according to real-estate services firm Cushman & Wakefield.
    • More stores opened last year than closed for the first time since 1995 and analysts at Morgan Stanley expect the trend to continue even in the face of a looming recession
    • This is a result of a major pull back in new retail space construction due to the digital revolution, now the table is leveling
    • Brookfield Property Group, one of the biggest mall owners, said that spending at its 132 U.S. malls is 31% above pre-pandemic levels
    • The U.S. now has nearly 22 square feet of retail real estate per person, more than any other country and more than double the per-capita square footage of France and the U.K.—and nearly eight times China’s rate
  • The Agency model is a huge topic of conversation in Retail Auto and there are few approaching it with as much measured thoughtfulness as Automotive Ventures founder Steve Greenfiled. He shares his observations and encouragement to the Dealer body in the recent issue of his monthly Auto Intel Report you can get for free from his website www.automotiveventures.com
    • Larger groups noted as being positive about the shifts as they see themselves as the distribution model: “receptivity to the agency model increases, while the concern goes down. This is due to the fact that bigger groups are more likely to be the preferred channel of distribution (vs. smaller players), will have more say in strategic decisions, and have a greater influence and "voice at the table" to partner with OEMs.”

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Get the Daily Push Back email at https://www.asotu.com/

JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Read our most recent email at: https://www.asotu.com/media/push-back-email

Share your positive dealer stories: https://www.asotu.com/positivity

ASOTU Instagram: https://www.instagram.com/automotivestateoftheunion

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