10D — July 23 - August 19, 2021 — Brokerage Directory — M id A tlantic Real Estate Journal
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Annual mid-year poll reflects strong YTD performance, challenging labor market Levin retail survey: Brick-and-mortar store managers say things are looking up
N O R T H P L A I N - FIELD, NJ — Brick- and -mo r t a r s t o r e
survey’s trailing average*. “What a difference a year makes,” said LMC’s Matthew Harding , chief executive of- ficer. “Clearly, business is mov - ing closer to normal, and ten- ants feel this trajectory will continue. Our survey’s street- level sentiment findings are supported by industry groups like the National Retail Federa- tion, which last month adjusted its 2021 forecast to reflect sig - nificantly better-than-expected sales growth. Further, another key study shows brick-and- mortar will continue to capture a healthy share of consumer spending.” Within this context, tenants are shoring up their staffing, with just over 70% of LMC respondents currently hiring. Nearly 80% of that group in- dicates it has become harder to find qualified job candidates in the current environment – a statistic supporting ongo- ing, industrywide discussion of retail labor shortages and jobs openings. “This inability to hire could curb progress to a degree,” Harding said. “The industry will be watching this closely – particularly moving into the fall and toward the crit- ical holiday shopping season.” A NOTE ON TECHNOLOGY LMC’s mid-year survey tra- ditionally explores technology trends, and while the 2021 poll
expanded its focus to empha- size performance and recovery, it did take a look at the tech tools retailers are leveraging to reach, serve and engage consumers. Notable takeaways include: •More than 70% of LMC sur - vey respondents offer an online option for purchasing goods, scheduling appointments for services or placing orders for pick-up. This data point has grown steadily since LMC be- gan tracking it in 2017, when less than half of respondents offered this convenience. • Among LMC tenants that leverage technology for in-store customer service, the four most popular tools include digital coupons, discounts and/or loy- alty points (used by 63.2%); in- store, online ordering with free shipping for out-of-stock items (used by 48.1%); free Wi-Fi (used by 47.2%) and e-receipts (used by 42.5%). • The three most popular tech-centered marketing tools for tenants that leverage tech- nology for marketing include email (used by 79.4%), social media/social marketing (used by 70.0%) and text messaging (used by 52.8%). • 57.8% of LMC survey par - ticipants indicated their com- pany is actively employing technology to analyze customer and/or sales data for the pur-
pose of merchandising, creat- ing services and menu options, planning in-store events, or creating individualized special offers. “We have tracked consis- tent growth over time in how our tenants are incorporat- ing technology to service and reach customers,” said Melissa Sievwright , LMC vice presi- dent of marketing. “The tools ranked most popular have held steady, but with wider adoption over the past several years. Some – such as e-receipts and text messaging – have gained notable traction, which likely correlates to retailers amass- ing more contact information. From a business standpoint, it’s all about data, and our ten- ants are clearly using it to their advantage.” LOOKING AHEAD: IT WILL NEVER BE THE SAME Savvy brick-and-mortar ten- ants have known for years convenience is a top priority for consumers, Harding noted, adding the pandemic brought this into laser focus. Flexibility became paramount last year, and retailers adapted in kind. Approximately 85% of LMC mid-year survey respondents implemented changes ranging from added fulfillment options and designated areas for click- and-collect pickups, to shopping appointment times, open-air
setups and more. Today, nearly 58% of those respondents say they plan to maintain some of these changes as permanent operational best practices. “The pandemic has changed us,” Harding said. “As consumers and as business- people, we found new ways of doing things – and some of them work well. Agile retail- ers will continue to embrace change with their customers’ wants and needs in mind.” LMC’s next Retail Sentiment surveys will be conducted in October/November, gauging expectations and plans for the holiday season, and in Janu- ary, exploring outlooks for the coming year. For nearly seven decades, the company has served as a trusted single- source commercial real estate services provider for institu- tional and private owners. LMC today maintains a diversified, retail-focused portfolio in the Northeast and Mid-Atlantic states. The firm’s capabilities continue to evolve with new technologies, efficiencies and sustainability-focused initia- tives to serve a new generation of properties, investors and tenants. *LMC’s Mid-Year Retail Sentiment Survey was not conducted in 2020; trailing average is calculated from the 2012-2019. MAREJ uct distribution,” observes Marcy Gross , president of Sheldon Gross Realty. “There’s quick, direct access both to the Garden State Parkway and New Jersey Turnpike, plus every other key roadway in Monmouth County. Newark Liberty Airport is only a 40-minute drive, New York City is about 45 minutes away, and it’s less than 90 minutes to Philadelphia.” The Shrewsbury Avenue location features 16-foot ceil- ings and drive-in access. About Sheldon Gross Realty Based in New Jersey and also licensed in New York State, Sheldon Gross Realty, Inc. offers clients a broad array of specialized services, including office, industrial and retail brokerage; tenant repre- sentation; property and asset management; office reloca- tion; and consulting. MAREJ
m a n a g e r s say t h i ng s are looking up and re - port positive expectations for the sec- ond hal f of 2021, accord- ing to Levin
MatthewHarding
Management Corporation (LMC) . The North Plainfield commercial real estate services firm this month wrapped up polling for its annual Mid- Year Retail Sentiment Survey, exploring year-to-date perfor- mance and outlook, hiring, technology usage and more among tenants in its 120-prop- erty, 16 million s/f leasing and management portfolio. Nearly 65% of survey par- ticipants are optimistic their sales will improve further this year – the highest per- centage in the LMC mid-year survey’s decade-long history – and more than half of those respondents believe their sales will grow to meet or exceed pre-pandemic levels in 2021. Another 19% anticipate sales will remain steady during the coming months. Significantly, the combined “improve/remain steady” response percentage is more than 10 points above the
Marcus & Millichap arranges the sale of 49,250 s/f self-storage facility
SheldonGross Realty brokers 5,200 s/f industrial deal
TINTON FALLS, NJ — A 5,200 s/f, Tinton Falls location has been leased t o Ranger Industries, by Ti nt on Falls Busi- ness Park. The trans- action, for a single-story space at 968 Shrewsbury Ave., was managed by Shel- don Gross Realty. Ranger Industries pro- duces art supplies for jewelry artists, card makers, and home decor crafters. In ad- dition to its various product lines, provides education both to crafters and retail store owners, with emphasis on techniques and project ideas. “Geographically speak- ing, Tinton Falls is an ideal location for wholesale prod- Marcy Gross
MIDDLETOWN, PA — Marcus &Millichap announced the sale of Londonderry Stor- age, a 49,250 s/f self-storage facility located in Middletown, according to Grant Fitzger- ald , regional manager of the firm’s Columbus office. Nathan Coe, Brett R. Hatcher and Gabriel Coe , in- vestment specialists in Marcus & Millichap’s Columbus office, had the listing to market the property on behalf of the seller, a limited liability company. Sean Beuche , Pennsylvania broker of record and regional manager assisted in closing this transaction. Nathan Coe, the lead broker on the transaction, said, “I am very excited to announce the sale of Londonderry Self Stor- age in the Harrisburg, Pennsyl- vania market. It was a tremen- dous process all around. We had several offers at and above
Londonderry Storage
list price and this traded above list price, which is a testament to this property and to how strong the current self-storage investment market is. I am thrilled for the seller and his family. The buyers were great to work with as well and they are adding this asset to a fast- growing self-storage portfolio.”
Londonderry Storage has two locations 0.3 miles apart in Middletown, Pennsylvania. The two facilities combined feature 371 non-climate-con- trolled units, totaling 49,250 net rentable s/f. The facility was originally built in 1999 and expanded on an adjacent parcel in 2003. MAREJ
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