✨ Welcome to a four part series we’re calling “What makes Pedal so unique and effective in the retail real estate industry.” Otherwise known as “Why we need our own TV show pronto.”  ✨

 

Today we’re discussing point #2: 

We know Pedal Retailers’ businesses inside and out.

When I started to draft this newsletter I went to Father Internet because I knew there was some quote about proximity and familiarity. Lo and behold, the first page of search results gave me just what I needed:


“Proximity bred familiarity, and familiarity bred comfort.” ― Nicholas Sparks, The Lucky One

 

Now first of all, I very much do not like Nicholas Sparks books. Call me un-American, but I find them saccharine and cheesy, so I really wasn’t inclined to select this quote to anchor the newsletter. On the other hand…I very much do like Zac Efron, so we’re going with it.

 

 

Okay, so obviously I have no idea what role this quote played in The Lucky One, since I was definitely not going to read or watch it, but since I graduated eighth-grade English, I can deduce the main point:

 

When our bodies and/or brains are close to something on a regular, sustained basis, we get to know that something very well, and we develop a sense of comfort around it. 

 

This is exactly what happens in our work with Pedal Retailers. 

 

First comes proximity. We are all up in their beeswax.

 

With only a handful of exceptions, all of our work – whether in Dream Space or brokerage or hourly consulting – requires us to develop a financial framework. What is that? It’s the structure that establishes the non-negotiables and allows us to evaluate the opportunities in all of our negotiations. Nothing inherently has meaning until we can understand it through the lens of a business’ reality. It takes anywhere from three hours to three months of working hand-in-hand with our clients to get it set up properly.

 

Then comes familiarity. We get to know each other. Really well. 

 

Unlike old school brokerage where meetings occur only on tours or when there are updates to share, we meet with Pedal Retailers biweekly via Zoom. From kickoff to lease execution – a period of time that lasts at least six months and usually closer to a year – we’re coming together face-to-face at least every two weeks. In Dream Space we’re meeting weekly for six weeks, and then again for six more one-hour sessions. And in hourly consulting, we’re meeting as frequently as we need to get the job done. 

 

You know what happens when you spend an hour with someone over and over and over again while you’re working together on something of extraordinary importance in their lives? You get to know one another, and you build trust.  

 

And from that comes comfort. 

 

Basically nothing in the retail business is comfortable unless you’re selling bedding or Hokas. And the number of times a day a small business owner thinks, “wow, I wish this could be a little more challenging, because everything feels so great and it’s all so easy” is basically zero. Or negative 47. 

 

That’s why establishing comfort is so important. For Pedal Retailers it means:

  1. They know we're representing them accurately and powerfully in negotiations because we know their businesses up, down, all around, and we know what makes their businesses (and them as operators) desirable.

  2. They don’t have to “take our word for it” that something is a “good deal.” Zoltar the financial framework knows all.

  3. They believe us when we’re delivering “real talk, always,” and they also believe us when we tell them that “where there’s a will, there’s a way.” And believe me, there’s a whole lotta both.


 

If you’re the head of real estate for Barnes and Noble, you don’t need your broker to know the inner workings of your business. That’s your job. You don’t need your broker to advocate for you to a landlord. That’s your brand’s job. And you don’t need your broker to hold space for you and pick you up when negotiations get tough. You don’t get feelings, because it’s just a job.

 

For Pedal Retailers, it’s a life, and they deserve real estate guidance to match.