Have you ever enthusiastically told friends about some awesome new local business only to find out it’s a chain? All of a sudden, you get the ick finding out that your authentically great experience was crafted in a conference room.
Generally speaking, when we call something “corporate,” like “ugh, the hotel looked so corporate,” or “Chad’s haircut is so corporate,” what we really mean is uninteresting or basic and soulless. Definitely not cool. Actual corporate retailers know this – that’s why they’re constantly trying to mimic the heart and personality of indie retailers. Historical photos of your city on the walls of Chicken Salad Chick? Giant photos of local fitness professiona...
✨ 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 final point #4:
We prepare our clients to be fully participative in negotiating their deals.
Last year, I gave birth to a beautiful baby girl. I promise not to take you through a graphic extended metaphor about my labor and delivery – new readers may think this is because it's unprofessional and kinda gross, but longer-time readers will know that we already wrote a newsletter about the ways in which the process of renting a space is like having a baby. (Missed it? Send us a
...✨ 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 #3:
We will not start touring spaces with Pedal Retailers until they can actually transact.
Fact: Touring potential spaces is the most fun part of the entire leasing process. Hands down. No question. 100%.
I know that may come as a surprise to some of you thinking, “oh no, Sheila, certainly it’s when you sign an LOI!” Nope. You’ve lost that loving feeling by then.
“What about when you actually sign the lease? That’s got to feel good." Yes, it does, but mostly
...✨ 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
...✨ 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 #1:
Our business model is not reliant on lease commissions or equity in our clients’ businesses.
Have you ever spent 23 minutes trying to get the attention of a bartender on a busy Saturday night at a nightclub? Have you stood on your tip toes and tried waving cash? Have you wondered if maybe they don’t see you because you’re only five feet tall, or because you’ve never been able to dress cool like you’re at a club in your 20s even when you’re clearly at a club in your 20s
...We’re going to try something different. Most weeks, we write about retailing, real estate concepts, processes, clients and cardinal rules…and I don’t think we’ve ever really made Pedal the center of the story.
Today and for the next few weeks, we’re taking center stage. Which, you may not be surprised to hear, is a perfectly happy place for us seeing as Abby honed her stage skills over many summers at theater camp, and Sheila won the top prize for her persuasive senior speech in 1999. Netflix! Call us!
Anyhow, here’s why we’re going to talk about us.
Pedal is the only commercial real estate brokerage that focuses on independent and start-up retailers. Seriously, Google it, ...
Last week I met a boutique owner, and when I told her I worked with retail real estate her face fell. She told me about her terrible landlord who is kicking her business out with basically no notice, and she’s stressed and time-crunched to find a new space.
Abby and I have conversations like this one all the time – it’s part of why we started Pedal in the first place. But when we hear that someone had “basically no notice” that their lease was ending, our antennae go up…because that’s not supposed to happen in a lease.
When I looked at this boutique owner’s lease, as I had suspected, it wasn’t a lease at all.
It was actually the lease’s second cousin, the license agreement. Oh, ...
When things aren’t coming together on a deal, we revisit the “BLTS” with Pedal Retailers to figure out where we can flex. As a reminder, the “BLTS” are the four fundamental pillars of your real estate criteria - budget, location, timing and space criteria. Most of the time, we flex on location and start to look at a different or broader mix of neighborhoods. Sometimes, we flex on the budget or space criteria, but it’s rare that we flex on timing.
When it comes to flexing on timing, Emily, owner of District DabbleLab, could teach a master class.
First, here’s the background on District DabbleLab…
Bethesda native Emily started District DabbleLab in 2019 out of her basement as...
