It’s hard to talk about DTC brands without also talking about innovation. And it’s hard to talk about innovation without talking about AI. And while there’s been a lot of chatter on AI for marketers, there hasn’t been a ton (that’s accessible) in the world of “clicks to bricks.” There are some really cool companies using AI but they cost tens of thousands of dollars per year; for cash-strapped DTC brands, that’s a big cost to budget for a channel that doesn’t exist yet (in many cases), or that doesn’t make up a ton of revenue (although the counterpoint would be that tens of thousands of dollars is a small insurance policy to ensure your investment is a good one). I’ve been messing around with ChatGPT and various other AI tools a TON lately and, with the release of its latest Vision capabilities, I couldn’t help but want to share everything I’ve done with it, and the recommendations it also gives about what more you can do with it in the worlds of real estate and store development. Here are a few examples I've actually done very successfully: 📄 Drafting LOI templates ✍️ Coming up with, and interpreting, complex legal language in a lease 🔍 Critiquing store layouts 📖 Researching a new industry and competitors How are you using AI? If you're not, then consider reading more at this week's Clicks to Bricks newsletter (which even has a clever AI-generated title: "Aisle Be Back: Using AI in Retail Real Estate"). Link in comments below 👇 1REC #retail #tri #stores #clickstobricks #dtc #d2c #omnichannel #realestate #ai #chatgpt
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I consulted for a brokerage firm last year and gained a lot of sympathy for the challenges that brokers face when building their deal pipelines and client book. I also realized their goals are not that different from the core of what retailers work through every day: chasing new leads (top of funnel), and converting those leads (bottom funnel). And if they’re lucky / have earned the right, they have another challenge: driving repeat business (retention). And, like retailers, there tends to be a priority among those three at any given time. When digital customer acquisition costs were low, the priority was usually on new customer acquisition growth. But more recently for many, it's been on retention as those CACs haven't yet returned to pre-COVID lows. So brokers: with store closures eclipsing store openings this year (CRE Daily) and retail vacancies at 20 year lows (Globest / Cushman)...where are you focused? How has the macro environment influenced where you're spending most of your time? #cre #leasing #brokerage #retail #stores #ecommerce #dtc #tri
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How many LOIs does it take for you to get to lease? Even if you’re on the retailer side, it’s super interesting to look at your deal pipeline and funnel as if you were on a sales operations team: How many LOIs did you have to put out before successfully getting to lease? How long do each of those stages take on average? How do those changes in durations reflect your strategy? I generally apply a 3:1 ratio for store expansion: for every 1 store you want to open, you need to chase 3 deals. Inevitably, you will lose deals due competing bidders, negotiations don’t go your way, or the landlord changes their development plans. In some cases, that ratio may sit higher because the team or broker encourages throwing out LOIs just to get their foot in the door, to gather information, or to “build a bench” of backups. In other cases, that ratio is lower because qualified availability is low, teams are being more opportunistic, or they simply don’t have the time to manage bigger deal pipelines. What’s your ratio? #cre #realestate #retail #stores #brokerage #ecommerce #dtc #malls #leasing
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New York friends: if you're in town this weekend and looking for an excuse to do a fall wardrobe refresh, this is it! Delivering Good is partnering with Ralph Lauren to donate 10% of sales at select locations to connect individuals and families in need with new products. See you there!
Join us at Ralph Lauren this weekend for a shopping event in support of Delivering Good. We are proud to continue our longstanding relationship with Ralph Lauren. We invite you to further Delivering Good’s mission. From Friday, September 20 – Sunday, September 22, 2024, ten percent* of all purchases made at select Ralph Lauren stores will be donated to help Delivering Good connect individuals and families in need with new products that open doors to hope, dignity, and opportunity. Join the cycle of change for a more equitable tomorrow. To learn more about Delivering Good, visit delivering-good.org.
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A bit late to celebrating this awesome group of individuals, but congrats to all who made The Lead's Direct 60 List this year! If you're looking for great examples of professionals and brands crushing it, check out the list and get involved below!
Congratulations to The Direct 60 List Honorees of 2024! https://lnkd.in/gyJxNYFa The Direct 60 List honors the digitally-minded executives redefining go-to-market strategies for the world’s most iconic brands. These are the executives defining the go-to-market approach for iconic brands we know, and look up to. Meet the honorees in person at The Direct 60 Forum on October 10th in New York City! In its fourth year, The Direct 60 Forum is elevated, celebratory, amusing, entertaining, advancing, and growing. From elegant wine tasting to enjoyable cocktails and powerful acceptance speeches to a well-curated room – few evenings can match this. Get involved: https://lnkd.in/gNXz8vUQ #Direct60 #TheLead #Brands Mimi Ruiz, Miryha Fantegrossi, Mike Brown, Naveen Seshadri, PJ Oleksak, Preeti Singh, Prasad Tendulkar, Rachel Terrace, Renee Lopes Halvorsen, Ron Ijack, Sarah Angelmar, Scott Lux, Shane Grenley, Slisha Kankariya, Steph So, Suparana Shokeen, Tamara Pircz, Tracy Shub Knauer, Victoria Katsarou, Victoria Santoriello
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Without overthinking it, which rent range do you think is the best representation of likely landing rents for retail real estate in SoHo in NYC? #questionforthegroup #cre #leasing #retail #stores #ecommerce #nyc #soho #dtc #tri
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Looking for the best facilities and maintenance platforms out there for retailers with < 50 locations...any recommendations? I've used RSM Facility Solutions and Worksmith in the past, but haven't searched in a while and am curious what else is out there! Comments / DMs appreciated. 🙏🏻 #retail #tri #stores
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I’ve rarely seen an asking rent that didn’t have room to come down. And that decrease from asking to landing has been surprisingly more consistent than I’d have thought. Which makes me wonder: is that just the result of the companies I’ve worked for in terms of their “bargaining power”? Or is there just a safe rule of thumb that landlord reps use when pricing the type of real estate my employers and clients have tended to be interested in (top MSAs, affluent customer bases)? Or has human behavior gotten so consistent that we all just got comfortable with slapping an X% on top of a Landlords mandated minimum and everyone kinda knows it? If you had to put a number to it, what would you say has been the average drop, if any, from asking to landing rents? #questionforthegroup #realestate #cre #commercialrealestae #ecommerce #leasing #tri #retail #stores
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Random question: which listings platform do we like the most for retail leasing? Why? #cre #leasing #stores #realestate #malls #brokerage #retail
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Founder of 1REC | Development & Strategy Executive @ Elase (Formerly Birch)
12mohttps://www.clickstobricksplaybook.com/p/aisle-be-back-using-ai-in-retail