RetailMLS Releases Retail Real Estate Infographic: Reveals Enormity of the ‘Retail’ Sector and Issues It Faces
RetailMLS Releases Retail Real Estate Infographic & Survey Results: Showcases Enormity of the ‘Retail’ Sector and Industry’s Desire for a Retail Specific Listing Service
-View Infographic: http://bit.ly/retailmls_infographic -
NEW YORK, August 6, 2013 – RetailMLS.com, the first multiple listing service dedicated exclusively to the retail real estate market, has published an infographic aggregating valuable industry data and recent survey results. The information comes from a variety of sources including the National Retail Federation, the National Association of Realtors, CoStar Group, Inc. and a proprietary RetailMLS survey responded to by more than 100 retail real estate professionals nationwide.
The infographic reveals just how large the retail sector is compared to the overall commercial real estate market. It also discloses the estimated total number of vacant stores in the U.S., and the amount of money spent each year by shopping center owners, landlords and retail brokers on marketing efforts in order to fill these vacancies.
The infographic data shows that there are 17.3 billion square feet of retail property in the U.S., roughly 20% of the entire commercial real estate market. It highlights the market cap of all retail properties as having an aggregate value of $2.9 trillion – 26% of the commercial real estate market. According to the infographic, there are upwards of 3.6 million total retail stores in the U.S., with an average vacancy rate estimated at 10.7%. That leaves more than 1.8 billion square feet or 377,233 vacant retail stores at any given time. It is estimated that landlords lose approximately $20 billion of annual rental income as a result of these vacancies. In order to recapture lost revenues, it is estimated that retail real estate professionals spend approximately $8 billion per year on marketing and advertising their listings.
The question then becomes, where is this money going? 82% of the professionals RetailMLS surveyed reported that the primary method used to advertise retail properties is through online channels. The problem they face is that over 40% of respondents claim to be frustrated and dissatisfied using the existing “commercial” listing services or other online resources for marketing and advertising retail space. Furthermore, 80% of those surveyed stated that they would like to see an exclusively retail-focused online listing platform. Unlike with residential real estate, commercial or retail real estate in particular, does not have a universally accepted industry-wide multiple listing service (MLS).
While there are many new startups concentrated on providing online solutions to the historically offline real estate industry, the vast majority are geared towards the residential and office sectors. AngelList, a company that tracks over 40,000 startups by allowing them to create profiles in order to connect with potential investors, lists 875 companies underneath the “Real Estate” category. Digging deeper, only 190 of those companies represent themselves as having a “Commercial Real Estate” focus, and only 10 of those list themselves as “Retail” focused.
RetailMLS is one of very few companies aimed strictly at solving the needs of retail real estate professionals and the retail real estate market. According to its website, RetailMLS’s mission is to become the “#1 Marketplace for Retail Space”. Further it explains: “Our goal is simple -- to provide all retail real estate professionals, including landlords, brokers and tenants, immediate access to the information they need to find or advertise space, negotiate and close deals faster.”
RetailMLS was launched in May 2012 by Benjamin Zises, a New York based real estate and technology entrepreneur. Mr. Zises came up with the idea while working for a retail brokerage firm in 2009. There, Mr. Zises represented both landlords and tenants in their search for space and marketing efforts. He quickly realized the difficulties involved in maintaining accurate listing data and tracking what spaces were available. Like many others in the industry before him, he could not believe there was no website that focused solely on providing retail real estate information at its core and not as a second thought, as is the case with most other “commercial” listing websites.
According to Mr. Zises, since its launch, RetailMLS has experienced widespread adoption and excitement from within the industry. The site currently offers more than 17,500 listings located throughout the U.S. and Mr. Zises claims that the number of listings along with web traffic, have steadily increased each month. When asked what the company is focusing on now, Mr. Zises said, “RetailMLS is focused on capturing the full set of vacant retail properties in the U.S. in order to provide comprehensive market coverage to the industry. The company is also concentrating on developing user-friendly tools so professionals can efficiently access and make use of the large amounts of data in our system. We’ve recently added features including the ability to create and print custom flyers and tour books, track listings, save searches and take private listing notes. Users can also access relevant demographics data for each listing.”
In an effort to attract as many users as possible, RetailMLS is offered as a Freemium service. Verified landlords and brokers can post listings for free, or purchase a Featured Listing for a small fee. Any user can also search unlimited listings for free or sign up for “RetailPRO,” a monthly subscription for enhanced searching tools.
To view the RetailMLS infographic click this link: http://bit.ly/retailmls_infographic.
To learn more about RetailMLS or register for a free account, click this link: https://retailmls.com/register.
RetailMLS (www.RetailMLS.com) is the first multiple listing service (MLS) dedicated exclusively to the retail real estate market. Our goals are to (i) become the most comprehensive and user-friendly marketplace for retail real estate listings nationwide and (ii) establish ourselves as the industry standard, homepage and system of record for retail real estate professionals. We streamline the process of marketing and searching for retail space by aggregating listings into an easy-to-use, standardized and low cost platform. RetailMLS provides all retail professionals, including landlords, brokers and tenants, immediate access to the information needed to get to negotiations and close deals faster! To learn more watch our video here: www.youtube.com/retailmls.