The desire to interact and socialize will help drive business recovery, and we are seeing great out-of-the-box solutions derived from businesses partnering with landlords, communities and local governments, according to the panelists at the Colorado Real Estate Journal (CREJ) retail livestream conference on Wednesday. It is hoped that this continued partnership will create sustainable solutions and rebuild consumer confidence.
The retail development, investment and P3 strategies panel was moderated by Galloway’s Director of Land Development Carl Schmidtlein. The panelists provided interesting insight on the impact COVID-19 has had on businesses, and also shared their optimism for the future and a quick recovery.
“Cities have been awesome in responding and being flexible,” according to Daniel Ryley, executive director of Arvada Economic Development Association. “There is a flexible spirit of saying ‘if you are going to survive, where are we getting in your way from a policy standpoint?’ At the end of the day we can adapt to that policy – maybe it’s temporary or maybe some of these things turn out to be permanent.”
These partnerships extend to tenant/landlord relationships, where devising creative solutions for supporting tenants will hopefully help existing businesses survive. “It’s a lot cheaper to keep our tenants than to lose them,” said Mark Sidell, president of Gart Properties. “For us, keeping these tenants is the right thing.”
According to Tyler Carlson, managing principal at Evergreen Devco Inc., during the pandemic, working through leases with tenants has been an opportunity to really share everyone’s hopes, dreams and fears. “Being able to know our tenants on a more intimate basis has been really rewarding professionally. A lot of these people are entrepreneurs, …they put their whole lives into these stores and restaurants, and we have been able to tap into those lives and stories more. I think it has definitely brought us closer as landlord/tenant because we are fighting together.”
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