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Compass brokers attend global retail convention

Compass Commercial Real Estate Services brokers, Joel Thomas, Russell Huntamer, CCIM and Peter May, CCIM recently attended the International Council of Shopping Centers Real Estate Convention (ICSC RECon). This is the world’s largest real estate convention offering opportunities to hear about the retail industry worldwide and build connections with retailers, investors and other brokers.

One reason the brokers attend is well stated by Peter May, “It’s a good opportunity to cultivate relationships within the industry.” This is May’s fourth time attending. He states, “It’s a good time to meet face-to-face with those I’ve been in touch with from previous years.” The three brokers were in good company among the 37,000 in attendance at the four-day convention.

The sheer number of retailers at the conference, as well as the ability to attend sessions offers the chance for brokers to get a read on what is happening in the industry. In one keynote lunch presentation ICSC representative, Tom McGee spoke about the current state of the retail industry. Overall, the presentation was positive even amid the news of so many shuttered brick-and-mortar store locations. Amazon’s sales occupy a larger percentage of the online market than competitors. This is nothing new or surprising within the industry. However, the presentation was very illuminating, especially the breakdown of spending across a variety of generations. Online shopping is not the only cause for the failure of brick-and mortar retailers, there are many more reasons, including the lifestyle choices that result in the shopping habits of those generations born after the baby boomers. Based on demographic trends of past generations, there should be an uptick in buying more household goods as those in the Millennial generation are reaching a life-stage where they may prepare for a growing family, which in turn will boost retail revenue.

Source: ICSC RECon

The workshops at ICSC are always a good opportunity for continuing education for the brokers. During a session addressing the hidden costs of leasing, Russell Huntamer and Peter May were attending, the information shared was a good reminder and review of what they often deal with during transactions and while working with clients. Our range of services offered in sales and leasing, construction services, asset and property management and business sales allow our brokers to learn about what is happening within the full scope of commercial real estate industry.

Each year, Compass Commercial brokers who are members of ICSC look forward to the convention and the opportunity to step outside of Central Oregon to make connections within the retail industry.