The Professionals’ Choice for Real Estate Jobs

Own, Lease or Both

Retailers under pressure often sold off properties and then leased them back leaving their stores’ bottom lines vulnerable to added lease costs and increases. But Hudson Bay, who owns Saks Fifth Avenue, Lord & Taylor and Canadian department stores, just changed the paradigm creating joint ventures with Simon Properties and RioCan REIT. Hudson Bay’s CEO, Gerald Storch, told the WSJ they contributed the properties and signed long-term leases. The joint ventures used the stores as collateral to borrow funds, which Storch used to upgrade the stores, improving their retail competitiveness, and pay down his debt, reducing their interest payments by almost the same amount as the added cost of rent. The blurring of lines between, in this case, the Retail and Finance sectors is mirrored throughout our industry. But the resulting new job opportunities are clearly defined by the skillsets required. SelectLeaders Network is working on improving your job search and job posting experiences based on 76 real estate specific skillsets our industry requires. Real Estate deals may be more complex, but when it comes to finding your perfect job – we’re keeping it simple.

Susan Phillips, CEO SelectLeaders
July 29, 2015

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