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This week on Retail Pulse Check, Craig Patterson and Stephen O’Keefe are joined by Jordan Karp, Executive Vice President and Head of Canadian Retail Services at Savills Canada, to discuss real estate queries amid the COVID-19 pandemic.
Topics discussed included the longevity and practicality of curbside pickup, possible increases in commercial rent due to external COVID-related costs, what to do about uncooperative landlords, potential rent agreement modifications such as ‘percentage rent’ negotiations, and finally, why many retailers are choosing to remain shut despite government regulations allowing the reopening stages to begin.
Other hot topics included the escalated technological progression that we’ve seen due to COVID-19 and the intrinsic role it might play in our post-COVID retail world.
Craig Patterson, Founder, Editor-In-Chief @Retail Insider
Craig Patterson is the founder and Editor-in-Chief of Canada’s most-read online retail industry news publication, Retail Insider. He is also a Director at the University of Alberta School of Retailing, as well as a research consultant at Retail Council of Canada. Craig has studied the Canadian retail landscape for over 25 years, and has also been involved with strategy pertaining to urban revitalization in several cities, as well as retail and shopping centre-related design. He is an industry consultant who also gives retail tours and and is a public speaker. He is a graduate of the University of Alberta and holds a Bachelor of Commerce degree and Bachelor of Laws degree.
Stephen O’Keefe, Founder @Bottom Line Matters
Stephen O’Keefe is a 30 year veteran of the retail industry having worked with major brands such as Sears, Hudson’s Bay, and Walmart where he was Vice President of Loss Prevention and Risk Management. He founded Bottom Line Matters as a source for retailers of all sizes to draw upon his experience and expertise and deal with what matters – maximizing their bottom line. Stephen clients have included major retailers, BIAs, vendors as well as the Industry Association itself. He was awarded the Lifetime Achievement Award for his work with the retail loss prevention community, sharing best practice to combat shrinkage and advocating for legislative changes to support retail business.
Jordan Karp, Executive Vice President, Head of Canadian Retail Services @Savills
A more than 30-year veteran of the trade, Jordan Karp is considered an industry leader and expert in retail and hospitality leasing, as well as the sale of urban street-front retail and mixed-use developments. Over the course of his extensive career, he has represented institutional landlords, developers, investors, retailers, medical and office users, both one offs and multinationals. He has completed numerous lease transactions and consulting work throughout the Greater Toronto Area and Canada, as well as other major urban and suburban markets throughout North America.