The retail and leisure real estate industry is dynamic, requiring a deep understanding of market trends, consumer behaviour and global expansion strategies. In this month’s Retail Insight, Joseph A. Aquino, Founder and President of JAACRES and a seasoned leader in the field, shares his journey and offers valuable advice that has shaped his success over four decades.
The Power of Understanding Market Trends
One of my contributions to the industry has been the ability to foresee and act upon emerging market trends. From the revitalisation of iconic New York districts like Times Square and SoHo to introducing international luxury brands to the US, I have emphasised the importance of adapting to changing consumer needs. My advice… Stay ahead of the curve by continually analysing local and global retail patterns.
Transforming Retail Districts: A Formula for Revitalisation
Throughout my career, I have been privileged to play a key role in transforming underutilised retail corridors into vibrant destinations.
A notable example is my involvement in the transformation of Times Square from a red-light district into the international retail and entertainment hub it is today. I assisted the State of New York in developing a retail plan that converted nine theatres, along with the subsequent retail on 42nd Street between 7th and 8th Avenues, into the vibrant entertainment centre it has become. Once the properties were recaptured at 42nd Street, between 7th and 8th Avenues, crime went down significantly by 72 per cent in the first year. In addition, my work in the revitalisation of Bleecker Street and Harlem’s Frederick Douglass Boulevard underscores the importance of community partnerships in driving retail success. Key strategies for success include understanding an area’s potential, aligning with local culture and collaborating with government entities. The secret to success lies in the ability to envision long-term potential, to not only see what a district or space could be, but to work tirelessly to transform it into a thriving, multifaceted destination that appeals to both locals and tourists alike.
The Importance of Location and Strategic Partnerships
Location is everything in retail real estate. I would stress that the right location can elevate a brand’s presence and connect it with its target audience. For retail leasing agents and developers, forging long-term relationships with key stakeholders, from government officials to local businesses, can make all the difference. My experiences across major US cities and internationally show that expanding influence relies on understanding both local nuances and global market demands.
The Role of Networking and Cross-Border Collaboration
In a globally connected world, real estate deals often require international collaboration. My founding of The Secret Brokers Society, a network of brokers across 30 cities, reflects the power of strong partnerships. Retail and leisure brokers looking to expand their
influence should consider creating or joining international networks that facilitate the exchange of market intelligence and open doors to high-value deals.
From Salesmanship to Real Estate Powerhouse
My journey began by selling watches door-to-door before becoming a recognised name in commercial real estate teaches an important lesson: success in real estate is built on communication, negotiation and relationship-building skills. I hope my story is a reminder that the foundation for any real estate career begins with mastering the art of the deal and adapting to market changes.
Expanding Horizons: The Future of Retail and Leisure Real Estate
My focus on global markets like London, Rome and Belfast shows the increasing importance of international expansion in today’s retail landscape. For brokers and developers, understanding the global trends and forming relationships in diverse markets is crucial. Over my career my continuous international travels will exemplify how embracing new opportunities leads to sustained growth.
Building a Strong Foundation for the Future
For those looking to make an impact in the retail and leisure real estate industry, I would advise focusing on both high-value transactions and a well-rounded knowledge base. Whether its retail leasing, investment sales, or hospitality, establishing expertise across diverse sectors will ensure long-term success in the ever-evolving market.
As the industry continues to change, it’s clear that success in retail and leisure real estate is about more than securing prime locations – it’s about understanding the market, building relationships and always being ready to adapt.
