Think of it as Tinder for retail landlords and tenants. StoreMatch is a business-to-business, cloud-based platform that helps to fill vacant retail space.
The magic happens only if a match is determined: information on a specific site is shared. Once the match becomes official, the retailer and the landlord are put in contact with each other to start building a life together.
The StoreMatch platform removes the time and hassle of finding and leasing retail space, with no limitations to the type of industry or the size of retail space needed. All users need to do is create a confidential profile, and then matches are delivered to their inbox, instantly. Drilling down further, it connects landlord vacancies with potential tenants.
For landlords, StoreMatch reduces or eliminates the need to advertise in the open market. It also allows for multiple bidders on retail sites. For retailers, the most desirable site can be be searched and pursued.
The platform is free for retailers to register -- they’ll receive opps via email. Landlord fees are determined in accordance with their requirements. Landlords sign a participation agreement, which outlines in detail the terms and conditions between StoreMatch, the landlord and their information.
“It just makes things easier,” StoreMatch founder and director Jon Sully told Inside Retail. “And most importantly, quicker. If you get a match on the site, you instantly are notified and given the contact information of the other party, so you can go straight into negotiating the deal.”
The site reported that StoreMatch launched in Australia in October 2016, with 125 retailers presenting over 12,173 site requests; 38 landlords were entered in a 37 per cent match rate for vacancies. In September 2017, The Great American Group helped bring the platform to the USA, and has made over 8,000 matches stateside.
StoreMatch -- the first platform of its kind -- is a welcome support for struggling retailers and the landlords who need them. Statista forecasts that retail vacancy would amount to 11.4 per cent in the fourth quarter of 2018 in the United States.
Back in January, Reuters reported that Reis Inc. found U.S. retail mall vacancies in the fourth quarter of last year to be flat from the third quarter, or 7.8 per cent. The national vacancy rate for neighborhood and community shopping centers was also flat from the preceding quarter, at 9.9 per cent.
With the future of brick-and-mortar stores at a crossroads, StoreMatch is given many retailers a new lease on life. It speeds up the renting process, and gets the retailer in the space much quicker than the traditional route.
Click here to find out more about StoreMatch.