Retail Is Becoming a Niche Market

Rick Chichester

The retail sector is rapidly becoming a niche market—at least in the way that brokers and investors need to have a specialized knowledge of the retail business and retail trends to play. Retail brokerage firm Faris Lee Investments understands the importance of market knowledge and training in retail, and has a five-year training program for new brokers. That training period has become increasingly important as the retail market has evolved, and the firm is working diligently to deepen its retail roots. Last week, it announced a strategic partnership with the X-Team Retail Advisors, an organization of 36 brokerage firms, and is looking to create specialized teams in four pillar retail verticals.

“It is my opinion that of the three main asset classes, retail is the most complex. Consequently, the training behind it is critical,” Rick Chichester, president and CEO of Faris Lee Investments, tells GlobeSt.com. “It is one of the things that makes X-team unique. Our typical training behind retail—leasing and tenant rep and investment sales—is a five-year program. You have to learn the business from the ground up, which includes all of the underwriting and how to properly position an asset.”