Shoebox

Best Buy, the (former) icon of the Big Box Age of retailing, has changed direction. The Wall Street Journal reported in its weekend edition that the retailer is now focused on developing a "shoebox" approach to its customer experience, in lieu of the "big box." The company announced that it is eliminating 2,400 store jobs – including 600 positions on its Geek Squad – as the electronics retailer tries to steel itself against online competition. The cutbacks are only a small percentage of the company's total workforce, but they represent a growing riptide that will only expand as Internet-based retailing undermines companies saddled with major real estate positions. Companies such as Best Buy rationalize that the touch and feel of hard good stores, while becoming smaller in size, make a difference. Alas, it's increasingly not so, as Amazon.com and other online sites can provide dozens of customer reviews that trump the advice and salesmanship of Best Buy's geek guys. Sure, you'll want to touch, feel, and see the Sony TV before you shell out $1,500, but in the future you'll only need to visit a small storefront or pavilion in a mall to accomplish that. Then press the send button on your iPhone to close the transaction, and await delivery at your doorstep tomorrow before noon.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author's own.

PROLOGIS
Research Associate/Director
(SAN FRANCISCO) ProLogis has an immediate opportunity for a research associate/director to perform the following: develop a strong knowledge of industrial real estate, global markets and logistics demand drivers; assemble quarterly data on macroeconomic and real estate trends; attend meetings with regional teams, brokers and other local experts to gain and share insight into changing market conditions and opportunities; create quarterly reports on key market drivers and market conditions for internal and external consumption and to further brand as a thought leader; and contribute to forecasts of turning points and future growth in local and regional economies, trade, real estate supply, demand and pricing.

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(LOS ANGELES) In collaboration with the brokerage and management teams, the successful incumbent will successfully lease all vacant space at the project, renew/expand existing tenants, and minimize turnover within the project. Duties include assisting the asset manager and brokerage team to perform all new leasing at the 6th and Alameda project, including prospect qualification, proposal generation, NPV analysis and lease negotiation; lease renewals and tenant expansions; interfacing with existing tenants at the project; meeting with existing tenants to discuss space expansion/renewal requirements; generating all renewal proposals/leases; preparing NPV analysis; and understanding assigned market areas.

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