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Excuse me while I step outside of my normal role in this spaceof focusing solely on the net lease market. Because there is adynamic impacting all of retail—the general market as well as netleased retail—that needs to be addressed, namely, the myth of aretail apocalypse.
We have heard for years now about the death of brick-and-mortarretail at the hands—or is that the thumbs—of e-commerce. Indeed,according to Business Insider, some 1700 stores are expected toshutter this year. A short list would include Pier 1, which expectsto close 450 units; the Gap, which will click off the lights in 230stores; ditto Chico's, at 200 of its properties; and Forever 21,which will close 178 stores. This data was also brought out in arecent webinar conducted by the Institute of Real Estate Managementon Trends for 2020.
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Jonathan Hipp
Jonathan Hipp began his career in real estate over 25 years ago. In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.
