Social Media and Retail

Brick-and-mortar retail needs all the help it can get to sustain its apparent rebound from COVID. A big help has been social media sites such as TikTok, Instagram and LinkedIn. They not only draw customers to stores and products, but tenants to properties. Also, Stephen Ross and Jorge Pérez, one of the power duos in South Florida property, have ended their business relationship. Get the details.

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— Tom Acitelli, Co-Deputy Editor

Social Media Takes Over Retail Leasing, ICSC Panelists Say

Meet the latest group of terminally online netizens: retail real estate brokers. From TikTok to Instagram to LinkedIn, brokers are taking to social media to market their properties. And they say it’s not just DMs they’re writing, but leases too. Beth Azor, president of Azor Advisory Services, said she arranged 51 short-term leases at Bedrock’s Tower City mall in Cleveland before the February 2022 National Basketball Association All-Star Game simply through Facebook and Instagram direct messaging. “In 36 years it is the most unbelievable [thing],” Azar told attendees Thursday of a panel at the Innovating Commerce Serving Communities (ICSC) New York conference. “You get huge results by DMing. Fifty-one leases, you can’t argue with that.”

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Stephen Ross Splits From Jorge Pérez’s Related Group

Stephen Ross and Jorge Pérez, two of the biggest players in New York and Miami real estate, have parted ways. The partnership began in 1979, just eight years after Ross had founded the New York-based Related Companies. Together, Ross and Pérez, then an urban planner, launched the separate Related Group to build affordable housing in Miami. Over the decades, both companies became giants in their own respective territories. Related Group is now commonly referred to as Miami’s largest condo developer, having reshaped the city’s skyline with projects such as 50 Biscayne and 500 Brickell, among others.

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