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SREG seeing better-than-expected reopening results across portfolio

Spinoso Real Estate Group seeing better-than-expected portfolio results

Tuesday, Jul 21, 2020

At SREG we have seen positive results across our portfolio during the reopening process. Although these have been unprecedented times, our COVID-19 response has been to work diligently, but also compassionately to ensure a safer, brighter future for our teams, clients and customers.

The retail landscape is currently exceeding our expectations in both performance and traffic. There’s been a common theme of growth and pent-up consumer demand across the industry. We believe that brick-and-mortar retail is on its pathway to a healthy recovery and there has been multiple signs to prove this notion.

Within our portfolio we’ve gathered notes from various property calls and meetings in the past few months that provide two common motifs – positivity and optimism

Here are some key takeaways that further reinforce our forward-looking mindset:

General Manager

“Overall a very positive week for sales results both against plan and compared to last year. The great weather, the holiday day weekend and additional store openings have all contributed.” 

Very strong customer demand. Sales were out of this world!!! A lot of out of towners shopping the store.”

Super high traffic, percentage of traffic is up 104% from last year. They are also coming close to meeting last year’s sales. The store manager also mentioned that they are receiving new shipments of merchandise daily which is prompting more sales.” 

Number one in their district on opening day, great storewide sales.”

“Sales were 20-30% better than plan.”

“Overall very busy weekend – sales were great both Friday and Saturday with a much higher transaction average.” 

Sales are trending up and they beat their typical weekly goal by 32%.”

“Surpassing last year’s sales by over 50%.” 

“Sales were three times last years.”

“Week #2 of reopening sales were incredible. They had difficulty keeping up with the transactions.”

“Sales more than doubled from last year.”

“Met their monthly sales goal by May 20th.” 

“Continued to experience a high volume of exams and sales.”

Marketing Manager

“I have noticed that people are lingering a little longer and many store managers are saying that they are spending more per transaction.. Illustrating that it is so much more than buying pants, people really do need and want that third space, the me time and the social interaction!”

“Performing extremely strong. Had a better opening day than Black Friday or Back to School.” 

“Traffic was steady from the beginning with a waiting line outside their store for most of the day.

“They are up 109% over last year and their stored inventory was depleted. Their sale of 60% off store-wide led to holiday sales and traffic.”

“Much busier than anticipated – crazy and overwhelming.” 

Experienced strong traffic. Larger ticket items including patio and seasonal purchases were popular.” 

“Sales were up 110% for the weekend.”

Huge traffic given the clearance sales. They were number one in their district.”

“Exceeded average company results by 25% and was in the top 10 in total sales volume for week 1 of reopening.”

“Sales were up 90% versus last year’s numbers.” 

“Had a fantastic weekend with steady traffic.” 

“Reported nearly 3 times over their opening goal.” 

“Opened in the middle of week 2 and experienced a good flow of traffic and sales.”

“The store limited access to 127 customer per state recommendation and attempted to do very limited marketing to help minimize the crowd. However, by 9:30AM the line wrapped around the building. For most of the day more than 100 customers stood in line. The store reported sales on opening day in excess of Black Friday.”

Very strong weekend sales. The GM stated that their phone was ringing off the hook. Shoppers that came were on a mission to buy. Saturday was so strong that some guests were sent to the Sunglass Hut department in Macy’s for faster assistance.”

“Sales are REALLY, REALLY, REALLY GOOD! They had a constant line waiting to get into the store and shoppers were happy.” 

“They are number one in their district, beating a nearby market three times the size.” 

Sales were up 73% versus the same period last year. Much higher than average dollar amounts per transaction.”

“Up 91% over last year.”

“Sales were nearly five times above their daily goal!!!” 

“Sales were up over 89% over last year ranking them third in their district.”

“Have already beat expectations in sales since re-opening.” 

“Made their sales target by 3PM.”

“Stayed busy all weekend. They have exceeded their daily goal each day.” 

“Reiterated the experience of having higher spends per transaction than usual.”

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