JLL Forms Venture To Assist Ailing Retailers
JLL and Gordon Brothers are joining forces to offer services to retailers struggling to survive in the current retail climate, or even relatively healthy chains wanting to accelerate their growth.
The goal of the alliance is to assist retailers in minimizing lease liabilities, maximizing the value of their underperforming assets and retaining or migrating customers. Boston-based Gordon Brothers is a specialist in appraisal, valuation and disposition services.
Chicago-based JLL has shepherded major retailers through various crises. Late last year, for instance, as the demise of Sears looked imminent, Sears Holdings Corp. hired JLL to market its properties, possibly for nonretail uses.
Though the retail apocalypse might be an exaggeration, plenty of retailers are suffering from changing consumer tastes, online sales and same-as-ever cutthroat retail competition.
According to the partners, the combined services of JLL and Gordon Brothers will include portfolio reviews; lease mitigation, termination and restructurings; property management; fee-owned property sales; valuations; and asset dispositions.
They will also undertake brand licensing and conversions, customer migration, location scouting, site analytics and retail research.
"Gordon Brothers have provided more financial guarantees to retailers than any of their competitors,” JLL Retail Advisory and Capital Markets in the Americas President Naveen Jaggi said in a statement.
“Through our alliance with Gordon Brothers, we gain the ability to deploy capital to support retailers throughout their life cycle,” Jaggi said.