Consolo of Douglas Elliman: Going back to the basics

Name: Faith Hope Consolo Title: Chairman, The Retail Group Company/Firm: Douglas Elliman Real Estate Years with company/firm: 8 Years in field: 25+ Years in real estate industry: 25+ Telephone: 212-418-2000 Email: [email protected] URL: www.elliman.com Real Estate Associations/Affiliations: 2014 Board of Directors of Commercial Real Estate Women's Network Chairs ICSC's Special Interest Group Roundtables Board Member of NYCREW Past President of AREW Served on the Boards of the Associated Builders and Owners of Greater New York, the Luxury Institute and Luxury Marketing Council. Real Estate Industry Memberships include Urban Land Institute, Real Estate Board of New York, Young Men's/Women's Real Estate Association of New York, Inc., New York Commercial Real Estate Women Network, and several Chambers of Commerce. She is also a member of Fashion Group International, International Council of Shopping Centers, Royal Institute of Chartered Surveyors and National Realty Club, and participates in the National Retail Federation and the Retail Marketing Society. What are you hoping to accomplish by attending and/or exhibiting at the show and what is different about this year's show? We don't exhibit - I find it's easier for us to catch up with friends and clients at less formal events. This really has become another national show, second only to RECon in Las Vegas, so it's important to spend time talking with as many people as possible. Because I chair and moderate the Women's Special Industry Group program each year, I also find that many people come up to me before and after that event. How did your company withstand the recession and what changes have you made to grow and succeed during the recovery of the retail market? We went back to basics, and redoubled our efforts, walking all the neighborhoods for availabilities and retailers, tracking trends globally for the next great international brand. Ironically - and thankfully - those were some of our best years! Are retailers finding the types of properties that they want right now and are tenants happy with the sites available to them? That depends on the area. Everyone on the luxury end of the spectrum wants to be on Madison Avenue - and not much space is available. That's one reason why luxury is expanding to Carnegie Hill - and taking space in Soho to appeal to shoppers there. Big boxes also are managing to find sites in new areas such as Times Square. And everyone is looking at Brooklyn. Are they happy? Yes, if they're willing to pay the price. And we're well over pre-downturn rents. The recession, rising gas prices and the housing crisis has created a new trend. Generation Y'ers are now staying in the city and the baby boomers are actually returning to the city from the suburbs. How has this affected your business and NYC retail in general? It means everyone, and I do mean everyone wants to be here, and that now is including all five boroughs. Look at all the development and leasing taking place in the Bronx, Brooklyn, Queens and Staten Island! This gives retailers even more opportunities to expand, and thus much more business for all of us who consult with them. One year after the devastation of hurricane sandy, the redevelopment of many of New York's damaged areas has shed some light on this disaster with additional plans for expansion in the locations affected by Sandy. How will this affect NY retail and your business in particular? I'm sure retailers will ask more detailed questions about the systems in place to avoid flooding. And I do suspect fewer goods stored in basements. They will be examining insurance policies much more carefully. But New York is just too important a market to be afraid. Will we learn more about flood insurance to inform our clients? Of course. But the greatness of New York was built on the fact that it's a port. Historically, the world's great cities have been near major bodies of water. Retailers will come. And we will help them. How does your company use social media? Has social media been a beneficial tool in generating more business? Yes, we use social media to connect with our clients and the traditional media, getting word out about our projects and successes. It is a terrific tool, but just one of many we use. I still firmly believe that nothing replaces phone and face-to-face interactions. You won't know a market unless you visit it.