4min readBusiness 04 May 2019
Throughout my career, I've learned that the most fruitful business decisions start with an optimistic vision for the future. Whether that's seeing the potential to build new communities through real estate development or how investing in the right innovations can move entire industries forward.
Bold visions must be supported by comprehensive research, confident and capable teams, meticulous planning and, of course, good timing. But, it all starts with a vision.
Having served as a Commissioner on the New York City Planning Commission under Mayor Bloomberg during a period when the Commission approved several major influential rezonings, I gained a new appreciation for how development can transform or reinvent a neighborhood.
As a real estate executive, I have always aspired to work on projects that champion communities, empower businesses and enrich neighborhoods through thoughtful design and planning. Community—a group of people and businesses in a physical space—is my primary focus. If the streetscapes are inviting, if people are encouraged to walk through an area, if the layout is thoughtful, then the developments can become truly community-oriented spaces. After decades building community through real estate, I began to explore what other investments could enrich the lives of residents and businesses in neighborhoods.
Retail has always been a big part of my life. After college, I started my career in real estate by launching clothing stores in SoHo and the Village. These experiences in New York City retail were all-encompassing. For each store, I had to build my understanding of the market, the customer base, sales, inventory and communication without the help of the magical research tool that is the Internet. It was an exciting time to be in retail in those burgeoning neighborhoods, but the work of coordinating a business was often complex and labor intensive.
As my career progressed, I continued to work with retail tenants across many of my developments with Continental Ventures. I noticed in my conversations with them that not much had changed in the past 30 years in terms of logistics. Order fulfillment, inventory management and retail logistics are still elaborate processes that require mountains of back-end paperwork. I envisioned a simpler way of running a business: there must be a technology-enabled, full circle solution to make order fulfillment more seamless and less burdensome on brands and retailers.
Consumer expectations have also been evolving. Today's consumers want to buy from brands that speak to who they are and will often use online marketplaces to discover these brands. People want to know more about what they buy. The question is no longer just "What is a brand selling?" Consumers ask: "Where the materials are sourced?" "What is the environmental impact?" "What is the brand's mission?" Today, the role of a retail brand is not simply to get quality product into the hands of their customers. Consumers expect far more; they want to understand the story and message of the brand.
From what I have seen, retail evolves so rapidly that for a brand to be truly prepared for its future means it must have the flexibility to adapt. The interplay between online shopping and brick-and-mortar stores is exciting, and their relationship will continue to change as consumer preferences and expectations shift. The premise of omnichannel retail is that consumers need a mix of e-commerce and physical shopping experiences to meet their desires.
As a real estate developer, I recognize that physical presence matters in retail, and retail space remains an important element of any successful development. Research shows that more Americans are interested in urban living. For real estate developers, this means investing in walkable areas that meld together live, work and play—communities that include housing, employment opportunities, cultural experiences and shopping.
Shopping, of course, looks different today and my vision as an investor is to support technology that helps brands adapt to these shifts and engage their customers. If e-commerce continues to account for more realized sales, brick-and-mortar stores become an experiential complement to online retail. They are tactile showrooms, places for consumers to immerse themselves in the brand's mission, aesthetics and ethos. E-commerce and physical retail are not mutually exclusive—in fact, they enrich one another.
This dynamic is at play for one of my current SoHo tenants, ARJÉ. The brand positions each ARJÉ store location as a "home" and launches new clothing collections as "chapters." They express their philosophy through store design, which adapts to each new chapter but retains a cozy atmosphere with live plants, seating areas and a beverage bar. The online store reflects this friendliness and warmth, driving purchases around the world.
I believe in two models of investment: invest in what you know and invest in something related to what you know that has the support of a strong and knowledgeable team that executes the vision. My partner and I structured Continental Ventures as a multifaceted company that invests in integrated solutions for real estate-related businesses. We have had the opportunity and continue to invest in building communities, one building at a time; we are partners in a private equity lending business that supports this growth and most recently invested in an e-commerce marketplace and fulfillment business, Project Verte; all of these platforms are part of a larger ecosystem.
By investing in these types of companies, I have the opportunity to partner with forward-thinking leaders in e-commerce technology. With this investment, we work together to support a retail landscape that encourages brand-consumer relationships and nurtures valuable physical and digital experiences. I sincerely believe that innovation in e-commerce extends far beyond online shopping. It is all part of my vision for how people communicate and build community.
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Help! My Friend Is a No Show
Dear Armchair Psychologist,
I have a friend who doesn't reply to my messages about meeting for dinner, etc. Although, last week I ran into her at a local restaurant of mine, it has always been awkward to be friends with her. Should I continue our friendship or discontinue it? We've been friends for a total four years and nothing has changed. I don't feel as comfortable with her as my other close friends, and I don't think I'll ever be able to reach that comfort zone in pure friendship.
Dear Sadsies,I am sorry to hear you've been neglected by your friend. You may already have the answer to your question, since you're evaluating the non-existing bond between yourself and your friend. However, I'll gladly affirm to you that a friendship that isn't reciprocated is not a good friendship.
I have had a similar situation with a friend whom I'd grown up with but who was also consistently a very negative person, a true Debby Downer. One day, I just had enough of her criticism and vitriol. I stopped making excuses for her and dumped her. It was a great decision and I haven't looked back. With that in mind, it could be possible that something has changed in your friend's life, but it's insignificant if she isn't responding to you. It's time to dump her and spend your energy where it's appreciated. Don't dwell on this friend. History is not enough to create a lasting bond, it only means just that—you and your friend have history—so let her be history!
- The Armchair Psychologist