The former Newmark retail CEO and managing principal left the firm last week to sign on as executive managing director of C&W's newly formed Retail Management Consultant group. The hiring is emblematic of the Cushman's ongoing efforts to reposition its retail strategy from a transaction-based brokerage model to one that is far more comprehensive in scope.
"Retail real estate is more about the business than the office and commercial sectors," Pressman tells Globest.com. "The best way to serve the retail client is to offer a full range of services. Cushman had a traditional retail group focusing on transactions--leasing, sales, management, valuations. We will now provide added services that go beyond real estate.
"Say a client makes a decision to expand. What type of stores do they need? How much capital? How much inventory? Who's going to run them? We provide all the support. We help write the business plan, help with new management, help raise capital, buy or sell assets. Real estate fits into that because it's the end result of the asset side."
"Bob is going to add a dimension that is necessary and needed for the service of retail folks," says C&W president of US operations Bruce Mosler. "He's going to help retailers source investment capital, assist in bank and loan workouts. This is a new dimension of the business at a new level. I don't think many people do this and it's certainly new at Cushman & Wakefield."
According to C&W executive vice president David Gialanella, retail services, to whom Pressman will report, the firm's retooled retail approach will be that of a merchant investment banking advisory unit. "This capability will have broad read, supporting not only our U.S. retail group, but our operations in London, Paris, Milan and other key European cities, as well as Hong Kong, Shanghai, Seoul and Beijing in Asia."
While at Newmark, Pressman's responsibilities included advising retailers, consumer product companies and apparel firms in business evaluation, mergers and acquisitions, investment banking and capital activities, sale of assets and liability mitigation, real estate sales, leasing, financing, restructuring and dispositions, business restructuring and bankruptcy.
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