NEW YORK CITY-In a stunning end of an era, retail doyenne Laura Pomerantz has struck out on her own. The start of the newly formed Laura Pomerantz Real Estate, effective Monday, also marks the end of PBS Real Estate, which will be dissolved once all of its existing deals are closed, Pomerantz tells GlobeSt.com.
For this guru who previously transitioned from fashion to real estate after 18 years in the former industry, the time to go it alone had arrived, she says.
“It seemed like the right moment, given the climate in the real estate business; retailers are in expansion mode both nationally and internationally,” she says. “There are exciting things happening both in store concept and in the real estate itself, and allowing people to expand their concept and find the right space is very exciting to me.”
Plus, she notes, this shift isn't a fleeting moment, it's the start of something bigger. “This 'omni-channel' [i.e. Internet shopping, wholesale plus bricks-and-mortar retail spaces] approach to things gives credence not only to the Internet but also to stores, so real estate is still important. I felt that, in those conditions, a new firm—with the new energy that brings—was sustainable.”
Pomerantz is bringing some clients with her, as well as five of the 10 or 11 employees who worked at PBS. Two brokers, Ilysa Rothfeld and Betty Ende, who have worked with Pomerantz for five and for 12 years, respectively, were among those who made the move. “This has been an amicable transition,” she says.
Among Pomerantz' clients are Abercrombie & Fitch, Levi's, Joe Fresh, Ippolita, Ted Baker London, Gant, Vince Camuto, Hotel Chocolat, Jack Rogers and Scoop. She also provides consulting services to the Bal Harbour Shops. The firm's role is about much more than finding space, Pomerantz notes.
“Almost all of our clients have a strong brand identity and are now combining these 'omni-channels' and making them all work,” she says. “We are a significant part of their expansion; we try to take data and understand who their Internet customer is, as well as their in-store customer. It's so important to understand that information because it helps you choose where the bricks and mortar store should be.”
She continues, “My job is to negotiate with a lot of different people and they all have different styles, personalities, egos, etc., so it's important to be flexible. This is a really complex business, it involves relationships, psychololgy, solutions and flexibility. Those are skills that are important in both tenant and landlord negotiations.”
Clearly, she is not one to shrink from a challenge: she started PBS on Sept. 10. 2011. Prior to that, she served at Newmark & Co. and SL Green, the official announcement states. Pomerantz has been in real estate for 20 years.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
