CBRE has named a veteran of department store chain Kohl's as its managing director of Americas retail, a practice that the brokerage is looking to expand.
Scott Schnuckel, who previously served as head of real estate for Kohl’s, has joined CBRE, according to the Dallas-based property services company. In his new role, Schnuckel will support and work with CBRE Americas retail leader Laura Barr, the company said.
Schnuckel will be based in Milwaukee and will travel often across the Americas, CBRE spokesperson Kris Hudson said in an email.
Schnuckel has plenty of experience and a proven track record in retail real estate, CBRE said. As managing director, he is tasked with growing the company's retailer business and expanding work with existing clients, according to the brokerage. He will also work with other real estate sectors across the business "to ensure a seamless client experience, while refining CBRE Retail services and solutions," CBRE said.
At Menomonee Falls, Wisconsin-based Kohl's, Schnuckel led all the company's real estate activities, including finding new locations, handling relocations, redevelopment, lease restructuring and capital markets. On his watch, Kohl's opened dozens of stores across multiple formats. His leadership resulted in significant growth, with "over $300 million in disposition proceeds, and over $200 million in value creation through lease restructuring," according to CBRE.
Schnuckel was also deeply involved with his executive-level peers in Kohl's partnership with beauty-goods retailer Sephora, CBRE said. Sephora opened in-store shops throughout Kohl's fleet, which executives at the chain credited with bringing in new and younger customers to the department stores.
"His team supported Sephora-related projects at Kohl’s, including store selection methodology, sales forecasting and new store planning," according to CBRE.
On LinkedIn, Schnuckel posted about his tenure at Kohl's.
"Saying goodbye to Kohl’s after 19 years was not easy; I feel blessed, honored, and grateful for being a part of the Kohl’s journey for as long as I have," he wrote.
In recent years, Kohl's has faced the challenges the entire U.S. department store sector has seen, including ramped-up competition from e-commerce, fast-fashion purveyors and off-price retailers. Most recently, Kohl's CEO Tom Kingsbury exited and was replaced by Ashley Buchanan, an alum of Michaels crafts stores.
Schnuckel will be supporting CBRE's entire retail team across the Americas, which includes the United States, Latin America and Canada, according to the brokerage.