The strategic partnership Savills and SRS Real Estate Partners formed last year is working out because retail clients across the globe are seeking new locations in the United States, United Kingdom and beyond, according to executives at both firms.
Sam Foyle, co-head of prime global retail at London-based Savills, and SRS Real Estate CEO Chris Maguire said their partnership has let them expand their companies' retail reach into new territories and helped retail clients enter new international markets. Foyle and Maguire offered an update on their alliance during an interview this week at ICSC 2022 Las Vegas.
"Many U.S. retailers are seeking locations and advice for international expansion, and that's why you have to have the experts on the ground, which is what Savills' team provides for us," said Maguire. "U.S. retail and retail in general is going much more global. So we have access to those new concepts that are coming and want to come to the U.S. from Asia or Europe or the Middle East because we have the experts on the ground here."
Savills and Dallas-based SRS worked together for about a decade before establishing their strategic partnership.
"So this isn't something new in terms of us getting to know each other," Foyle said. "This is built on the relationships being strong for a number of years, but we wanted to take it to the next level as we've seen our clients globally wanting to have much better connectivity with the U.S. And I know with Chris' prospective, with the U.S., with the rest of the globe, the clients wanted it and needed it."
Foyle said Savills has been sharing information about trends in the U.K. and Europe so SRS can help its clients better understand retail markets outside the U.S., where business was strong last year.
"In the U.K., 2021 was a really good year, and I know it was a really good year for SRS in terms of the U.S. as well," Foyle said. "We saw record activity, especially in the local suburban centers, and retail as a trade was really strong coming through the end of the pandemic where people were looking to spend and retailers were using that opportunity to extend their footprint, redo leases, restructure elements."
This year is off to a good start in retail, despite some tough challenges, Foyle said.
"As we've come into 2022, we've seen that continue as a trend," he said. "You know, we've got our eye on some of the headwinds in terms of Ukraine, inflation, etc., etc., but it's proving still to be a really positive time. We're seeing a lot of new areas and brands come through. So, historically, retail was always the very dominant area, but we're seeing the F&B [food-and-beverage] side, leisure, experiential use is starting to come through, which is a big new trend."
Maguire said the insight from the Savills team has been useful, especially as SRS clients seek information about the global retail market.
"Every week, month seems to be a new chapter on how retailers are going to evolve," he said. "And they rely on us for not just market intelligence, but what's going on with their competitors."