IMCR: How would you name, using only 3 words, the current situation in commercial real estate industry?

Chris Igwe: Exciting, opportunities, reinvention.

IMCR: Why those 3 words?

Chris Igwe We are in a state where we need to rethink how we see our industry. We need to find the best in the industry and to build on that, and not on what is negative, or which has held us back over the past decades.

IMCR: Let us put ourselves in the shoes of retail brand manager who wants to succeed in commercial RE. What would you advice him nowadays?

Chris Igwe: The most important thing is patience. We live in times where everything is taking much longer than it used to. The person also needs to make sure they learn as much as possible about the real estate industry and what is “best-in-class” to see how he/she can use it in their workplace. They need to have an open mind and want to learn from the experiences of others.

IMCR: But let’s not be only for one side – landlords have their own perspective. Which is…? What would you say to the shopping centre management who wants to develop nowadays?

Chris Igwe: The most important thing is to get even closer to the retailers and brands and try to understand what their business looks like today and to understand what the retailers priorities are. They must also do their best to understand the metrics of the retailer today, which are different from what they were. They must focus less on the financials, as they have done for many years now, but to look at what is attractive about the retailer and look for other advantages.

IMCR: The cooperation and relations between landlords and retailers has been always an issue. After Covid-19 pandemic and its effects on the industry, it seems to be the harderst issue ever. Do you observe any changes while we are slowly passing pandemic times? What changed the most and how?

Chris Igwe: Today, it is less about the landlord and tenant issues, but more about finding ways to agree a solution to a problem. The relations are not yet smooth, but in general each side is doing their best to find a way to move forward. It is improving slowly.

IMCR: What is now the most common issue during the landlords-retailers talks & negotiations?

Chris Igwe: The most common issue is still finding a satisfactory financial and lease terms, for new or existing leases. For top performing centres it is more challenging, while for less attractive centres, it is generally easier, but not always.

IMCR: So now, how to put it together? Is it even possible?

Chris Igwe: Everything is possible, where there is a will and desire to make progress and achieve a satisfactory outcome, but as mentioned above, it takes longer than before. So, time is needed to be able to make progress.

IMCR: How would you call the new order in those relations?

Chris Igwe: Mutual respect. Both parties need to put their egos aside and have a real conversation and be able to listen to each other to find the best path, while considering the requirements of their companies. It requires effort by both parties, but it can be done.

IMCR: Do you observe any valuable practices or solutions in this area? Could you give us some good examples?

Chris Igwe: One thing is to have the decision-makers involved at an early stage (not necessarily in the first meeting, but soon afterwards), not just the real estate guys. That way the process is faster and more efficient. Too much time is wasted between both parties trying to come up with solutions that need to be later approved by each one’s management or board. So much time is wasted.

IMCR: A lot of retailers probably is now facing changes through its strategies. What is the biggest strategy’s game changer now?

Chris Igwe: The obvious one is fewer stores, store closings and optimisation of the store portfolio to find cost reductions. It’s not a game changer, except that so many retailers had decided not to do this, when they should have done it many years before the pandemic.

IMCR: If you could choose, who has better future ahead? Small boutiques? Or big, well known brands?

Chris Igwe: Neither! It is about having the right concept, with the right merchandise, an attractive store layout and design, along with engaged and passionate staff who are excited about the brand or concept and want to offer amazing customer service.

IMCR: So now, please give us some little thing about your unique mentoring programme “Cross-border retail” created by you within IMCR community. What is it all about and for whom?

Chris Igwe: This is about sharing my considerable experience at the most senior levels, as former European Head of Real Estate across many countries and with many international retailers and brands. I have worked with some of the most demanding and attractive brands who have high standards for success, such as Esprit, Foot Locker, Fossil, Gap, Michael Kors, TUMI and more. I will introduce the key components of any negotiation, understanding markets, connecting with the right people in the industry and much more. Having worked on all types of real estate – high streets, shopping centres, retail parks, outlet centres and department stores – I have experience in many areas, as well as across Europe, Middle East and Africa. This programme is for anyone (beginner or experienced) who wants to learn from one of the best in the global cross border industry.

IMCR: What chances is mentoring giving us nowadays? And what are its main advantages?

Chris Igwe: The main advantage is that the person progresses faster by learning and practicing for themselves thanks to the support of someone who has done it already and is willing to help them grow. It will also help avoid mistakes and offer solutions to problems they come across.