Collaborative Deal and Workflow Platform Takes Aim at Rebounding Retail Demand
Dottid, the commercial real estate (CRE) SaaS technology platform for asset management and leasing transactions, announced today it has successfully launched a new retail platformdesigned to give asset managers and their leasing teams the appropriate data, visualizations, and processes they need to keep up with today’s increasing retail demand.
With DottidRetail, users have access to valuable data at their fingertips, allowing owners and asset managers to make use ofthe right data to make better decisions about their properties, especially as the retail asset class bounces back after the pandemic. For example, retail stores are demanding more flexible rent terms due to the ever-evolving nature of the retail asset class. Dottid tracks these details throughout the contract negotiations—even after the tenant moves in.
“Last year was a tough year for brick-and-mortar retailers, but with the return to in-person work and increased consumer spending, the retail sector is expanding rapidly. That’s why we are excited to announce Dottid Retail, a lease management workflow solution specific to retail property owners,” said Dottid CEO and Founder Kyle Waldrep. “Retail tenants are renewing or signing new leases at a high pace. With earnings expecting to rise, the retail-leasing market has more than demonstrated its resiliency in 2021, which makes Dottid Retail the go-to product to help retail asset managers capitalize on this moment.”
Not only is Dottid Retail built specifically for the needs of the retail asset class, it was also designed during a time when the retail sector was looking for innovation and growth to drive the asset class forward.Several sectors in commercial real estate were significantly impacted by the shutdowns and social distancing measures of 2020. The retail sector, however, bore the brunt of that impact. Reduced traffic directly resulted in reduced sales, which took a dramatic toll on retailers’ bottom line. Last year,a record 12,200 retail stores closed, continuing a trend that had been accelerating in recent years due to the shift to online commerce.
This year, however, retail is making a comeback. Companies are posting record-breaking sales, traffic is up, and purchases that consumers had put off last year because of economic uncertainty are now being fueled by a return to the office, school, and consumers’ overall desire to return to in-person experiences related to dining, shopping, and entertainment.
This July, retail sales were up 15.8% over last year, according to the latest Census Bureaudata. Sales at clothing stores were up 43.4% while department store sales increased 24.3%. What’s more, retailers areclosing fewer stores than anticipated.
In response, the industry has begun adopting intuitive technology to streamline deals, communicate faster, and enhance consumer experiences, which will ultimately lead to increased revenue for all stakeholders. The leasing and asset management technology offered by Dottid enables retail asset managers and brokers to be more resilient during times of uncertainty and to quickly adapt to unforeseen challenges with better data. Dottid Retail gives users the competitive edge they need to get deals done.
“We specifically created Dottid Retail with our clients in mind. That’s why users can track key information like exclusive uses, zoning, and traffic count,” said Mr. Waldrep. “Dottid Retail addresses a huge need in the asset class for better data and workflow solutions, and we are releasing new features every month to transform how Commercial Real Estate professionals buy, lease, and manage their properties.”
“By bringing tremendous attention to detail, while prioritizing ease of use and efficiency, Dottid has built a powerful product that serves the retail space,” added Dottid Chief Product Officer Alex Hibbard. “We understand that retail asset management and leasing is complex, which is why we created a product that streamlines the entire deal process by providing leasing teams with the software they need to operate at the highest level.”
Dottid was introduced in January of 2020, with a unique, custom platform that was developed based on four years of input from CRE leasing and asset management professionals to offer an exceptional user experience and design simplicity. It is the first and only platform to track every moment of a leasing transaction – from managing inventory of space through offering, negotiation, tenant improvements, and occupancy. Prior to the launch of Dottid Retail, Dottid Industrial, a custom extension of the original Dottid offering, was introduced earlier this year, designed with new features that are set to bring all parties together and drive business value for a high performing yet often underserved asset class.
About Dottid: Founded in 2018 and headquartered in Dallas, Texas, Dottid provides a digital process management solution that drives commercial real estate leasing transactions designed by and for CRE professionals. Dottid aims to revolutionize the CRE industry through the use of technology and streamlining the leasing transaction process, allowing owners, brokers, and tenants to close more deals faster and with lower costs, ultimately creating a better customer experience for the tenant.
Schedule a demo today to learn more about how Dottid Retail can help your company adapt to the demands of these changing times and position your company for years of successful returns.
