Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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RCG VENTURES 130 • SHOPPING CENTER BUSINESS • May 2017 "Because of the amount of centers we own, we have great relationships with tenants which enable us to know where those tenants want to be — in new markets and in terms of changing store footprints in existing mar- kets," says Garner. Some tenants that RCG has key rela- tionships with include Hobby Lobby, TJ Maxx, Petsmart, Bed Bath & Beyond, Big Lots, and Dollar Tree. Another aspect RCG performs at many centers is a "refresh," if not a remodel. The company adds a lot of increased traffic to the center by making the center look mod- ern and refreshed. "We have the capital ready when we ac- quire a center to fix all the deferred main- tenance," says Worley. "We have repaved parking lots, added lighting, replaced roofs, updated facades, and painted cen- ters to fix shoppers' and retailers' percep- tions of a property. These improvements translate into more sales for our tenants." RCG has a cadre of tenants it has done multiple deals with, and has begun op- erating with those on an account basis. Brett Lesley, vice president of national accounts, reviews the relationship with those tenants — in person — every six months and sees how they are performing in RCG's centers versus other properties. He also looks at each retailer's expansion needs and works together to look at new market opportunities. "We have become educated from those meetings as much as the tenants have," says Lesley. "Those meetings help us know what these tenants are seeking going for- ward so that when we look at properties to acquire — or a vacancy becomes avail- able in our portfolio — we usually have an idea of a tenant who would like to fill that space." As RCG looks to the coming years, the e x e c u t i v e s expect the company to be a net buy- er, despite RCG divesting of assets. The appetite for Funds IV and V, with a coast to coast platform, will fuel RCG's growth over the next few years. SCB Mark Worley, president and chief operating officer. Brad Garner, chief financial officer and chief investment officer.