There is a new matchmaker on the market, but this cupid pairs retailers with landlords. StoreMatch is a business-to-business platform for retail tenants and landlords to connect, and it works similar to a lot of dating apps.
- StoreMatch is a new platform that matches vacant retail space with tenants
- Landlord and tenants designate requirements and the platform matches compatible parties
- StoreMatch has made over 8,000 matches in the U.S. since September 2017
StoreMatch first launched in Australia in October 2016 with over 12,173 site requests and a 37% match rate for vacancies. In September 2017, The Great American Group helped bring StoreMatch to the U.S. where it has already made over 8,000 matches.
The new platform could become a boon for U.S. retailers at a time when many are deciding to close their brick-and-mortar locations. “[StoreMatch] just makes things easier,” said founder and director Jon Sully. “And most importantly, quicker. If you get a match on the site, you instantly are notified and given the contact information of the other party, so you can go straight into negotiating the deal.”
StoreMatch works in favor of landlords because it eliminates the need to advertise in the open market. For retailers, the platform makes it easy to sift through available space based on various search specifications.
It is the first platform of its kind, and founder Jon Sully hopes StoreMatch will thrive in a struggling retail market. Retail vacancy is forecast to reach 11.4% by the fourth quarter of 2018, according to Statista.
“With the future of brick-and-mortar stores at a crossroads, StoreMatch has given many retailers a new lease on life. It speeds up the renting process, and gets the retailer in the space much quicker than the traditional route,” writes Mike Wheatley at RealtyBizNews.