It is no surprise that store vacancies in the Los Angeles area and in other parts of California and the United States are rising in number these days. At the same time, more tenants are demanding shorter commercial leases. This is the perfect situation for a company called Appear Here, a business that is changing how landlords locate new tenants through an new online marketplace.
Appear Here, based overseas, moved into another state’s market a year ago. Since then, it has seen over a 50 percent rise in global demand from brands interested in booking spaces by using the company’s unique platform. Later in 2018, the company will enter the California market, too. It is also interested in moving into malls throughout the country.
The goal of Appear Here is relatively simple: to fill the empty stores that are growing in number in today’s retail apocalypse. Many restaurant chains and retailers, such as Toys R Us, Bon-Ton and GNC, have closed hundreds of U.S. locations as more consumers turn to the internet to make purchases. In their place are more ‘popup shops’ — smaller-format stores with leases that are shorter term and more flexible. The benefit of using Appear Here is that business owners can complete lease transactions in a matter of minutes rather than a few weeks, as using a traditional brokerage firm is no longer necessary.
The landscape for commercial leases is changing thanks to innovative companies such as Appear Here. However, one thing has not changed — the complexity of leasing agreements. Fortunately, an attorney in Los Angeles can help business owners who are interested in becoming tenants to review and effectively negotiate lease agreements before signing on the dotted line.
Source: CNBC, “Meet the company helping fill a sea of vacant stores in the US“, Lauren Thomas, April 30, 2018