Michael Levin
Chief Operating Officer
Fameco Real Estate
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Michael Levin joined Fameco Real Estate, L.P. in 2007 as Chief Operating Officer.? As COO, Michael oversees all aspects of Fameco?s operations, with particular focus on the Brokerage Division.? In 2008, Michael was instrumental in opening the Fameco office serving central and northern New Jersey and he continues to oversee the operation of that office. In 2011, he opened the Center City Philadelphia office for Fameco to better serve its Center City clients.
Michael previously served as Executive Vice President, Real Estate and Operations, at Five Below and Sr. Vice President of Real Estate and Operations at Zany Brainy. He?led the national store roll out campaigns for both these start-up ventures. At its peak, Zany Brainy operated 188 stores in 34 states. He opened Five Below?s first store in 2002 and then led its expansion to 60+ stores along the eastern seaboard before joining Fameco.
Michael brings over 25 years of retail real estate, executive management, and legal experience to Fameco.? He is a magna cum laude graduate of the University of Connecticut,where he majored in Economics with a minor in Business Administration.? He went on to receive his J.D. with honors from the University of Maryland School of Law. Michael is an active member of the ICSC and sits on the Board of Tristate Brokers Commercial Alliance, Inc.
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Q: Tell us how you got involved in retail real estate, as opposed to another sector or asset type within this industry.?
I have always had a strong interest in real estate. Early in my career I decided to attend the University of Maryland Law School with the goal of practicing real estate law. During and following law school, I went to work for a Baltimore, MD law firm called Frank, Bernstein, Conaway and Goldman. From the beginning of my tenure with Frank, Bernstein I was very involved in shopping center leasing, representing both landlords (such as the Rouse Company) and retailers (such as Brookstone and Jos. A. Bank).
During that time I realized that I wanted to get involved in the business side of the retail real estate process and not just the legal side. From there I spent the next 15 years working in house for Crown Books, Zany Brainy and Five Below, focusing on all aspects of the new store development process for these retailers, among various other responsibilities.
?Q: In your experience, has the retail real estate sector changed over the years?
Absolutely. When I first started in the industry the malls dominated the regional shopping experience and grocery anchored centers took care of the daily needs. In the 1990?s we saw the proliferation of the power center and the big box category killer. Today many of the same retailers that grew so rapidly in the 1990?s and early 2000?s are going out of business (such as Linens and Things, Circuit City and Borders Books) and others are looking to downsize their store count and footprint as they are losing market share to the online players like Amazon.
Q: What is your favorite part of your job? What do you find most challenging?
I enjoy that no two days are alike. As long as I have been involved in retail real estate I have found each day to bring new issues, successes and opportunities. Although it can be challenging to find quality new salespeople, I get tremendous satisfaction hiring someone just starting out in the industry and helping them develop into a successful salesperson with a strong knowledge of the market and industry.
Q: How have economic conditions affected your industry? Have you widened or narrowed your focus (in terms of asset class, market, client base, etc.) as a result? ?
Over the past four years the economic conditions have slowed the deal approval process, the development of new shopping centers and the sale of existing shopping centers. We have also witnessed the closure of some big box retailers, but most of these have successfully been back-filled with other retailers. The greater Philadelphia market did not experience the tremendous over-storing that some other cites have experienced.
At Fameco our focus is only on retail real estate and we have not changed that focus. We pride ourselves in the strength of our relationships and market knowledge as these relate to the retail real estate world. During these tougher economic times, more of the larger and institutional shopping center owners have engaged Fameco to lease their shopping centers. I think the more challenging leasing environment has caused them to seek our help where they may have tried to lease their centers themselves in better times. Additionally, we have also been engaged by a number of retailers to assist them with the disposition of their excess real estate.
Q: Online retailers like Amazon have presented a challenge to many in your sector. Has Fameco Real Estate changed its strategy because of this challenge?
Many of our retail clients are affected by the online retailers. Some clients are downsizing their footprints and, at times, reducing their store count. We are also pursuing more alternative uses for retail space such as medical facilities and training schools.
Q: If you didn?t work in the Mid-Atlantic market, what region would you be interested in exploring? Why?
I have lived and worked in the Mid-Atlantic market my entire life and cannot imagine working in another area. If I had to choose another region I suppose it would be the southeast as I find I no longer enjoy the cold and snow in the winter.
Q: In what ways do you image Philadelphia?s retail real estate will change in coming years? How about retail nationwide?
I think in both the Philadelphia area and nationwide, we are going to see smaller stores due to the online competition. In many cases I think that stores will shrink and will be part of a multi-channel distribution network with the online retail. We will also see more and more non-traditional retail uses in shopping centers. Finally, I think that restaurants and other lifestyle businesses will continue to expand as people look to them for an entertainment experience.
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Source: http://llenrock.com/blog/executive-interview-michael-levin-fameco/
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