Cathy Enderwood specializes in the national representation of tenants and landlords, with a strategic focus on providing transactional services to luxury retail and restaurant concepts. In her role at CBRE Group, Cathy has secured the placement of premier retail, food and beverage, and entertainment tenants for developers, institutional clients, and accredited investors. Cathy shared some insight into current market strategies during a conversation with What Now.
How did you come into this particular career/industry?
I worked for a well-established real estate developer after graduating college. In that role, I was responsible for identifying emerging fashion and restaurant concepts for the company’s retail assets.
What do you find unique about the F&B industry right now?
I often hear rising food costs are a pain point for new restaurant owners. In hospitality-driven markets such as West Hollywood, a labor shortage compounded with higher wage rate provisions remains a challenge to navigate. Market differentiation is also a difficult task in Los Angeles, where longtime restaurateurs and hospitality groups dominate market share.
How do you approach working with new business owners?
I take the time to understand a client’s business plan before shaping a market rollout strategy, which is dependent on several factors, including existing financial position, menu offerings and ideal customer demographic. Restaurateurs often require guidance understanding the fluctuation of rents in local submarkets and may also wish to evaluate the competitive landscape before choosing a suitable location.
What is a service that you personally provide to the F&B industry that has a big impact but can be initially overlooked?
CBRE operates a robust market intelligence platform that models economic and geographic data. When presenting a potential location to a client, I routinely illustrate trade area gaps and foot traffic trends; these two data points can become crucial elements when forecasting operating performance and evaluating frontage.
If you could give one piece of advice to a new business owner, what would it be?
A restaurateur should consult with an experienced real estate broker. A broker can not only expedite the lease negotiation process, but also provide critical guidance in a high-demand market such as Los Angeles. A broker may even have knowledge of an off-market opportunity that better suits the concept.
What’s one restaurant you would recommend to somebody visiting from out of town, a place that’s locally loved in Los Angeles?
The Ivy on Roberston. The restaurant is an iconic LA landmark featuring traditional California cuisine and if you are lucky, a celebrity sighting.
To connect with Cathy from CBRE Group about your commercial real estate needs, email her at [email protected]
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