7-Eleven(R) Retains RKF as Exclusive Leasing Representative for Manhattan Store Growth
November 30, 2009 // Franchising.com // NEW YORK -- Robert K. Futterman & Associates, LLC (RKF), the nation's leading independent real estate firm specializing in retail leasing, investment sales and consulting services, has been retained as the exclusive retail leasing representative in Manhattan for 7-Eleven, Inc.
7-Eleven, the world leader in convenience retailing, is expanding its presence in the New York metro area with a major focus on New York City, and Manhattan specifically. 7-Eleven is looking to open 100 stores in the next five years in Manhattan either by executing new leases or through its business conversion program (BCP).
Ideal sites for 7-Eleven are from 1,700 to 3,500 square feet in high foot-traffic locations that allow for 24-hour operation. Under a BCP franchise arrangement, owners are invited to convert their existing business to a 7-Eleven store and become a 7-Eleven franchisee incorporating the company's proven business model - proprietary products, services, technology, and business processes. Under 7-Eleven's traditional franchise model, the company develops the store site and then franchises the business to a qualified candidate.
RKF Executive Vice President Ariel Schuster and Associate Greg Covey will be responsible for the majority of Manhattan, focusing primarily on the areas below 125th Street on the west side and 96th Street on the east side. Executive Vice Presidents Barry Fishbach and David Rosenberg will concentrate on Upper Manhattan.
7-Eleven's newest locations in Manhattan include stores at 103 West 14th St., 140 Church St. and 676 Amsterdam Ave. The company is currently negotiating several other leases and has several BCP franchises in progress. These sites were designed as part of retailer's new store format that was created specifically for Manhattan and includes enhanced lighting, wall finishes and flooring.
"We are identifying the leading real estate firms in our growth markets, and RKF is well suited to assist us in increasing our presence in Manhattan," said Dan Porter, 7-Eleven's vice president of real estate. "Their local market intelligence, experience and contacts will be critical to our rapid expansion in this New York borough."
Included in what 7-Eleven stores bring to the community are business and job opportunities, a new tax base, fresh and hot foods, prepaid and financial services and entertainment. Nearly 300 food and other products are sold under 7-Eleven's private-label brand of 7-Select that offers quality merchandise at a value.
"Being tapped by 7-Eleven to help them expand in Manhattan is a testament to our proven ability as a broker," said Mr. Schuster. "7-Eleven is in a tremendous position to grow and become a fixture in Manhattan's retail landscape. The brand strength and versatile product mix make the company well suited for success in Manhattan."
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses some 7,900 7-Eleven® stores in North America. Globally, 7-Eleven operates, franchises or licenses more than 36,900 stores in 15 countries. During 2008, 7-Eleven stores worldwide generated total sales of more than $53.7 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #3 in Forbes magazine's Top 20 Franchises to Start, #3 among Top 100 Global Franchises by Franchise Direct, #3 in Store Growth by Convenience Store News, #2 in Franchise Times Top 200 Franchise Companies and #29 among Top 100 Chains in Food Service. In addition, Hispanic Magazine's named 7-Eleven in its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven is franchising its stores in the U.S., and is expanding through organic growth, acquisitions, and its Business Conversion Program.
About Robert K. Futterman & Associates
The country's leading independent real estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $9 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Las Vegas, Los Angeles and San Francisco.