Woodland Hills, Calif. — E-commerce and smartphones are re-shaping brick-and-mortar shopping center industry. In recognition of that trend, NewMark Merrill Cos. has launched BrightStreet Ventures, a technology affiliate focused on developing new technology platforms.
“We believe that the rise of mobile has significant offensive and defensive implications for shopping center owners and managers,” said Sandy Sigal, CEO of NewMark Merrill. “There is considerable evidence that merchants who embrace mobile strategies within their business see material sales lift, as compared to retailers who only embrace the physical channel. Towards that end, we intend to provide our industry the tools they need to make mobile-friendly and data-driven decisions about their business.”
BrightStreet will work with entrepreneurs in three ways:
1. Providing a ‘test tube’ for rolling out new platforms at shopping centers across a variety of geographic, economic and tenant mix environments.
2. Offering incubation, advisory and partner network access at NewMark Merrill’s headquarters.
3. Investing in entrepreneurs (i.e., check writing) with clear synergies to NewMark Merrill’s core business.
The new technology affiliate will be led by Mark Sigal, a five-time entrepreneur and angel investor with over 25 years of technology and real estate success, including exits to IBM, Intel and Apple. The BrightStreet Ventures team will be available at ICSC RECon Convention; Las Vegas, May 18-20. Booth number S3867-R Street.