Swiss start-up opens global niche for prime retail locations
02 Oct 2017
Elocations.com, a start-up based in Switzerland, is looking to conquer the global classifieds market for retail properties in prime locations.
The niche site, launched back in May of this year, touts itself as the only one of its kind to offer listings of retail locations on high streets around the world. The site currently has more than 5,000 listings and features tenant and brand information for every major high street in the world, which accommodates in total more than 75,000 stores. The company collects data on a global scale and publishes the information on the site for free.
“The idea [is] to bring all the collected news on a global map. Where did Prada move to? Where are all the brands opening? Apple, Gucci, H&M, Microsoft, Tesla, etc.,” said Elocations CEO Steffen Schaack (LinkedIn page) in an interview with the AIM Group. In so doing, the site helps customers see what other brands operate on a given street and get a better understanding of where they stand in the marketplace.
The objective is to provide users with a comprehensive service, which Schaack said, no other player offers in retail real-estate classifieds. “Elocations is the only global, retail marketplace – no other platform covers all major high streets in the world,” said Schaack.
According to Schaack, the business model for Elocations is based on a fee received for successfully connecting retailers with real-estate brokers. The company collects ten percent of the total commission earned by the broker. The first such deal for Elocations was the mediation of Dsquared2 in Madrid. Another deal brought Furla to San Francisco.
Later this year, Elocations will start offering the option of premium listings at a cost of around €195, or $210 U.S. per month.
The company will also continue to focus on data, which Schaack believes will be key to the venture’s future success. Elocations has automated crawlers collecting customized data from websites around the globe. That is, data on stores, listings, contacts and more. The company is making a big push in this area and is expecting its data sets to grow from 150,000 to more than 600,000 over the next few months. The next step, Schaack said, is to buy data from credit card companies and mobile phone service providers such as Horizon and AT&T. “So you can have a real valuation of the store, based on how many people are passing by, walking in, spending how much time, and how much money,” said Schaack.
CEO Schaack expects big things from Elocations. His goal is to scale the business to more than 10,000 cities (currently Elocations covers 500 cities) with over 3 million stores and 100,000 plus listings. The strategy is to do that by offering location intelligence to the customer at an unmatched level, to turn Elocations into the go-to site for retailers looking for perfect locations for their stores.