The growth of the retail industry has been gradual since its induction. However, with the introduction of e-commerce, the retail sector has experienced remarkable growth in the last decade.
“Unlike other industries where more revolutionary ideas are necessary to induce change, the slight changes and minor increases in efficiency change retail shopping.” explained Yaron Cohen, the Founder of Sharefront. Mr. Cohen is a serial entrepreneur and has experience in multiple sectors like real estate, retail, and psychology. Just by making a simple adjustment of Sharing, you can change the retail industry forever. One does not need to recreate the wheel, but correct minor inefficiencies to fit today’s day and age.
After working for years in the real estate industry, and leasing commercial properties, Mr. Cohen had built a reputation among many business owners. While they were focused on the various aspects of business, Cohen was able to look at them as a whole, spotting the difference between those that were successful and those that weren’t. Pre-pandemic, most people foresaw a decline in traditional retail as e-commerce companies such as Amazon occupied greater and greater market share. Many were concerned for the future of retail, and when the pandemic hit, it expedited the process. Cohen had to witness some of the customers close their stores while some still had what it took to thrive. After discussions with the owners, he realized that most failing businesses had many similar struggles like high entry costs, long-term commitment, location, management, hiring, and keeping up with retail tech and trends.
He adds, “At that point, I realized it only seemed logical that the co-working, co-living, co-industrial models that are so prevalent today needs to be expanded to include brick and mortar retailers. We took the target audience marketing approach and introduced it to reality, allowing brands to start connecting and sharing space with like-minded companies that share the same community and customers, through Sharefront.”
Overcoming the challenges
Initially, like all other startups, the company did encounter some challenges. Sharefront’s first and foremost challenge was to pitch the idea to the businesses and then connect the right brands with each other. Also, there was a challenge to inspire investors and raise capital. “What I realized is, it is not about the challenge itself, but rather how you approach it. We abide by a simple rule that has become somewhat of a raison d’etre: If it isn’t a win-win, it’s not for us,” added Cohen. Today, the only challenge Sharefront faces is how to deliver the best product at an affordable price. The team is overcoming this challenge, and others by creating partnerships and long-term opportunity growth with everyone that it works with.
Sharefront has developed a matching system for businesses that make sure all businesses within a shared space are compatible and non-competing. It focuses on the companies’ target audience alongside the core values to design, and operate the best possible stores for each specific retailer. Sharefront has partnered with architects and interior designers to make sure the space is more than simply a place to make purchases, but rather a social hub. Its state-of-the-art technology enables the company to gain insight into which sections of the space are best performing to allow both the retailer and consumer to achieve the best experience for both business and customer.
Distinguished Player in the Industry
Cohen believes that Sharefront is a distinguished player in the industry and is always perfecting its offerings to stay ahead of the competitors. He asserts, “I truly believe our company is one of a kind. Yes, there are department stores and direct-to-consumer (DTC) showrooms. We utilize our technology to initiate and curate locations like never before.” Sharefront is a matchmaking website for businesses and additionally a full retail management company as well. The team is committed to bringing non-native brands and new customers to already established markets. He adds, “Our goal is that when you walk in as a customer, you are not solely interested in what you came for, but everything else in the space as well.”
Currently, Sharefront is working on major partnerships with some e-commerce companies and landlords to allow the company to be able to build a footprint nationwide. The company is currently working with a handful of large retailers that will be testing the concept and work on building long-term partnerships. Cohen concludes, “We hope within the next 24-36 months to be in a lot of everyone’s favorite cities.”
What has been the key contributor to making Sharefront one of the innovative companies of 2022?
SHARING, We have introduced sharing to the retail and real estate sector, which has changed the game for both. Our pairing systems allow the most complimentary brands to scale and grow, seamlessly and cost efficiently with no extra worries. We are also reviving the retail rents for landlords which have been declining since pre-pandemic.
Saying that, I haven’t tried everything to know what 100% works best, but we have been focusing on trying to do a little bit of everything. Going to different conferences and shows, reading various articles and books, and trying alternate tactics and approaches are all steps that may not make such a big difference in the beginning but are integral to the backbone of any company. The key contributor I would say is our unflattering commitment to the notion of sharing and win-win relationships. This singular idea has allowed us to work and grow in ways we never could have imagined.
“We are focused on aiding emerging and D2C brands grow their business by providing and managing a co-retail space in a prime location. Allowing your brand to grow organically with less risk, less commitment, and fewer distractions.”
Yaron Cohen – Sharefront