![]() ![]() Simon did not respond to requests for comment for this story. “Chicago today is one of our largest markets, so we will certainly be in the greater Chicago market sooner rather than later.” “It’s not a question of if, but when, we will actually begin deploying more store locations in the Midwest,” Tolia said. He said the goal is to eventually extend the partnership to other markets in which Simon has a presence-like Dallas, Chicago and New York-and down the line, into midsize locales like Indianapolis and Nashville. Tolia, who started the firm in 2018 with business partner Jared Golden, said the decision to start with Simon in California and Florida is a function of Leap’s being steeped in those markets already. “So, we’ve cultivated a relationship over the years, and we’re now at a place where we get to forge the next chapter of our relationship and actually bring some of our great brands into their amazing centers.” “Over the last couple of years, we’ve been able to develop an incredible relationship with the folks at Simon Property Group, and they’ve been awesome partners and incredibly supportive as it relates to, you know, helping us think through the new approach,” said Amish Tolia, co-CEO of Leap. Simon is the biggest shopping center operator in North America, Leap officials said they are eager to work with Simon because of the experience and advice company officials bring to the table. Mack Weldon and Nadaam are also among the larger retailers working with Leap on physical stores. They include clothing stores such as Goodlife, ThirdLove and True Classic, along with candy store Sugarfina, all of which are part of the initial pilot with Simon. It doesn’t hurt that many companies partnering with Leap these days are well-known and well-funded up-and-comers, she said. “Plus, if it takes off and they transition into a long-term, permanent retailer, they’ll most likely stay in whatever Simon property they start in.” And since Leap is helping the brand develop the store, it’s much lower risk for Simon,” she said. “They’re getting a known brand in its infancy of having a physical store. ![]() It was one of 10 companies to back Leap during the round, and the only real estate firm to do so.Īlison Melton, president of Carmel-based Roe Commercial, called the retail partnership a savvy move for Simon. The partnership comes on the heels of Simon’s investment in Leap’s Series B funding round earlier this year, which raised $50 million in capital. Simon’s partnership with Leap will begin with a pilot that rolls out early next year, with four online retailers opening locations at upscale Simon malls in Los Angeles and Boca Raton, Florida. Leap currently works with about 60 brands and operates 100 stores across 10 markets. The arrangement reduces the risk for online retailers who want to test having a physical presence and for shopping center owners who want to work with a known entity that has experience helping e-commerce ventures make the transition. That’s because Leap handles nearly everything needed to launch a store, from space design to staffing and store management to making lease agreements with property owners such as Simon. Simon is partnering with Leap Services Inc., a 4-year-old Chicago-area company that helps e-commerce businesses open physical spaces faster and more cheaply than they could on their own. Simon operates or owns more than 250 shopping centers in the U.S.Simon Property Group is getting a leg up on the emerging trend of online-only retailers moving into brick-and-mortar stores, a strategy that analysts say could have a big payoff for the Indianapolis-based shopping mall giant as it looks to develop new tenants. The partnership was revealed last November when four Leap-operated stores opened at Simon malls in L.A. Now, our Leap-powered stores help us acquire thousands of high value customers each month.”Īt the same time, Leap said it is also expanding its partnering with the Simon Property Group to secure real estate opportunities and preferential terms for its clients in the developer’s malls around the U.S. “We continue to scale our e-commerce business, and turned to Leap to launch and operate our retail fleet. “The Leap platform makes sense for us at this stage in our growth,” said Zach Goldstein, founder and CEO of Public Rec. ![]() “As Leap grows, our first-party data and operational efficiencies compound, resulting in advantages for both brands and landlords that the traditional in-house retail model simply can’t offer.” “Now more than ever, brands want immersive retail stores to connect with high value customers directly,” said Amish Tolia, cofounder and chief executive officer of Leap. ![]()
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