NEW YORK, NY, August 4, 2010 —New York-based RCS Real Estate Advisors, the pre-eminent real estate advisory firm to the retail industry, today announced that it has successfully completed its engagement with Movado Group, Inc., supporting in the closure of Movado Group’s retail boutiques. RCS Real Estate Advisors President and CEO Ivan L. Friedman made the announcement.
RCS Real Estate Advisors was retained to assist with a strategic assessment of the subsidiary’s performance and to negotiate cost-effective lease terminations of the relevant locations. Following the assessment, Movado Group announced the closure of its boutique division and RCS Real Estate Advisors successfully negotiated the boutique closures, which Movado Group completed, effective July 20.
Movado Group President and Chief Operating Officer Rick Cote stated, “By working with RCS Real Estate Advisors, a well-respected company with expertise in analyzing real estate portfolios, we were able to successfully complete the closure of our boutiques. We appreciate their efforts in ensuring that this entire process was managed efficiently.”
RCS Real Estate Advisors was borne of professionals with decades of retail experience, who have been delivering meaningful and measurable results for retailers since 1981. The firm specializes in analyzing real estate portfolios, reducing occupancy costs and expanding footprints. Key transactional services include portfolio assessments, renewals, lease restructuring, terminations, dispositions and site selection. RCS also goes beyond the initial transaction to provide continuous management of a portfolio, ensuring the real estate performs at its optimal level. For more information, please visit www.rcsrealestate.com.