April 10, 2024 • 29 mins
Retail Intel is back with a new episode led by your host, Brian Sheehan! Squeeze Massage prides itself on easy-to-make appointments and the perfect massage experience. We are joined by Kathrina Reyes, Director of Real Estate and Development, to share insights and forecast trends providing tools to understand and conquer the world of commercial real estate.
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Episode Transcript
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Brian Sheehan (00:00):
Welcome to Retail Intel, the podcast where we
dive deep into the dynamic worldof commercial real estate.
I'm your host, Brian Sheehan,and I'm thrilled to be your
guide on this journey throughthe bustling streets of retail,
the aisles of shopping centers,and the world of property
(00:20):
investment.
With me today, I have KatReyes.
She's the Director of RealEstate and Development at
Squeeze Massage.
Kat has over 20 yearsexperience in commercial real
estate and is a dynamic,collaborative, and compassionate
leader that builds and fostersstrong team, client, and partner
relationships with a passionfor facilitating the
(00:41):
interrelationship betweencompany objectives and the
consumer experience.
I'm excited to learn more.
Kat, welcome.
Kat Reyes (00:48):
Thank you so much for having me, Brian.
I'm excited to chat with you.
Brian Sheehan (00:51):
Likewise.
How have you been?
Been
Kat Reyes (00:53):
great.
Been really good.
How about
Brian Sheehan (00:54):
you?
Great.
Well, I appreciate you takingthe time.
I'd love to start with yourbackground first.
What What got you interested incommercial real estate?
What were you doing prior tojoining Squeeze Massage?
Kat Reyes (01:07):
Yeah, it was really a happy accident.
Around 20 years ago, I'm gonnaage myself now, I was in college
studying political science atUCLA with a plan to later attend
law school.
And my uncle, who had a reallybusy, very successful real
estate office, offered me justsome part-time work there to
help him with odds and endswhile I was finishing
(01:27):
university.
And so I ended up getting mystart with him in property
management before moving on toget my real estate license and
getting into residential andcommercial sales and becoming
his office manager for a fewyears.
And I love that you asked thatquestion because I really love
reflecting on that time.
I truly would never have foundmy calling in the real estate
(01:49):
industry if not for my uncle.
He's been gone a few years now,sadly, but I am forever
grateful to him for helping mefind my passion and springboard
my career into something that Ididn't even know that I wanted
to do.
Brian Sheehan (02:01):
That's
Kat Reyes (02:01):
incredible.
As well as two medical startupswhere I was focused on finding
(02:35):
and building clinical spacesthat were aimed at providing
medical access and services forhistorically underserved,
marginalized communities.
So while my background has beenpretty diverse, I would say the
unifying theme has definitelybeen finding and constructing
spaces that I feel passionateabout.
Brian Sheehan (02:52):
Well, and it sounds like there's a passion
connection in what we sometimesrefer to as the med tail
category.
And what is it that attractedyou to kind of medical retail or
medical use in commercial realestate?
Kat Reyes (03:05):
It's definitely the human side of the business.
There is something reallyfulfilling about creating spaces
that are focused on the humanexperience, whether as a patient
or here at Squeeze as a guest.
I love the ability to makepeople feel truly seen and
considered as a part of thedesign of a space.
You know, when you walk into asqueeze, there are so many
(03:26):
elements that if they weren'tthere, you probably wouldn't
miss.
But because they are there, Ithink our guests really feel
like their needs and conveniencewere considered and
anticipated.
Like they weren't anafterthought of the design, but
really the inspiration for it.
We have all these features inour shops that we'd like to call
surprise and delight moments.
And I think it's in thatinterrelation between space and
(03:46):
function in finding ways toserve people through design and
physical space that I get reallyexcited.
Brian Sheehan (03:52):
I love surprise and delight moments and I want
to dig a little bit deeper intothat later in the interview.
But first, I guess we shouldstart with what is squeeze
massage?
Kat Reyes (04:02):
Yeah.
I mean, simply put, squeeze isa way better massage experience.
You can't really tell the storyof squeeze without telling the
story of a little brand that youmay have heard of called
Drybar.
Drybar, as you may know, gotits origins when our founder,
Allie Webb, wanted to get herhair blown out, but found only
two sort of equally bad options.
(04:22):
She could either go to ahigh-end salon and spend a
fortune or go to a discountchain and get probably a less
than stellar experience.
And she wanted a better option.
And like a true boss andentrepreneur, since it didn't
exist, she created it along withher brother, Michael Landau.
And Squeeze has a similarstory.
Before Squeeze, there were sortof two also not so great
(04:45):
options, like super expensivehigh-end spas where a single
service can easily run you over$150, which is a great
experience but doesn't makeregular massages very accessible
for the masses.
Or there were discount chainsthat provided subpar experiences
in generally poorly designedspaces for cheap.
(05:05):
So out of that industry gap,Squeeze created this way better
massage experience.
All of the Drybar founders arealso founders here at Squeeze.
And of course, BrittanyDriscoll, who was the head of
marketing for Drybar and largelyresponsible for its exponential
growth, is our CEO.
Brian Sheehan (05:21):
Oh, that's awesome.
This is such a competitivespace, it seems like.
I would call it massagegenerally.
But what are some things thatstand out?
If you've never been to aSqueeze massage what are some
things that make it unique
Kat Reyes (05:34):
great question there's so many differentiators
and i you're going to hear in myvoice this is where i get
really excited because ipre-squeeze was an avid massage
goer and thought that i washaving a good experience only to
learn what it really could lookand feel like at squeeze and i
can never go back so if you'vehad to look i had a chance to
look at our socials we are atsqueeze on instagram hopefully
(05:55):
you've had a chance to see ourgorgeous shop aesthetic complete
with spacious private massagesuites and Thank you so much.
some cute and cheeky messagingthat are in the loos.
(06:34):
And I don't want to ruin thatsurprise.
So when you pop in for amassage, definitely stop in the
loos.
In the suites themselves, wehave anticipated everything that
a guest could need to becomfortable.
Things like complimentary hairties, breath mints, a built-in
phone charger so you canrecharge your phone while you
recharge your body.
We also have curated playlistsand sounds that guests can
(06:57):
choose from to listen to whilethey enjoy their massage
experience.
We have an amazing in-house DJSarah Hutnick, also from our
Drybar family, who has createdsuch great options.
So, you know, not just thetraditional boring spa music on
repeat.
And probably my very favoritefeature is something that we
call our ready light.
If you think about your normalmassage experience, you get
(07:18):
disrobed, you're on your tablewaiting for your therapist, and
there's that sort of likeawkward interaction of them
knocking and shouting throughthe door to see if you're ready.
We've taken that out of theequation.
And so you simply push a buttonwhen you're ready and your
therapist comes in.
Again, a small thing, but sucha better experience from both
the guest and therapistperspective.
And I think, you know, on thatend, it's really important to
(07:39):
know that we involved realmassage therapists and experts
in the massage field to consulton the design of our suites.
So while it is truly a gueststream room, it's also a space
that feels good and functionswell for massage therapists.
We have cushy carpet for theircomfort to hydraulic tables and
really want Squeeze to be aplace that contemplates the
(08:01):
therapist experience.
experience as well.
I think it's also importantwhen talking about what makes
Squeeze unique to talk alsoabout what not to expect.
So first, unlike a lot of othercompetitors in the space,
extras don't cost extra.
You can enjoy aromatherapy,percussion therapy, heat
therapy, and even deep tissue atno additional cost.
And also at Squeeze, literallyeverything is done on our app.
(08:25):
So you can book yourappointment, set your massage
preferences, pay and tip justlike you would on Uber or door
dash.
So there's no need to check outafter your massage and you
won't ever be upsold formembership or products.
You simply book.
When you arrive, let our maitred' know that you're there.
Enjoy the best massage of yourlife and just float out so you
can hold on to that post-massagebliss as long as possible.
Brian Sheehan (08:48):
An in-house DJ.
Kat Reyes (08:51):
Right?
Very cool.
Definitely a differentiatorfrom the competitors in this
space.
Brian Sheehan (08:55):
I love it.
I'm my family's in-house DJ.
I don't know that they love mymusic choices all the time, but
that additional special thingthat you're using to create this
unique environment and thatalong with the ready light and
that It's a very modern take onwhat the traditional massage
(09:19):
parlor kind of was.
It's everything it can be.
Kat Reyes (09:22):
Absolutely.
And it's everything that youdidn't know you needed, right?
And hence the surprise anddelight.
If it wasn't there, youprobably wouldn't miss a curated
playlist or hair ties or aphone charger.
But because they are, as aguest, you feel like, wow, they
really considered me at everystep of this experience and what
would make it even better.
Absolutely.
Brian Sheehan (09:43):
So it It falls in this health and wellness
category and there's a lot ofcompeting health and wellness
users.
I guess I'm wondering, what isit about squeeze massage that
makes it a desirable use for ashopping center?
Kat Reyes (10:02):
You know, for some landlords, I think when they
hear massage, they have thispreconceived idea of what that
business will look like.
You yourself a moment ago usedthe term massage parlor, which I
think conjures up all sorts ofseedy ideas.
And it's not what modernmassage is about at all.
I think those landlords whohave those sort of preconceived,
outdated ideas are socontinually delighted when they
(10:26):
see our brand deck or visit anopen shop and see what sets us
apart from the rest.
We have...
Thank you so much.
(11:01):
to a shopping center, alongwith the fact that we drive a
lot of reoccurring visits to acenter.
Brian Sheehan (11:06):
I want to dig in a little more to the customer
demographics here in a second,but what's the typical size
range footprint of a squeezemassage studio?
Kat Reyes (11:16):
Our sweet spot is ideally somewhere between 1,700
and 2,700 square feet, which forperspective yields between a
six and 10 suite shop.
Brian Sheehan (11:25):
1,700 to 2,700?
That's right.
And you get six to 10?
Kat Reyes (11:28):
Six to 10, yeah.
Assuming that it's sort ofrectangular in nature.
I always joke that we'relooking for that unicorn in the
wild that is that perfect 30-fitstorefront and perfect
rectangular box that of coursedoesn't always exist in the
inventory that's out there.
So we have had to go larger insome instances for our regularly
shaped spaces.
Brian Sheehan (11:48):
And how many are currently open?
Kat Reyes (11:50):
We just opened the doors to our 10th shop about
three weeks ago in LagunaNiguel.
We opened the doors to ourfirst shop, our flagship in
Studio City in 2019, just beforethe pandemic.
So not ideal timing for abusiness that's all about touch,
right?
So of course, our growth duringthat time really flatlined,
just squeeze weighted it out.
And I have to say, I'm sothankful to the core founding
(12:13):
team for their tenacity and gritfor holding on during those
difficult days.
Because as I said, we justopened doors to Shop 10.
We have three more opening nextmonth.
That brings us up to 13.
And I'm pretty proud of thatgrowth.
When I joined this time a yearago, we had just three shops
open.
And we're going to have, like Isaid, three next month, Fort
Worth, San Antonio, andProvidence.
(12:33):
And then another 13 or so bythe end of the year for a total
of around 26 shops in 2024.
Brian Sheehan (12:39):
That's awesome.
Unknown (12:40):
Yeah.
Brian Sheehan (12:40):
Congratulations on opening number 10.
Thank you.
Three a month.
It sounds like an incredibleamount with currently having 10
locations.
13 more by the end of the year.
That's what it's looking like.
That's really exciting.
How many are you thinking arein the pipeline for 2025?
I
Kat Reyes (12:58):
foresee easily another 30 plus shops in 2025.
We are a franchise model, soit's largely driven by where we
have franchisees signing and dolike them to be open.
Ideally six to nine months atlocation one before opening the
doors to location two.
Slow and steady, comfortablepace for growth for operating
(13:20):
partners that are multi-unitoperators.
But yeah, I would say at least30 next year.
Brian Sheehan (13:24):
I like that you want to have them get
established with the firstlocation before they move on to
future locations.
That makes sense.
Kat Reyes (13:31):
Absolutely.
It's been, you know, this issort of my first foray in my
career into the franchise world.
I've learned a lot reallyquickly and sort of what other
people have done that doesn'treally feel good for
franchisees.
You probably have seen on ourwebsite, you know, we call what
we're doing the feel goodrevolution with a sort of belief
that we want it to be anexperience both for our guests,
(13:52):
our therapists, the rest of oursupport squad and our operating
partners that really does feelgood.
And I think with that, it'sbeen such a beautiful thing to
see the intent with whichBrittany and the rest of the
team has created the franchiseeexperience as this way better
franchise experience, right?
With their scalability andsuccess in mind at the heart of
(14:15):
everything that they'veestablished, I think they've
created such an easy sort ofguidebook, playbook to follow.
Not to imply thatentrepreneurship is easy.
We know that it's Certainlynot.
Right.
But I think that there are alot of sort of rules in place
that help people grow at a pacethat sets them up for success.
Brian Sheehan (14:33):
The feel good revolution.
That's a phrase that will stickwith me from this.
I think about squeeze being abest in class operator in a
subcategory of a segment that'sreally growing strongly.
We see it in our shoppingcenters where there's other
health and wellness operatorsthat you probably like to be
(14:53):
around.
I'm thinking other healthyrestaurant and food choices.
Maybe talk a little bit aboutwhat are you looking for when
you're evaluating your specifictarget markets or where your
franchisees are looking?
Kat Reyes (15:06):
Sure.
I think we could talk bothabout co-tenancy and probably
demos.
With co-tenancy, there's not ahard and fast rule that I
absolutely have to be near X orY to be successful.
But of course, we love beingpositioned near other wellness
and fitness uses, upscalegrocery stores.
A few of my personal favoritesto to see when I'm vetting a
center are Whole Foods, OrangeTheory Fitness, Solid Core,
(15:31):
Restore, F45, Berries, Sun LifeOrganics, Dry Bar is a nice one
to have.
The typical squeeze guest isabout 72% female and 28% male.
I do think that we're going tocontinue to see growth in the
male sector and massage use asmore and more people realize the
benefits of regular massage.
(15:53):
Our average guest is between 35and 44, typically earn $100,000
a year plus, typicallycollege-educated young
professionals that prioritizehealth, wellness, and a
self-care routine.
They value working out, eatinghealthy, maybe meditating,
listening to podcasts like yoursin their free time, typically
(16:14):
modern and tech-savvy.
For those that are interestedin actual Mosaic groups, our
main core groups are the PowerElite, which is Group A,
Flourishing Families Kat, youjust blew
Brian Sheehan (16:31):
my mind.
Do you mind going back andelaborating a bit more on that?
I'm not familiar with thesecategories.
Kat Reyes (16:38):
On the demos?
Yeah, totally.
So, you know, there's a coupleof different systems that folks
use to understand, you know, howpeople sort of spend their time
and money and what their habitsare to help them.
help inform both where we'refinding locations and also how
we're marketing to those groups.
(16:59):
There are over a dozen, gosh,maybe two dozen different sort
of core groups.
I could get that information toyou.
These are the four that wefocus on.
And with each of these coregroups, there's a number of
subgroups as well.
And so, you know, we could lookat, let's take one, let's look
at Young City Solos.
So that group is really made ofgenerally people that are
single, they're downtowncommuters, they're apartment
(17:21):
dwellers, they are career drivenThey have very active
lifestyles.
They're typically making in thecountry between $75,000 and
$100,000 a year.
Their household size isgenerally just one person.
If they have kids, they'reyounger children.
In that group, we can also lookat things like where are they
(17:43):
getting their information?
Is it radio?
Is it television?
Is it social media?
What's their level oftechnology sophistication?
Where are they typicallyspending their disposable income
and what are their existing AndI think it's important to note,
like for any emerging brand,which squeezes very much still
in its early days, we're notlooking for people to create new
(18:04):
habits.
We're looking to piggyback offexisting habits in terms of
where they're spending time andmoney so that they start to
learn who we are in the courseof where they're already
shopping and doing theirbusiness and trading.
Brian Sheehan (18:16):
That's incredible.
And what is the platform thatyou use?
Kat Reyes (18:19):
Yeah.
Brian Sheehan (18:20):
Mosaic.
There you go.
Kat Reyes (18:21):
This is Mosaic.
We have access to all thisthrough our messaging.
Yeah.
helps predict what you canexpect behaviors to be of the
(18:57):
groups that live in these areas.
Brian Sheehan (18:59):
And thank you.
You mentioned a couple specifictarget markets earlier.
for future locations?
Where are you growinggenerally?
Where are your franchisees mostactive?
Kat Reyes (19:07):
You know, sort of nationally is the goal.
The where, because we're purelyfranchise-based, the where is
always dictated by the who, whoour operating partners are and
where they live.
We want to be everywhere, soit's always really exciting for
me to meet new folks onDiscovery Day from across the
country and envision where we'regoing to grow next.
I'm currently working with ourincredible broker team to find
space in Seattle, Stanford,Connecticut, Orange County,
(19:31):
California, and Boston, GreaterLA Market, Gilbert, Arizona,
Pasadena, Houston, Palm Springs,Austin, Raleigh, San Diego, and
San Francisco.
So send those sites my way,y'all.
That's
Brian Sheehan (19:44):
awesome.
Definitely nationally.
Kat Reyes (19:46):
Yeah.
Hopefully you'll see a squeezein every city near you in the
next few years.
Brian Sheehan (19:51):
Can't wait.
What are some of the other, Iguess, key factors?
You talked about co-tenancy,but when you evaluate a
property, and I guess I'mcurious, how active are you with
your franchisees when you orthey or their brokers are
selecting a site?
But what are some of the keythings that you're looking for?
Kat Reyes (20:10):
Yeah, we are super, super active and engaged.
So we have bi-weekly calls withall of our operating partners,
including their local brokerageteam, myself, the master
brokerage team.
We are partnering with thesefolks because We think they're
going to be tremendous massageoperators, not because I expect
them to have knowledge or even apassion for real estate and
(20:30):
construction.
I mean, that's why they haveus.
So we've worked really hard atSqueeze to build out a truly, I
think, best-in-class team fromour master broker, which is
Sabre out of New York City.
We work with seven multi-sitesolutions out of Chicago.
You may be familiar with themas they are the construction PMs
for other companies likeStarbucks, Amazon, Walmart,
(20:52):
Walgreens.
I mean, the list goes on andon.
And then just incredible,knowledgeable local broker teams
who are truly the best thatI've worked with.
Sabre has a knack for findingthose people that are just so
ingrained in their communitiesthat they know each block like
the back of their hand.
We really allow them to be asinvolved as they want to be in
(21:26):
those aspects, but all guided bythe experts.
We also, of course, have a realestate committee that will
approve or disapprove anypotential sites.
There's quite a few checks andbalances along the way.
Brian Sheehan (21:38):
How often does your rec meet?
Kat Reyes (21:40):
Weekly.
Brian Sheehan (21:40):
That's great.
Quick decisions.
Kat Reyes (21:43):
Yeah.
quick decisions.
And we actually meet twice.
We meet at LOI and again,before the lease is actually
executed to make sure there'sbeen no material changes.
So again, never looking for theZs, which we call operating
partners here at Squeeze, to bethe experts in any of those
fields.
Brian Sheehan (22:01):
Have you had any deals fall out prior to lease
execution?
Kat Reyes (22:05):
We had one that came really close that we got across
the finish line.
Brian Sheehan (22:08):
Okay.
That's great.
Well, I guess thinking aboutnegotiating lease agreements Are
there any particularchallenges, maybe specific to
squeeze massage or just maybethings generally you're kind of
looking out for in those leases?
Kat Reyes (22:23):
Yeah, I would say the most common challenge is
sometimes just getting in thedoor with some centers and
landlords who still hear massageand their minds go to like low
end concepts like we chattedabout earlier versus our
differentiated high endoffering.
It's usually something weovercome pretty easily just by
sharing the brand deck or givingthem an invite to experience
one of our open shops.
(22:44):
Of course, there's exclusives,which all of us deal with in
different ways.
That will be a hurdle, I think,that we continue to face in a
market where inventory is low.
But I think those are probablythe two biggest gotchas.
Brian Sheehan (22:57):
The exclusives, maybe it's a bigger box tenant
that has an exclusive or arethere use restrictions sometimes
against?
I think there's both.
Okay.
Kat Reyes (23:07):
Yeah.
I mean, it'll sometimes just bethat there's already an
existing provider of massagethat has an exclusive in their
lease.
And then...
Additionally, you have a lot ofleases that are 10, 15, 20
years old that have languagethat prohibits massage use.
But again, at the time theywere drafted, what they were
really working to prohibit wasthat sort of antiquated massage
(23:28):
parlor concept.
And so we have had to work withlandlords to work with their
existing tenants to getapprovals, and we haven't had an
issue there.
Again, normally once they seethe brand deck, they realize
that it's just a class above andwe'll just enhance the center.
Brian Sheehan (23:43):
Oh, absolutely.
I guess it I'm curious.
So you've got a tremendousamount of experience in
commercial real estate.
You've looked at a lot ofcenters.
How important a role does thephysical layout of a property
play in enhancing the squeezemassage customer experience?
So for example, how closely areyou paying attention to
landscaping?
(24:03):
What do you need to see parkingwise?
A
Kat Reyes (24:06):
site with easy ingress and egress and clear
visibility is really key for us.
As a newer brand, we We need tomake sure that people that are
sort of organically coming inand out and passing by a busy
center can see our signage.
Brett Driscoll always likes tosay, you can't market your way
out of a bad location.
There's no dollar amount thatyou're going to spend that's
(24:28):
going to help save a locationthat's physically a bad one.
And I think that's so verytrue.
The other piece of that is thelast thing you want to do when
you are trying to carve out timeto relax is to battle
impossible parking or access.
So that's always top of mindwhen considering spaces is
finding something that's lowfriction.
Landscaping, of course, abeautiful shopping center and
(24:49):
environment only serves toenhance the guest experience.
I think it also speaks to thelandlord's involvement in
wanting to have awell-maintained Class A shopping
center.
But really, our creative teamdoes such a phenomenal job of
infusing the brand even into thestrictest of shopping center
requirements.
The magic really happens insidethe shop.
Brian Sheehan (25:06):
I mean, you hear a lot about everybody once it
seems to be in an end cap.
Maybe this isn't a fit forsqueeze massage, but end caps
with drive-thrus are some of themost coveted bases in our
centers these days.
And it sounds like as long asthere's clear visit a navigable
path to the location.
You guys are looking at inlinespaces, I would imagine, right?
Kat Reyes (25:28):
Generally, yeah.
I mean, believe it or not, wegenerally don't love an end cap
like a lot of tenants do.
The visibility is really nice,but we have found the build-out
costs to be so much higher wherewe have to deal with extensive
glass.
Massage suites and our guestlounge need to be relatively
dim.
So glass, other than ourstorefront lobby area, actually
(25:49):
isn't ideal for us.
Brian Sheehan (25:50):
That's great.
It seems like there's a littlebit less competition for those
good visibility inline spaces.
So I would imagine you've got alot of options that you're
considering.
Kat Reyes (26:01):
Totally.
The wild card then is alwayswho are the neighbors, right?
Also not great for massage orthings that are really loud or
have a very strong odor.
So we also have to be sensitiveto that.
But otherwise, pretty agnosticto other factors that I think a
lot of other businesses reallyhave to hang their hats on.
Brian Sheehan (26:18):
That's interesting and good to keep in
mind.
Are you guys looking at any newground-up development
opportunities, new construction?
Are those a good fit?
Kat Reyes (26:27):
We have gone into first-gen new construction
construction.
As you know, it can be a realwild card in terms of timing.
But in some markets, it's theonly real option.
So we have.
I always work to reallymitigate some of that risk with
regards to potential dead rentby tying the rent commencement
date to permit issuance, whichwe do across the board.
(26:47):
But I think it's reallycritical in new developments.
Brian Sheehan (26:50):
Absolutely.
What's the best way to presenta site to you and your team?
Kat Reyes (26:54):
Yeah.
Reach out to our master brokersat Sabre with a copy to me.
You can can reach Sabre withlease opportunities for Squeeze
by emailing squeeze atsabre.life.
And I think it's also worthreiterating that I love hearing
about opportunities, but we'reonly actively searching where we
have signed franchiseagreements.
I have so many brokers thatreach out with so many amazing
(27:17):
locations.
I just don't have anybody forthem yet, but always appreciate
Squeeze being top of mind.
That's
Brian Sheehan (27:22):
great.
And last question, what do youneed to see from your landlord
partners for Squeeze Massage tobe successful?
Kat Reyes (27:30):
Probably sounds a little kitschy, but I think we
find out really early on duringthe LOI process what a landlord
is going to be for the 10 yearsthat we're working together.
In terms of their communicationand responsiveness, maybe call
me old school, but it'ssomething that I really look for
early on.
I think it's such a competitivespace.
(27:50):
And so I have a lot of respectand understanding for that
aspect of it, especially knowingthat there's a lot of other
potential tenants that landlordsare considering but I think
it's so telling when early onyou don't have that open back
and forth communication.
We've had some deals fallthrough, you know, and I have
operating partners that getreally understandably upset and
heartbroken about that.
(28:11):
But I sort of am the mindsetthat people show their true
colors early on in negotiationsand it's always worth
considering if that's somebodythat you really want to quote
unquote be in bed with for thenext decade, right?
Brian Sheehan (28:21):
Absolutely.
That's really great feedbackand I appreciate you sharing
that with me.
Well, Kat, it was greatspeaking with you today and
thank you for joining me onretail intel be on the lookout
for new squeeze massagelocations opening near you and
be sure to check them out onInstagram at squeeze
Kat Reyes (28:37):
oh my gosh thank you so much for the opportunity and
yeah I've been listening nowthat I have discovered you and
listening to your podcast andthey're so great it's such a
little nugget of informationsort of every time and to hear
what other people are finding aschallenges in the space has
been really interesting for meso thank you for creating the
space I
Brian Sheehan (28:55):
appreciate you sharing that
Kat Reyes (28:58):
music
Brian Sheehan (28:58):
Whether you're an aspiring real estate mogul, a
seasoned pro, or simply curiousabout the places where we shop,
dine, play, and work, thispodcast is your all-access pass
to the world of commercial realestate.
Connect with me on LinkedIn,and if you're interested in
being a part of the Retail Intelpodcast, send a message to
nationalaccounts atphillipsedison.com.
(29:21):
If you want to hear more aboutnew and expanding brands, keep
tuning in to Retail Intel, andplease subscribe Follow, like,
and repost.
Talk to you next time.
Welcome to Retail Intel, the podcast where we
dive deep into the dynamic worldof commercial real estate.
I'm your host, Brian Sheehan,and I'm thrilled to be your
guide on this journey throughthe bustling streets of retail,
the aisles of shopping centers,and the world of property
(00:20):
investment.
With me today, I have KatReyes.
She's the Director of RealEstate and Development at
Squeeze Massage.
Kat has over 20 yearsexperience in commercial real
estate and is a dynamic,collaborative, and compassionate
leader that builds and fostersstrong team, client, and partner
relationships with a passionfor facilitating the
(00:41):
interrelationship betweencompany objectives and the
consumer experience.
I'm excited to learn more.
Kat, welcome.
Kat Reyes (00:48):
Thank you so much for having me, Brian.
I'm excited to chat with you.
Brian Sheehan (00:51):
Likewise.
How have you been?
Been
Kat Reyes (00:53):
great.
Been really good.
How about
Brian Sheehan (00:54):
you?
Great.
Well, I appreciate you takingthe time.
I'd love to start with yourbackground first.
What What got you interested incommercial real estate?
What were you doing prior tojoining Squeeze Massage?
Kat Reyes (01:07):
Yeah, it was really a happy accident.
Around 20 years ago, I'm gonnaage myself now, I was in college
studying political science atUCLA with a plan to later attend
law school.
And my uncle, who had a reallybusy, very successful real
estate office, offered me justsome part-time work there to
help him with odds and endswhile I was finishing
(01:27):
university.
And so I ended up getting mystart with him in property
management before moving on toget my real estate license and
getting into residential andcommercial sales and becoming
his office manager for a fewyears.
And I love that you asked thatquestion because I really love
reflecting on that time.
I truly would never have foundmy calling in the real estate
(01:49):
industry if not for my uncle.
He's been gone a few years now,sadly, but I am forever
grateful to him for helping mefind my passion and springboard
my career into something that Ididn't even know that I wanted
to do.
Brian Sheehan (02:01):
That's
Kat Reyes (02:01):
incredible.
As well as two medical startupswhere I was focused on finding
(02:35):
and building clinical spacesthat were aimed at providing
medical access and services forhistorically underserved,
marginalized communities.
So while my background has beenpretty diverse, I would say the
unifying theme has definitelybeen finding and constructing
spaces that I feel passionateabout.
Brian Sheehan (02:52):
Well, and it sounds like there's a passion
connection in what we sometimesrefer to as the med tail
category.
And what is it that attractedyou to kind of medical retail or
medical use in commercial realestate?
Kat Reyes (03:05):
It's definitely the human side of the business.
There is something reallyfulfilling about creating spaces
that are focused on the humanexperience, whether as a patient
or here at Squeeze as a guest.
I love the ability to makepeople feel truly seen and
considered as a part of thedesign of a space.
You know, when you walk into asqueeze, there are so many
(03:26):
elements that if they weren'tthere, you probably wouldn't
miss.
But because they are there, Ithink our guests really feel
like their needs and conveniencewere considered and
anticipated.
Like they weren't anafterthought of the design, but
really the inspiration for it.
We have all these features inour shops that we'd like to call
surprise and delight moments.
And I think it's in thatinterrelation between space and
(03:46):
function in finding ways toserve people through design and
physical space that I get reallyexcited.
Brian Sheehan (03:52):
I love surprise and delight moments and I want
to dig a little bit deeper intothat later in the interview.
But first, I guess we shouldstart with what is squeeze
massage?
Kat Reyes (04:02):
Yeah.
I mean, simply put, squeeze isa way better massage experience.
You can't really tell the storyof squeeze without telling the
story of a little brand that youmay have heard of called
Drybar.
Drybar, as you may know, gotits origins when our founder,
Allie Webb, wanted to get herhair blown out, but found only
two sort of equally bad options.
(04:22):
She could either go to ahigh-end salon and spend a
fortune or go to a discountchain and get probably a less
than stellar experience.
And she wanted a better option.
And like a true boss andentrepreneur, since it didn't
exist, she created it along withher brother, Michael Landau.
And Squeeze has a similarstory.
Before Squeeze, there were sortof two also not so great
(04:45):
options, like super expensivehigh-end spas where a single
service can easily run you over$150, which is a great
experience but doesn't makeregular massages very accessible
for the masses.
Or there were discount chainsthat provided subpar experiences
in generally poorly designedspaces for cheap.
(05:05):
So out of that industry gap,Squeeze created this way better
massage experience.
All of the Drybar founders arealso founders here at Squeeze.
And of course, BrittanyDriscoll, who was the head of
marketing for Drybar and largelyresponsible for its exponential
growth, is our CEO.
Brian Sheehan (05:21):
Oh, that's awesome.
This is such a competitivespace, it seems like.
I would call it massagegenerally.
But what are some things thatstand out?
If you've never been to aSqueeze massage what are some
things that make it unique
Kat Reyes (05:34):
great question there's so many differentiators
and i you're going to hear in myvoice this is where i get
really excited because ipre-squeeze was an avid massage
goer and thought that i washaving a good experience only to
learn what it really could lookand feel like at squeeze and i
can never go back so if you'vehad to look i had a chance to
look at our socials we are atsqueeze on instagram hopefully
(05:55):
you've had a chance to see ourgorgeous shop aesthetic complete
with spacious private massagesuites and Thank you so much.
some cute and cheeky messagingthat are in the loos.
(06:34):
And I don't want to ruin thatsurprise.
So when you pop in for amassage, definitely stop in the
loos.
In the suites themselves, wehave anticipated everything that
a guest could need to becomfortable.
Things like complimentary hairties, breath mints, a built-in
phone charger so you canrecharge your phone while you
recharge your body.
We also have curated playlistsand sounds that guests can
(06:57):
choose from to listen to whilethey enjoy their massage
experience.
We have an amazing in-house DJSarah Hutnick, also from our
Drybar family, who has createdsuch great options.
So, you know, not just thetraditional boring spa music on
repeat.
And probably my very favoritefeature is something that we
call our ready light.
If you think about your normalmassage experience, you get
(07:18):
disrobed, you're on your tablewaiting for your therapist, and
there's that sort of likeawkward interaction of them
knocking and shouting throughthe door to see if you're ready.
We've taken that out of theequation.
And so you simply push a buttonwhen you're ready and your
therapist comes in.
Again, a small thing, but sucha better experience from both
the guest and therapistperspective.
And I think, you know, on thatend, it's really important to
(07:39):
know that we involved realmassage therapists and experts
in the massage field to consulton the design of our suites.
So while it is truly a gueststream room, it's also a space
that feels good and functionswell for massage therapists.
We have cushy carpet for theircomfort to hydraulic tables and
really want Squeeze to be aplace that contemplates the
(08:01):
therapist experience.
experience as well.
I think it's also importantwhen talking about what makes
Squeeze unique to talk alsoabout what not to expect.
So first, unlike a lot of othercompetitors in the space,
extras don't cost extra.
You can enjoy aromatherapy,percussion therapy, heat
therapy, and even deep tissue atno additional cost.
And also at Squeeze, literallyeverything is done on our app.
(08:25):
So you can book yourappointment, set your massage
preferences, pay and tip justlike you would on Uber or door
dash.
So there's no need to check outafter your massage and you
won't ever be upsold formembership or products.
You simply book.
When you arrive, let our maitred' know that you're there.
Enjoy the best massage of yourlife and just float out so you
can hold on to that post-massagebliss as long as possible.
Brian Sheehan (08:48):
An in-house DJ.
Kat Reyes (08:51):
Right?
Very cool.
Definitely a differentiatorfrom the competitors in this
space.
Brian Sheehan (08:55):
I love it.
I'm my family's in-house DJ.
I don't know that they love mymusic choices all the time, but
that additional special thingthat you're using to create this
unique environment and thatalong with the ready light and
that It's a very modern take onwhat the traditional massage
(09:19):
parlor kind of was.
It's everything it can be.
Kat Reyes (09:22):
Absolutely.
And it's everything that youdidn't know you needed, right?
And hence the surprise anddelight.
If it wasn't there, youprobably wouldn't miss a curated
playlist or hair ties or aphone charger.
But because they are, as aguest, you feel like, wow, they
really considered me at everystep of this experience and what
would make it even better.
Absolutely.
Brian Sheehan (09:43):
So it It falls in this health and wellness
category and there's a lot ofcompeting health and wellness
users.
I guess I'm wondering, what isit about squeeze massage that
makes it a desirable use for ashopping center?
Kat Reyes (10:02):
You know, for some landlords, I think when they
hear massage, they have thispreconceived idea of what that
business will look like.
You yourself a moment ago usedthe term massage parlor, which I
think conjures up all sorts ofseedy ideas.
And it's not what modernmassage is about at all.
I think those landlords whohave those sort of preconceived,
outdated ideas are socontinually delighted when they
(10:26):
see our brand deck or visit anopen shop and see what sets us
apart from the rest.
We have...
Thank you so much.
(11:01):
to a shopping center, alongwith the fact that we drive a
lot of reoccurring visits to acenter.
Brian Sheehan (11:06):
I want to dig in a little more to the customer
demographics here in a second,but what's the typical size
range footprint of a squeezemassage studio?
Kat Reyes (11:16):
Our sweet spot is ideally somewhere between 1,700
and 2,700 square feet, which forperspective yields between a
six and 10 suite shop.
Brian Sheehan (11:25):
1,700 to 2,700?
That's right.
And you get six to 10?
Kat Reyes (11:28):
Six to 10, yeah.
Assuming that it's sort ofrectangular in nature.
I always joke that we'relooking for that unicorn in the
wild that is that perfect 30-fitstorefront and perfect
rectangular box that of coursedoesn't always exist in the
inventory that's out there.
So we have had to go larger insome instances for our regularly
shaped spaces.
Brian Sheehan (11:48):
And how many are currently open?
Kat Reyes (11:50):
We just opened the doors to our 10th shop about
three weeks ago in LagunaNiguel.
We opened the doors to ourfirst shop, our flagship in
Studio City in 2019, just beforethe pandemic.
So not ideal timing for abusiness that's all about touch,
right?
So of course, our growth duringthat time really flatlined,
just squeeze weighted it out.
And I have to say, I'm sothankful to the core founding
(12:13):
team for their tenacity and gritfor holding on during those
difficult days.
Because as I said, we justopened doors to Shop 10.
We have three more opening nextmonth.
That brings us up to 13.
And I'm pretty proud of thatgrowth.
When I joined this time a yearago, we had just three shops
open.
And we're going to have, like Isaid, three next month, Fort
Worth, San Antonio, andProvidence.
(12:33):
And then another 13 or so bythe end of the year for a total
of around 26 shops in 2024.
Brian Sheehan (12:39):
That's awesome.
Unknown (12:40):
Yeah.
Brian Sheehan (12:40):
Congratulations on opening number 10.
Thank you.
Three a month.
It sounds like an incredibleamount with currently having 10
locations.
13 more by the end of the year.
That's what it's looking like.
That's really exciting.
How many are you thinking arein the pipeline for 2025?
I
Kat Reyes (12:58):
foresee easily another 30 plus shops in 2025.
We are a franchise model, soit's largely driven by where we
have franchisees signing and dolike them to be open.
Ideally six to nine months atlocation one before opening the
doors to location two.
Slow and steady, comfortablepace for growth for operating
(13:20):
partners that are multi-unitoperators.
But yeah, I would say at least30 next year.
Brian Sheehan (13:24):
I like that you want to have them get
established with the firstlocation before they move on to
future locations.
That makes sense.
Kat Reyes (13:31):
Absolutely.
It's been, you know, this issort of my first foray in my
career into the franchise world.
I've learned a lot reallyquickly and sort of what other
people have done that doesn'treally feel good for
franchisees.
You probably have seen on ourwebsite, you know, we call what
we're doing the feel goodrevolution with a sort of belief
that we want it to be anexperience both for our guests,
(13:52):
our therapists, the rest of oursupport squad and our operating
partners that really does feelgood.
And I think with that, it'sbeen such a beautiful thing to
see the intent with whichBrittany and the rest of the
team has created the franchiseeexperience as this way better
franchise experience, right?
With their scalability andsuccess in mind at the heart of
(14:15):
everything that they'veestablished, I think they've
created such an easy sort ofguidebook, playbook to follow.
Not to imply thatentrepreneurship is easy.
We know that it's Certainlynot.
Right.
But I think that there are alot of sort of rules in place
that help people grow at a pacethat sets them up for success.
Brian Sheehan (14:33):
The feel good revolution.
That's a phrase that will stickwith me from this.
I think about squeeze being abest in class operator in a
subcategory of a segment that'sreally growing strongly.
We see it in our shoppingcenters where there's other
health and wellness operatorsthat you probably like to be
(14:53):
around.
I'm thinking other healthyrestaurant and food choices.
Maybe talk a little bit aboutwhat are you looking for when
you're evaluating your specifictarget markets or where your
franchisees are looking?
Kat Reyes (15:06):
Sure.
I think we could talk bothabout co-tenancy and probably
demos.
With co-tenancy, there's not ahard and fast rule that I
absolutely have to be near X orY to be successful.
But of course, we love beingpositioned near other wellness
and fitness uses, upscalegrocery stores.
A few of my personal favoritesto to see when I'm vetting a
center are Whole Foods, OrangeTheory Fitness, Solid Core,
(15:31):
Restore, F45, Berries, Sun LifeOrganics, Dry Bar is a nice one
to have.
The typical squeeze guest isabout 72% female and 28% male.
I do think that we're going tocontinue to see growth in the
male sector and massage use asmore and more people realize the
benefits of regular massage.
(15:53):
Our average guest is between 35and 44, typically earn $100,000
a year plus, typicallycollege-educated young
professionals that prioritizehealth, wellness, and a
self-care routine.
They value working out, eatinghealthy, maybe meditating,
listening to podcasts like yoursin their free time, typically
(16:14):
modern and tech-savvy.
For those that are interestedin actual Mosaic groups, our
main core groups are the PowerElite, which is Group A,
Flourishing Families Kat, youjust blew
Brian Sheehan (16:31):
my mind.
Do you mind going back andelaborating a bit more on that?
I'm not familiar with thesecategories.
Kat Reyes (16:38):
On the demos?
Yeah, totally.
So, you know, there's a coupleof different systems that folks
use to understand, you know, howpeople sort of spend their time
and money and what their habitsare to help them.
help inform both where we'refinding locations and also how
we're marketing to those groups.
(16:59):
There are over a dozen, gosh,maybe two dozen different sort
of core groups.
I could get that information toyou.
These are the four that wefocus on.
And with each of these coregroups, there's a number of
subgroups as well.
And so, you know, we could lookat, let's take one, let's look
at Young City Solos.
So that group is really made ofgenerally people that are
single, they're downtowncommuters, they're apartment
(17:21):
dwellers, they are career drivenThey have very active
lifestyles.
They're typically making in thecountry between $75,000 and
$100,000 a year.
Their household size isgenerally just one person.
If they have kids, they'reyounger children.
In that group, we can also lookat things like where are they
(17:43):
getting their information?
Is it radio?
Is it television?
Is it social media?
What's their level oftechnology sophistication?
Where are they typicallyspending their disposable income
and what are their existing AndI think it's important to note,
like for any emerging brand,which squeezes very much still
in its early days, we're notlooking for people to create new
(18:04):
habits.
We're looking to piggyback offexisting habits in terms of
where they're spending time andmoney so that they start to
learn who we are in the courseof where they're already
shopping and doing theirbusiness and trading.
Brian Sheehan (18:16):
That's incredible.
And what is the platform thatyou use?
Kat Reyes (18:19):
Yeah.
Brian Sheehan (18:20):
Mosaic.
There you go.
Kat Reyes (18:21):
This is Mosaic.
We have access to all thisthrough our messaging.
Yeah.
helps predict what you canexpect behaviors to be of the
(18:57):
groups that live in these areas.
Brian Sheehan (18:59):
And thank you.
You mentioned a couple specifictarget markets earlier.
for future locations?
Where are you growinggenerally?
Where are your franchisees mostactive?
Kat Reyes (19:07):
You know, sort of nationally is the goal.
The where, because we're purelyfranchise-based, the where is
always dictated by the who, whoour operating partners are and
where they live.
We want to be everywhere, soit's always really exciting for
me to meet new folks onDiscovery Day from across the
country and envision where we'regoing to grow next.
I'm currently working with ourincredible broker team to find
space in Seattle, Stanford,Connecticut, Orange County,
(19:31):
California, and Boston, GreaterLA Market, Gilbert, Arizona,
Pasadena, Houston, Palm Springs,Austin, Raleigh, San Diego, and
San Francisco.
So send those sites my way,y'all.
That's
Brian Sheehan (19:44):
awesome.
Definitely nationally.
Kat Reyes (19:46):
Yeah.
Hopefully you'll see a squeezein every city near you in the
next few years.
Brian Sheehan (19:51):
Can't wait.
What are some of the other, Iguess, key factors?
You talked about co-tenancy,but when you evaluate a
property, and I guess I'mcurious, how active are you with
your franchisees when you orthey or their brokers are
selecting a site?
But what are some of the keythings that you're looking for?
Kat Reyes (20:10):
Yeah, we are super, super active and engaged.
So we have bi-weekly calls withall of our operating partners,
including their local brokerageteam, myself, the master
brokerage team.
We are partnering with thesefolks because We think they're
going to be tremendous massageoperators, not because I expect
them to have knowledge or even apassion for real estate and
(20:30):
construction.
I mean, that's why they haveus.
So we've worked really hard atSqueeze to build out a truly, I
think, best-in-class team fromour master broker, which is
Sabre out of New York City.
We work with seven multi-sitesolutions out of Chicago.
You may be familiar with themas they are the construction PMs
for other companies likeStarbucks, Amazon, Walmart,
(20:52):
Walgreens.
I mean, the list goes on andon.
And then just incredible,knowledgeable local broker teams
who are truly the best thatI've worked with.
Sabre has a knack for findingthose people that are just so
ingrained in their communitiesthat they know each block like
the back of their hand.
We really allow them to be asinvolved as they want to be in
(21:26):
those aspects, but all guided bythe experts.
We also, of course, have a realestate committee that will
approve or disapprove anypotential sites.
There's quite a few checks andbalances along the way.
Brian Sheehan (21:38):
How often does your rec meet?
Kat Reyes (21:40):
Weekly.
Brian Sheehan (21:40):
That's great.
Quick decisions.
Kat Reyes (21:43):
Yeah.
quick decisions.
And we actually meet twice.
We meet at LOI and again,before the lease is actually
executed to make sure there'sbeen no material changes.
So again, never looking for theZs, which we call operating
partners here at Squeeze, to bethe experts in any of those
fields.
Brian Sheehan (22:01):
Have you had any deals fall out prior to lease
execution?
Kat Reyes (22:05):
We had one that came really close that we got across
the finish line.
Brian Sheehan (22:08):
Okay.
That's great.
Well, I guess thinking aboutnegotiating lease agreements Are
there any particularchallenges, maybe specific to
squeeze massage or just maybethings generally you're kind of
looking out for in those leases?
Kat Reyes (22:23):
Yeah, I would say the most common challenge is
sometimes just getting in thedoor with some centers and
landlords who still hear massageand their minds go to like low
end concepts like we chattedabout earlier versus our
differentiated high endoffering.
It's usually something weovercome pretty easily just by
sharing the brand deck or givingthem an invite to experience
one of our open shops.
(22:44):
Of course, there's exclusives,which all of us deal with in
different ways.
That will be a hurdle, I think,that we continue to face in a
market where inventory is low.
But I think those are probablythe two biggest gotchas.
Brian Sheehan (22:57):
The exclusives, maybe it's a bigger box tenant
that has an exclusive or arethere use restrictions sometimes
against?
I think there's both.
Okay.
Kat Reyes (23:07):
Yeah.
I mean, it'll sometimes just bethat there's already an
existing provider of massagethat has an exclusive in their
lease.
And then...
Additionally, you have a lot ofleases that are 10, 15, 20
years old that have languagethat prohibits massage use.
But again, at the time theywere drafted, what they were
really working to prohibit wasthat sort of antiquated massage
(23:28):
parlor concept.
And so we have had to work withlandlords to work with their
existing tenants to getapprovals, and we haven't had an
issue there.
Again, normally once they seethe brand deck, they realize
that it's just a class above andwe'll just enhance the center.
Brian Sheehan (23:43):
Oh, absolutely.
I guess it I'm curious.
So you've got a tremendousamount of experience in
commercial real estate.
You've looked at a lot ofcenters.
How important a role does thephysical layout of a property
play in enhancing the squeezemassage customer experience?
So for example, how closely areyou paying attention to
landscaping?
(24:03):
What do you need to see parkingwise?
A
Kat Reyes (24:06):
site with easy ingress and egress and clear
visibility is really key for us.
As a newer brand, we We need tomake sure that people that are
sort of organically coming inand out and passing by a busy
center can see our signage.
Brett Driscoll always likes tosay, you can't market your way
out of a bad location.
There's no dollar amount thatyou're going to spend that's
(24:28):
going to help save a locationthat's physically a bad one.
And I think that's so verytrue.
The other piece of that is thelast thing you want to do when
you are trying to carve out timeto relax is to battle
impossible parking or access.
So that's always top of mindwhen considering spaces is
finding something that's lowfriction.
Landscaping, of course, abeautiful shopping center and
(24:49):
environment only serves toenhance the guest experience.
I think it also speaks to thelandlord's involvement in
wanting to have awell-maintained Class A shopping
center.
But really, our creative teamdoes such a phenomenal job of
infusing the brand even into thestrictest of shopping center
requirements.
The magic really happens insidethe shop.
Brian Sheehan (25:06):
I mean, you hear a lot about everybody once it
seems to be in an end cap.
Maybe this isn't a fit forsqueeze massage, but end caps
with drive-thrus are some of themost coveted bases in our
centers these days.
And it sounds like as long asthere's clear visit a navigable
path to the location.
You guys are looking at inlinespaces, I would imagine, right?
Kat Reyes (25:28):
Generally, yeah.
I mean, believe it or not, wegenerally don't love an end cap
like a lot of tenants do.
The visibility is really nice,but we have found the build-out
costs to be so much higher wherewe have to deal with extensive
glass.
Massage suites and our guestlounge need to be relatively
dim.
So glass, other than ourstorefront lobby area, actually
(25:49):
isn't ideal for us.
Brian Sheehan (25:50):
That's great.
It seems like there's a littlebit less competition for those
good visibility inline spaces.
So I would imagine you've got alot of options that you're
considering.
Kat Reyes (26:01):
Totally.
The wild card then is alwayswho are the neighbors, right?
Also not great for massage orthings that are really loud or
have a very strong odor.
So we also have to be sensitiveto that.
But otherwise, pretty agnosticto other factors that I think a
lot of other businesses reallyhave to hang their hats on.
Brian Sheehan (26:18):
That's interesting and good to keep in
mind.
Are you guys looking at any newground-up development
opportunities, new construction?
Are those a good fit?
Kat Reyes (26:27):
We have gone into first-gen new construction
construction.
As you know, it can be a realwild card in terms of timing.
But in some markets, it's theonly real option.
So we have.
I always work to reallymitigate some of that risk with
regards to potential dead rentby tying the rent commencement
date to permit issuance, whichwe do across the board.
(26:47):
But I think it's reallycritical in new developments.
Brian Sheehan (26:50):
Absolutely.
What's the best way to presenta site to you and your team?
Kat Reyes (26:54):
Yeah.
Reach out to our master brokersat Sabre with a copy to me.
You can can reach Sabre withlease opportunities for Squeeze
by emailing squeeze atsabre.life.
And I think it's also worthreiterating that I love hearing
about opportunities, but we'reonly actively searching where we
have signed franchiseagreements.
I have so many brokers thatreach out with so many amazing
(27:17):
locations.
I just don't have anybody forthem yet, but always appreciate
Squeeze being top of mind.
That's
Brian Sheehan (27:22):
great.
And last question, what do youneed to see from your landlord
partners for Squeeze Massage tobe successful?
Kat Reyes (27:30):
Probably sounds a little kitschy, but I think we
find out really early on duringthe LOI process what a landlord
is going to be for the 10 yearsthat we're working together.
In terms of their communicationand responsiveness, maybe call
me old school, but it'ssomething that I really look for
early on.
I think it's such a competitivespace.
(27:50):
And so I have a lot of respectand understanding for that
aspect of it, especially knowingthat there's a lot of other
potential tenants that landlordsare considering but I think
it's so telling when early onyou don't have that open back
and forth communication.
We've had some deals fallthrough, you know, and I have
operating partners that getreally understandably upset and
heartbroken about that.
(28:11):
But I sort of am the mindsetthat people show their true
colors early on in negotiationsand it's always worth
considering if that's somebodythat you really want to quote
unquote be in bed with for thenext decade, right?
Brian Sheehan (28:21):
Absolutely.
That's really great feedbackand I appreciate you sharing
that with me.
Well, Kat, it was greatspeaking with you today and
thank you for joining me onretail intel be on the lookout
for new squeeze massagelocations opening near you and
be sure to check them out onInstagram at squeeze
Kat Reyes (28:37):
oh my gosh thank you so much for the opportunity and
yeah I've been listening nowthat I have discovered you and
listening to your podcast andthey're so great it's such a
little nugget of informationsort of every time and to hear
what other people are finding aschallenges in the space has
been really interesting for meso thank you for creating the
space I
Brian Sheehan (28:55):
appreciate you sharing that
Kat Reyes (28:58):
music
Brian Sheehan (28:58):
Whether you're an aspiring real estate mogul, a
seasoned pro, or simply curiousabout the places where we shop,
dine, play, and work, thispodcast is your all-access pass
to the world of commercial realestate.
Connect with me on LinkedIn,and if you're interested in
being a part of the Retail Intelpodcast, send a message to
nationalaccounts atphillipsedison.com.
(29:21):
If you want to hear more aboutnew and expanding brands, keep
tuning in to Retail Intel, andplease subscribe Follow, like,
and repost.
Talk to you next time.
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