It’s a word that became famous in an episode of Friends when Ross buys a couch, refuses to pay for delivery and enlists Chandler and Rachel’s help to carry it up the narrow stairs of his building. Creative moves, team work, many mistakes and lots of loud directing from Ross to “pivot” the couch eventually gets the job done.
The word has entered the marketplace and during this pandemic, I’m hearing about how owners are pivoting their business models to survive, build or expand. Tweaking or changing previous direct-to-consumer business strategies which attracted consumers, into new or improved versions that adapt and respond to new consumer needs, is a growing trend. Case in point, at the height of coronavirus, groceries stores quickly responded to consumer fears of leaving their homes to buy groceries by developing home delivery strategies. As businesses in every industry pivot to this respond, recover and renew mode, the dynamics of commercial and industrial real estate transactions are also shifting. As a CRE agent, to be at the forefront of these big changes, and in a prime position to help companies continue to operate successfully, isn’t just a privilege, it’s a responsibility.