Services included: Strategy, Positioning, Naming, Brand Architecture
Facing Down Aggressive Competition
Challenge: After 30 years as the uncontested local resource for restructuring distressed retail real estate, RCS (formerly known as RCS Retail Consulting Services) faced a shifting marketplace and strong competition from a new well-marketed national competitor.
RCS’ goal was to expand beyond restructuring leases into mainstream retail expansions. However, their breadth of services was unknown and they lacked credibility in this space. RCS needed a differentiating, more complete story and a new name with greater transparency.
Research was conducted among many diverse constituencies: from bankruptcy lawyers, to retail landlords and private equity firms.
Insights: Their key asset was also their core differentiator: Executives were former retailers, enabling a unique perspective, i.e. valuation based on productivity vs. cost per square foot. In addition, we found that a critical barrier to expansion was not credibility, but style. Restructuring and retail expansion required a different tone, manner and lexicon.
Solution: A new name, RCS Real Estate Advisors, clarified their role and the differentiating message focused on their strength, i.e. retail experience as an added value in optimizing retail leases. Muse Consulting Group organized and aligned expertise into three of the most valued services to clients : Growth & Development, Restructuring & Portfolio Optimization, and Investment Advisory & Participation. We identified and illuminated the style issue in interacting with landlords and property managers.
Results: Accelerated growth and vitality beyond projections. Successful expansion into broader portfolio of services. Restructured management, and clearly defined areas of responsibility increased efficiency. Gained new confidence, excitement and unity internally. Enhanced external perception of professional and high quality.