Excess Space celebrates 20-year anniversary

Lake Success, N.Y. -- Excess Space Retail Services said it is celebrating its 20-year anniversary this year. The real estate consulting and advisory firm, which specializes in surplus real estate disposition and lease restructuring for retailers, was founded by president and CEO Michael Wiener in May 1992 and currently has offices in Lake Success, N.Y., and Huntington Beach, Calif.



Highlights of its 20 years in the industry include more than 16,000 retail stores successfully disposed and more than 7,000 retail leases effectively restructured.



“In our 20 years, we have seen dramatic changes in the retail market including multiple peaks and valleys,” said Wiener. “Today, albeit more cautiously, retailers have once again started to expand. In fact, many of those same retailers are simultaneously undertaking in-depth portfolio analyses, so as to identify weaker stores that can potentially be downsized, closed and/or relocated.”



Wiener said there is also a definitive trend toward downsizing/rightsizing as companies adjust to smaller footprint requirements mostly as a result of very strong internet sales. For now and the foreseeable future, this trend will be a driving factor in many of the anticipated closings/relocations, he said.