Real Estate's 10 Under 40

In an era where brick-and-mortar retailers face increasing challenges from the Internet and a still slow recovery, they must rely on their real estate staff — particularly those under the age of 40 — more than ever before. These professionals, who bridge the "tried-and-true" methods of their mentors and the technology-driven next generation, are creating the stores, the shopping centers, the streets of today and tomorrow. Based on nominations from their peers, Chain Store Age has selected 10 of these pros to watch, both in the near term and for years to come.

Clary H. Groen, age 39

VP real estate and construction Francesca's Collections

Houston

Clary Groen heads up the real estate and construction efforts of one of the nation's hottest and fastest-growing retail companies: Francesca's Collections. Targeting young women with an eclectic mix of trendy but affordable accessories and apparel, the chain is booming. During the past five years, Francesca's has grown from 80 stores to some 360. And there's no let-up in sight: The company plans to open 80 stores in its current fiscal year, reaching the milestone of more than 400 locations by the end of the first quarter.

Groen, a finance MBA, didn't start out in real estate. But after three years of serving as a business analyst for Payless ShoeSource, he went to his boss looking for a different type of challenge. He found it in the real estate department at Payless and, later, at EB Games and Chico's FAS.

In 2008, Groen was recruited to Francesca's, charged with setting up a real estate and construction department (both functions had, up until then, been outsourced). Making the decision to leave the well-established Chico's chain to join what was then a small, regional outfit with 75 stores involved a big personal and professional leap of faith. But Groen did it, moving his family from Atlanta to Houston. Looking back, he said it was one of the best decisions of his life.

At Francesca's, Groen started from scratch, building a department as the chain started to gain momentum. In 2008, it tested three mall stores, a real estate strategy that it had not previously pursued. The stores were a big hit, and helped to pave the way for Francesca's hugely successful IPO in 2011.

As for his early finance training, Groen said it has proved invaluable in securing real estate and building stores. So have his creative instincts.

"I have extremely high standards for creativity," Groen said. "I constantly challenge our group to challenge the status quo, to do things in a way others do not."

Jason Richter, age 34

VP real estate, Perfumania

Bellport, N. Y.

From e-commerce to working with landlords to creating retail stores, Richter has a 360-degree view of retail.

"Perspective is everything," he said. "It makes you empathetic to the person on the other side of the table."

Shortly after earning his BBA in Information Systems, Richter founded Dynaquest, a developer of e-commerce platforms for brick-and-mortar retailers. He later divested the company and joined Thor Equities, where he oversaw a multibillion-dollar real estate portfolio.

After six years on the landlord side, Richter made the leap to retail and joined New York favorite Jimmy Jazz, a Brooklyn-based urban apparel and footwear retailer, as VP real estate. In March 2012, he joined Perfumania, where he is responsible for the global expansion of the company's retail division, overseeing new site selection and the company's existing retail portfolio of more than 350 stores throughout the United States and Puerto Rico.

As VP real estate for a national retailer, Richter finds that his technology background is more helpful than ever.

"It's definitely more of a global environment," he said. "Retailers and landlords are doing business all over the world. You have to understand and utilize all the available tools."

Bryan C. Cook, age 35

Regional director of real estate, CVS Caremark Corp.

Woonsocket, R.I.

Bryan Cook got an early start, arriving at CVS Caremark Corp. during his senior year of college. He liked the company so much that he is still there.

"It was at CVS that I learned about blending the 'art' of real estate — field work and negotiation — with the 'science' of real estate — spatial analytics and financial modeling. And that's what excites me to this day," Cook said.

Cook is very much aware of the advantages that technology, particularly geographic information systems and spatial analytics, offers the current generation of real estate professionals. It has proved especially helpful as retail's approach to real estate has become more focused.

"The right methodology can not only streamline the whole process, but also drastically lower site evaluation costs across the board," Cook explained.

As a retail real estate professional, Cook is impressed by the amount of creativity he sees in the retail community.

"I expect that to be the norm as our retail environment continues to change," he added.

Jennifer Green, age 35

U.S. real estate manager, Pet Valu

Wayne, Pa.

It was a temporary job at Albertson's that led Jennifer Green to her present position, U.S. real estate manager for the Canadian-based, 350-plus—store Pet Valu chain.

Green gained a wealth of experience at Albertsons, where she eventually went full time and joined the supermarket company's development program, a rarity in the industry.

"It was a progressive program, and in order to get to each new level, you had to have a checklist that consisted of everything from completing a remodel, a fuel center, a new store deal and surplus real estate," Green explained.

By 2007, Albertsons' expansion had slowed and the chain decided to focus on remodels. Green moved to parent Supervalu, where she worked on expanding the Acme division. However, once again, expansion slowed. It proved frustrating for Green.

"I enjoyed negotiating deals," Green said. "There really wasn't anything for me to do."

Enter Markham, Ontario-based PetValu, which was looking to expand in the United States. Green joined the pet supply chain in 2011 and, in just over 12 months, she identified and signed leases on more than 60 new locations from New England through the Mid-Atlantic — all while also managing renewals and remodels of existing PetValu locations.

"The pet industry didn't stop growing during the downturn," said Green, who works out of the company's U.S. headquarters in Wayne, Pa. "Pet Valu developed a boutique concept that was well received, and has a lot of capital to expand. It's really been our time."

Jason LaVeglia, age 38

Senior VP/head of retail real estate, TD Bank

Toronto, Canada

After earning a degree in civil engineering, Jason LaVeglia decided the field didn't offer the creativity he needed.

"It was too analytical and one-dimensional for me," he said. "I really couldn't find myself crunching numbers from a desk. I liked being outside."

LaVeglia found a career that satisfied his creative bent and love of the outdoors when he began building convenience stores for Exxon. He went on to build fast-food restaurants for Yum! Brands, and then joined the Cosi casual restaurant chain.

"Cosi gave me the opportunity to own a whole footprint, which was a phenomenal experience," LaVeglia said. "It allowed me