• Retail Real Estate Strategic Planning and Implementation

    Experts Who Deliver

    A comprehensive, fully integrated, out-sourced solution for managing new and existing real estate.

  • Retail Real Estate Strategic Planning and Implementation

    Portfolio Management

    We match retailers with the right space for their business needs and objectives.

  • Retail Real Estate Strategic Planning and Implementation

    Capital Allocation
    and Preservation

    We establish real estate action plans for every existing location.

  • Retail Real Estate Strategic Planning and Implementation

    Store PLanning & Construction

    We are engaged in the client process from theory and concept to reality.

The CM+R Group Principals

We are retail real estate experts

Founded in 2009, the CM+R Group delivers a comprehensive, fully integrated, out-sourced solution for managing new and existing real estate. With a combined total of more than four decades in the business, we bring unique perspective to the table, having represented more than 35 brands owned by some of the largest multi-branded specialty retailers in North America.

There’s a science to real estate — identifying options based on criteria, securing locations, and negotiating lease agreements. And in our minds, there’s also the equally important art of it, drawing on our collective experience to ensure that our client has considered the full range of possibilities, and what’s to be gained in the long term, as well as in the short term. Our careers have been defined by an ability to position brands while also maximizing asset value. In any economy, this can be the “X” factor for our retail clients.




With more than 20 years of experience, Cheryl’s distinctive background is highlighted by successes in strategic planning and tactical execution. As Associate Vice President of Real Estate for Limited Brands Inc. (LBI), she played a key role in real estate strategic planning and implementation for one of the nation’s largest multi-branded specialty retail corporations, including rollouts of emerging brands such as Henri Bendel, CO Bigelow, Pink, Too, Abercrombie, and Abercrombie & Fitch. She was also actively involved in the repositioning of mature brands in the LBI portfolio, including Victoria’s Secret, Bath and Body Works, Limited, Express, Structure, NY&CO, and Lane Bryant.

In addition, Cheryl was Vice President of Retail Leasing for Forest City Enterprises for all shopping center developments in New York City and Philadelphia regions. Her responsibilities included developing new relationships with specialty and big box retailers on a national and regional level. She began her career at Forest City in Cleveland, leasing new and existing shopping centers across the United States.



Carol formerly served as Senior Vice President of Real Estate at Foot Locker Realty, Inc., heading up nearly half of the North American market for eight different operating divisions. She also served as Vice President of Real Estate for Laura Ashley N.A. and Melville Realty Company, a major multi-branded retail corporation. She began her career at privately-held Melvin Simon & Associates, the precursor to Simon Property Group, one of the nation’s largest publicly traded REITs.

Carol’s 20+ years in the retail real estate industry include her previous role as an independent consultant for a Los Angeles based international apparel retailer, where she was retained to advise on real estate matters in the U.S. and Puerto Rico. She provided strategic guidance on the existing multi-branded portfolio as well as the launch of a new retail concept. Her responsibilities included creating action plans for each store, developing a marketing package to reinforce brand credibility and improve relationships with existing and prospective landlords, and targeted portfolio management to analyze and determine store closings and rent reductions.

  • After having gotten to know Cheryl and Carol and their stellar reputation over the last decade, we finally had the perfect opportunity for them to join our team in January 2021. We feel very confident that our real estate portfolio is under top notch leadership for the short and long term future. They are quite the strategic thinkers. We are very inspired and more educated by having Carol and Cheryl as our partners as together we forge ahead in this ever changing real estate landscape.

    Laura Koenig Young, President, Sales and Marketing, Brighton Collectibles, Inc.



The CM+R Group offers a proven outsourced solution for managing new and existing retail real estate, with a combined emphasis on strategic planning and tactical implementation. Our clients include emerging brands establishing their retail profile, international brands expanding in North America, and mature brands in the process of repositioning.

Companies have turned to us in virtually every stage of retailing, from brand launches and expansions to rent reductions and store closings, as well as renewal and repositioning. Our goal is to know everything about our clients’ products and their potential customers in order to assess the best real estate possibilities by market and by type. We continually track the changing landscape in all facets of retail and real estate.

Our fully integrated services include market/site analysis and selection, portfolio management, negotiation of all transactional terms, capital allocation and preservation, store planning and construction, and due diligence for companies considering expansion and reallocation, as well as private equity firms seeking to invest in retail companies.

Market/Site Analysis and Selection

Through our own brand of market analysis, we match retailers with the right space for their business needs and objectives. Our recommendations are based on real world experience, combined with technical information such as customer store data, mapping, psychographics, and demographics. Based on our assessment of venues (including malls, non-mall centers, outlets and street retail), we select locations best positioned to build and strengthen brand presence and maximize profitability. Making a deal is one thing. Making the right deal for our client is quite another.

Portfolio Management

At CM+R, we know the big picture is important. We assess the retail landscape for retailers seeking to reposition their brands, eliminate inefficiencies and redundancies, leverage multi-branded opportunities, and/or develop strategies to restructure or reallocate real estate assets. We develop strategies for delivering optimal return on investment by highlighting possible synergies, identifying unnecessary costs, and recommending opportunities within reach. This requires a discerning approach, which includes developing and implementing best practices.

Due Diligence

We also understand that the details matter. At CM+R, we perform due diligence on existing retail portfolios and potential acquisitions. We analyze real estate portfolios for private equity firms considering investment in retail companies, for management consultants working with retailers to rebuild their brands and operations, and for retail companies considering expansion or consolidation. Our assessments can help position retailers on a continuum of circumstances, from emerging brands to those in transition or seeking to achieve the next level of performance.

Negotiation of Transactional Terms

We are advocates for our clients. We will recommend they say “no” to a deal if it’s not the right opportunity for their business. We also know it is important to maintain successful landlord relationships, so when we identify the right opportunity, we are in a strong position to bring people to the table. With every location, we benchmark relevant retailers, and work to secure the most beneficial financial scenario possible. We make recommendations that further leverage opportunities to address the wide variety of economic, legal and non-economic provisions which impact a lease commitment.

Capital Allocation and Preservation

The CM+R Group establishes “real estate action plans” for every existing location and works with clients to develop budgets based on these plans and capital considerations. We analyze all variables, including location, center viability, market competition, traffic, sales, store size, profitability and economics in order to generate optimal return on investment. This calls for a combination of strategically allocating existing capital and anticipating long-term expenses.

Store Planning and Construction

We are engaged in the client process from theory and concept to reality. Regular and effective communication between real estate and construction is essential to ensuring that budgets are met and timely store openings are achieved. We recommend and monitor critical standards for key milestones, regular checkpoints, and quality of information delivery amongst all stakeholders.

  • CM+R has worked for The Estee Lauder Company for the past 5 years and has represented our existing and new opportunities with major US Landlords. They've done a terrific job and know the retail landscape extremely well, and have many close relationships within the Landlord community. We're very pleased with our relationship and happy to recommend them to prospective clients.

    Robert Hayes, Senior V.P. Global Store Development, Merchandising and Design




In what proved to be the most challenging of years, CM+R achieved the best results in our twelve year history negotiating more than 1200 transactions.

  • Negotiated approximately 700 transactions for Claire’s which were a combination of COVID relief and lease renewals for almost every major Landlord (i.e. Simon, Brookfield, URW, Taubman and Tanger) and a multitude of regional Landlords.
  • Cheryl acted as the interim Vice President of Real Estate and Construction for Claire’s for 5 months and was instrumental in the search for finding a replacement candidate to fill that role.
  • Completed and secured fully executed documents for a leading international multi-branded cosmetics company that included 9 new leases, 15 renewals (many of which were rent reductions) and 2 early terminations.
  • Negotiated 150+ COVID relief deals and lease modifications for a leading women’s multi-branded retailer with Landlords as varied as Tanger, Federal Realty, Red Development, Pyramid and Wilmorite.
  • Provided consulting services and participated in the bankruptcy re-structuring of a very large specialty retailer by re-negotiating approximately 350 leases and achieving $76 million in savings.
  • Signed Brighton Collectibles LLC as a new client to exclusively represent them on all real estate matters within the U.S.


  • For an international beauty client, we created and managed a North American outlet expansion strategy for their outlet brand and completed negotiations for 6 new locations and 11 renewals which included several significant rent reductions. In their full price multi-branded portfolio, we negotiated and completed 50 transactions in centers such as Aventura, Green Hills, Tysons Corner, Kierland Commons and Roseville Galleria that included renewals, rent reductions and relocations.
  • Created and executed the start of a U.S. growth strategy for a leading British fragrance house including opening locations at Cherry Creek, Short Hills, Houston Galleria and Scottsdale Fashion Square.
  • The CM+R Group provided an out-sourced solution during a pre-bankruptcy process and renegotiated approximately 32 leases that resulted in savings of over $4.4 million for a leading specialty home retailer.
  • Provided consulting services for a business advisory solutions company providing market rent analysis for a chain of 275 retail stores.
  • For Claire’s we completed 240 total transactions. We continued to manage several of the major REIT portfolios and negotiated leases with Simon, Brookfield, Westfield, Macerich, Washington Prime and Tanger.


  • For an international beauty client, we created and managed a North American outlet expansion strategy and completed negotiations for two new locations in Premium Outlet Collection Edmonton, and Waikele Premium Outlets. In their full price multi-branded portfolio we negotiated and completed 62 transactions in centers such as Florida Mall, Fashion Valley, Orlando Premium Outlets, Plaza Las Americas and The Domain that included renewals, rent reductions and relocations. Developed a 3-5 year U.S. growth strategy for a leading British fragrance house.
  • The CM+R Group provided an out-sourced solution during a six (6) week bankruptcy process and renegotiated approximately 250 leases that resulted in savings of over $55 million for a leading home furnishings retailer.
  • Provided consulting services for a business advisory solutions company on two separate projects whereby we conducted targeted center overviews and site specific analysis evaluating department store replacement opportunities, analysis of center performance, market rents and demographic and geographic trends designed to determine real estate values.
  • For Claire’s we continued to manage several of the major REIT portfolios and re-negotiated leases during the bankruptcy process with GGP, Westfield and Rouse. We were also assigned and completed additional work-outs that were not resolved during the regular bankruptcy proceedings.


  • Provided project-based consulting services regarding Class A Malls for a leading financial services firm that executes asset valuations, advisory and disposition services; for a hedge fund investment firm that invests in the consumer sector, and for a publicly traded $100 billion+ global investment management firm that executes high value-added investment strategies.
  • Completed 74 lease negotiations for leading global cosmetics company which consisted of new stores, renewals, early terminations and re-positioning, all while monitoring the quickly changing landscape in real estate trends in centers as varied as Roosevelt Field, Plaza Las Americas, Valley Fair, South Coast Plaza, Tyson’s Corner, Queen’s Center, The Gardens of Palm Beach and Christiana.
  • Conducted a strategic review of three different store portfolios for a leading business advisory solutions company which aided in structuring creative solutions that maximized asset value.
  • Continued to leverage our relationships and good will in order to complete 154 transactions for Claire’s during the year improving occupancy with the following major Landlords: Simon/Premium/Mills, GGP, Macerich, Westfield, Rouse, Taubman, Tanger, and Washington Prime.


  • Completed 205 transactions for Claire’s during the year including packages with major Landlords GGP, Westfield, Rouse, Taubman and Washington Prime.
  • Individual highlights for the year for various concepts include the completion of deals in Fashion Valley, Park Meadows, The Gardens of Palm Beach, International Marketplace, Century City, UTC, Houston Galleria, Fashion Place, Watertower Place, Somerset Collection, Queen’s Center, Easton Town Center, Ponce City Market and River Oaks District.
  • Provided market rent analysis for a private equity firm for a 250 store chain.
  • Created Las Vegas market overview of demographics and sales benchmarking of competitors for major cosmetics company.
  • Authored extensive white paper and primer for off-mall opportunities analyzing 217 locations and created a scoring methodolgy in order to identify the highest net sales potential locations.


  • Negotiated package of new locations with Simon in some of their most productive Mills projects including Ontario Mills, Jersey Gardens and Sawgrass.
  • Completed 14 store package with Simon Premium for both new stores and renewals including high profile centers Desert Hills and Woodbury.
  • Leading global cosmetics company expands role of CM+R to manage new stores and renewals for all mall, lifestyle, outlet and non-major metro market street transactions.
  • Negotiated 15 store package of outlet deals with Simon/Premium.
  • Conducted Texas market review and tour for major cosmetics company.
  • Completed 203 transactions for Claire's during the year including packages with major Landlords GGP, Macerich, and Westfield.



  • Co-authored with a New York based retail consulting firm a study of the long-term investment prospects within the U.S. retail real estate sector for a international sovereign investment fund.
  • Delivered 57 fully approved deals for Tween resulting in improved occupancy with major Landlords.
  • Provided guidance for private investors on retail aspects for major land purchase for new mall construction in the L.A. trade area.



  • Announced fully executed lease for Desigual on 3rd St. Promenade.
  • Completed negotiations for Desigual at NorthPark Center, one of the nation's premier shopping centers.
  • Executed Dolphin Mall lease with the Taubman Group for the 2nd outlet center in Desigual's continued U.S. expansion.
  • At client's request, developed an Outlet strategy expansion list for Affliction using both our anecdotal knowledge of the market and an extensive database of bench-marked sales.

2010 2009
  • We are pleased to have two knowledgeable and respected veterans like Carol and Cheryl as part of our Claire’s real estate team. They are already adding value to our process in understanding our markets, centers and strategic options.

    Ron Douglass, Claire's VP of Real Estate North America