Sears, Limited Brands vet joins Hilco
Barry D. Kaufman
(Crain's) — Retail real estate veteran Barry D. Kaufman, who has held executive positions with Sears Roebuck & Co. and Victoria's Secret parent Limited Brands Inc., has joined Hilco Real Estate LLC to lead a new retail consulting practice.
Mr. Kaufman, 62, will head the Hilco Retail Real Estate Solutions group. He started earlier this month as senior executive vice-president and senior adviser for Hilco Real Estate.
The real estate arm of Northbrook-based Hilco, known primarily for working with distressed companies, has always had a retail component but is looking to Mr. Kaufman to help expand the platform.
Historically, retailers have sought consultants to advise on expansion, but the downturn in the industry has prompted many cost-conscious companies to seek outside help to ensure they have the right number of stores and the right operating costs, Mr. Kaufman says.
The new Hilco group will advise on downsizes and lease terminations but also wants to help retailers develop growth plans based on factors such as the performance and occupancy costs of their existing locations. The team also can function as a retailer's outsourced real estate department.
Mr. Kaufman says the retail group currently has “a couple dozen” engagements and is in talks with others, though he declines to identify them.
“We're getting very good receptivity,” he says. “My background gives us a little more credibility.”
The real estate division, one of 20 business units comprising the Hilco Organization, employs about 40 people.
After earning degrees from the University of Missouri-St. Louis in 1971 and St. Louis University School of Law in 1974, Mr. Kaufman practiced as a lawyer in St. Louis for a few years.
He joined the legal department of May Department Stores Co. in 1976, where he eventually got his start in retail-focused real estate. He spent 18 years with May, which merged with Federated Department Stores Inc. to form Macy's Inc.
In 1994, Mr. Kaufman joined Sears, where as vice-president and head of real estate he managed more than 4,000 locations and sought out growth opportunities for the retail giant.
He joined Limited Brands in 1999, after a brief stint with Richard E. Jacobs Group Inc., the Cleveland-based developer that used to own the Cleveland Indians.
As president and CEO of Limited Brands Real Estate, he helped retailers like Victoria's Secret, Bath & Body Works and Express expand their presence throughout the country. He retired in 2006 to be an independent consultant for retailers, real estate, private-equity and investment banking firms.
