The Logistics of Logistics What Kills Warehousing Companies with Summitt Hogue
Summitt Hogue and Joe Lynch discuss what kills warehousing companies. Summitt is the founder of Growe, a Dallas-based commercial real estate firm focused exclusively on serving the various needs of third-party logistics companies across the United States.
About Summitt HogueSummitt is the founder of Growe, a Dallas-based commercial real estate firm focused exclusively on serving the various needs of third-party logistics companies across the United States. After beginning his career in commercial real estate, Summitt quickly identified the unique and under-served challenges faced by 3PLs. Growe was formed on a foundational appreciation for the importance of speed, flexibility, creativity, and timing on a 3PL's real-estate strategy and overall profitability. This customized approach and ingrained understanding of the 3PL business model has led Summitt & the Growe team to expand beyond just real-estate services. Growe has evolved into a diverse network that connects numerous 3PLs, brands, manufacturers, and vendors in every market across the country. This multi-faceted approach has allowed Growe to fully support all aspects of its customers' growth initiatives by simultaneously providing real-time market intelligence, real-estate services, vendor connections, and customer introductions - resulting in full warehouses & well over $100 million in CRE transactions in the last 5 years alone. Summitt grew up working on a family farm/vineyard in West Texas and went on to play division I football at Texas Tech University. He now resides in Dallas where he enjoys spending time with his wife, Miranda, and chasing around their daughter, Falynn.
About GroweGrowe is a commercial real estate firm that specializes in representing 3PL (third-party logistics) companies in managing their real estate portfolios across North America. The company's core focus is to facilitate growth for 3PLs by helping them find new warehouses and fill the space as they expand across the country. Growe works specifically with growth-minded 3PLs, figuring out what they specialize in and bringing them brands that fit their needs, resulting in a win/win situation for both the 3PL and the brand. The company provides tenant representation and lease negotiation services specifically to those growth-minded 3PLs and helps them navigate the process of expanding in their existing market, managing a renewal, or expanding into a new market on the other side of the country. Growe has experience in almost every market across the United States and has local partners in every market to ensure that they have very specific submarket knowledge and understanding. The company ensures that their 3PLs get the most cost-effective and flexible deal in the market, which is important in the 3PL business.
Key Takeaways: What Kills Warehousing Companies- Summitt Hogue is the founder of Growe, a Dallas-based commercial real estate firm focused exclusively on serving the various needs of third-party logistics companies across the United States.
- In the podcast interview, Summitt and Joe discus what kills warehousing companies.
- Summitt and his team have direct experience working with 3PLs in the USA and are familiar with the challenges that can negatively impact warehousing companies.
- Labor problems are a key issue, including high turnover rates, cultural challenges, low productivity, and high labor costs.
- Poor technology is another major challenge that can limit productivity and hinder a company's ability to compete effectively.
- Bad customer fit can be costly for warehousing companies, as the wrong customers may require extra resources, lack technological expertise, and cost more to support.
- Customer acquisition costs can also be a significant challenge, particularly in a competitive market.
- Growth, especially in terms of real estate, can be a complex issue for warehousing companies and requires careful planning and management.
- Growe is a commercial real estate firm that specializes in representing 3PL (third-party logistics) companies in managing their real estate portfolios across North America.
- The company's core focus is to facilitate growth for 3PLs by helping them find new warehouses and fill the space as they expand across the country.
- Growe provides tenant representation and lease negotiation services specifically to growth-minded 3PLs and helps them navigate the process of expanding in their existing market or expanding into a new market.
- The company has experience in almost every market across the United States and has local partners in every market to ensure specific submarket knowledge and understanding.
- Growe works with growth-minded 3PLs, figuring out what they specialize in and bringing them brands that fit their needs, resulting in a win/win situation for both the 3PL and the brand.