11 Apr RewardStyle Checks in at The Centrum
Fashion blogging monetization startup RewardStyle has just checked into a new 32,000-square-feet space at The Centrum, an office, residential and retail tower in Oak Lawn. The upgrade is a sure sign if ever there was one that this is one startup that’s on the up and up.
RewardStyle’s monetization platform has helped to generate more than $1 billion in retail sales since its launch in 2011, the Dallas Morning News reported. It’s an awful lot of money for an invitation-only platform that only does business with the cream of the world’s fashion bloggers. And it’s no surprise to see that its bloggers are well rewarded – according to this 2015 article in Success, RewardStyle’s top bloggers earn a minimum of $20,000/month, with some earning up to $80,000/month.
The idea behind RewardStyle’s platform is simple enough, borrowed from the affiliate marketing world on the Web. The platform tracks customer migration from its blogs to retail sites and pays commissions to its bloggers for each sale. It’s a successful, fast-growing business model, and with those kinds of sales, it’s no wonder RewardStyle is seeking to expand.
And for a company that’s vowed to keep its headquarters in Dallas, there are few better places to expand into than The Centrum, a 1980’s-era building that’s currently undergoing a massive $25 million renovation to transform it into one of the sleekest offices spaces in the city.
“It’s validating to see rewardStyle come to our 1980’s building, for them to understand our vision and trust us that we could develop their interior space,” said real estate developer Chad Cook, who owns The Centrum.
Given its success so far, RewardStyle founders Amber Venz Box, 28, and Baxter Box, 33, are exactly the kind of “forward-thinking and fresh-minded entrepreneurs” that Cook is looking for in a tenant. Cook, who also owns 750 N St. Paul and has agreed to let Dallas Startup Week use its 19th floor, has big plans for The Centrum. They include a new façade, lobby, courtyard and other amenities, including much-coveted parking and a fitness center and outdoor space all in the works.
“What ultimately led us to this building is what Chad [Cook] is doing to it,” said Jeff Eiting, vice president at the Dallas office CBRE’s technology and media practice, who assisted RewardStyle in its search for new space. “Dallas doesn’t have many properties that have all these amenities that he’s adding, but there are going to be more.”
RewardStyle’s move to what will soon become one of the most iconic buildings in Dallas underscores just how big it has become. The company, which counts more than 9,000 fashion bloggers (it only uses the top 10 percent) and 4,000 retailers in its network, including Wal-Mart, Target, Neiman Marcus and Nordstrom, received $15 million in new financing last year, bringing its valuation to a whopping $290 million.