Advertise on podcast: Retail Retold

When your original plan stalls and another buyer steps in, what’s your next move?Retail headlines move fast. The fundamentals behind a good deal tend to stick around. Back in 2023, Chris Ressa was preparing for the Bed Bath & Beyond bankruptcy lease auction, watching a record year of leasing turn into store openings, and explaining why fewer available spaces could mean fewer signed leases, even with strong retailer demand. Fast-forward to today, and limited new construction and competition for quality locations keep that supply discussion relevant. This Retail Retold replay offers a look at where the market was and the dealmaking lessons that still apply. Those lessons come into focus through a Dallas Planet Fitness deal that took an unexpected turn. What started as an effort to fill a vacancy ultimately became a 50/50 ownership opportunity. Getting there required strong documents, creative negotiation, and a buyer who understood what DLC actually wanted. An offer to pay for DLC’s consent didn’t get the deal done. An invitation to become partners did. Chris breaks down why knowing your reciprocal easement agreement, or REA, matters long before a negotiation begins. The rights written into those documents can shape a shopping center’s tenant mix, ownership, and future opportunities. In this case, they helped turn a restriction into a path toward greater control. He also gets candid about losing focus on an opportunity DLC had already identified and gives the eventual buyer credit for proposing a structure both parties could support. For shopping center owners, leasing professionals, and investors, the conversation connects retail’s broader momentum with the decisions that turn demand into completed deals. Know what your documents protect. Stay close to your opportunities. Understand the person across the table. A few years later, those lessons still hold up. Great docs create options. Knowing how to use them can change the outcome. What You’ll HearWhy fewer signed leases don’t necessarily mean weaker retail demand.What store opening numbers miss and how new tenants build shopping center momentum.The restriction that complicated a Planet Fitness lease in Dallas.Why DLC’s plan stalled and what happened when another buyer stepped in.How a request for consent took the negotiation in an unexpected direction.Lessons on staying focused, thinking creatively, and understanding the other side. Chapters00:43 — The Bed Bath & Beyond lease auction Chris shares his perspective ahead of the 2023 bankruptcy lease auction. 01:57 — Less space, fewer leases? Why lower leasing volume doesn’t necessarily signal weaker retailer demand. 03:58 — From signed leases to open stores How new openings bring traffic, investment, and momentum to shopping centers. 05:49 — The Planet Fitness opportunity in Dallas A vacancy draws tenant interest, but an REA restriction complicates the plan. 07:11 — A new plan meets an unexpected setback Buying a neighboring building offers a potential solution until March 2020. 08:16 — Another buyer steps in The opportunity resurfaces when a new purchaser approaches DLC for consent. 10:10 — An offer changes the conversation A different proposal creates a path both parties can support. 11:35 — Creativity and staying focused Chris reflects on the outcome and an opportunity DLC nearly missed. 12:25 — Knowing your rights Why the property’s documents proved central to the negotiation. 13:13 — Understanding the other side Recognizing DLC’s priorities helps the buyer find common ground.

A strong retail market is creating new opportunities, but making the right deals still takes conviction.Retail real estate has been through its fair share of challenges, but the industry keeps proving its resilience. With limited new supply, strong tenant demand, and shopping centers evolving to serve more of consumers' everyday needs, the opportunities for owners and operators continue to grow. David Gerstenhaber, Senior Vice President & Head of Leasing at Brixmor Property Group, joins Chris Ressa to discuss what's driving retail's momentum, the realities of dealmaking, and the lessons he's learned over 20 years in the industry. From traditional retail to fitness, healthcare, dining, and entertainment, the shopping center tenant mix has changed dramatically. David explains how these shifts are creating stronger assets, driving traffic, and opening the door to new leasing opportunities. But not every great deal looks great on paper. David shares the story of a grocery deal in central New Jersey that nearly didn't happen. Despite questionable sales projections, a divided family-owned retailer, and significant financial risk, he saw an opportunity others weren't convinced existed. What followed was an unconventional decision-making process that ultimately turned a struggling shopping center into a major success story. Chris and David dig into what that deal reveals about understanding a market beyond the numbers, recognizing what a community actually needs, and having the conviction to make difficult decisions. They also discuss one of David's biggest career challenges: transitioning from dealmaker to leader. From learning through mistakes to building a trusted network of industry peers, David shares how relationships and experience have shaped his approach to leasing and leadership. For anyone involved in retail real estate, it's a conversation about what separates a good opportunity from a great deal, and why the best decisions aren't always the most obvious ones. What You’ll HearWhy retail real estate continues to thrive despite decades of industry challengesHow evolving tenant mixes and limited new supply are strengthening shopping centersThe challenges of transitioning from dealmaker to leader and lessons learned along the wayWhy building relationships with industry peers is essential to long-term successHow a risky grocery deal became one of Brixmor's biggest success storiesWhy understanding local markets and looking beyond the data can make or break a dealThe role grocery anchors play in driving traffic, supporting tenants, and creating long-term value Chapters00:42 — Meet David Gerstenhaber David's background and his 20-year career at Brixmor Property Group. 02:02 — From advertising sales to retail leasing How David broke into commercial real estate and worked his way up to head of leasing. 04:26 — Why retail is thriving How limited supply, healthier tenants, and evolving shopping centers are strengthening the industry. 07:33 — From dealmaker to leader The challenges of managing a team, learning from mistakes, and developing leadership skills. 11:43 — The power of industry relationships Why building a trusted network of peers is essential to success in retail real estate. 14:33 — The grocery deal that almost didn't happen How David pursued a regional grocer despite skepticism, challenging projections, and significant financial risk. 18:46 — When the numbers don't tell the whole story Why Brixmor's investment committee took a hands-on approach to a risky deal that became a major success. 22:21 — Why grocery anchors matter How grocery stores drive traffic, support surrounding tenants, and strengthen shopping centers. 25:35 — Three questions with David Extinct retailers, recent shopping purchases, and his favorite Target aisle.

Why student spending, college sports, and year-round demand are putting university markets on investors’ radar.Are college towns one of the most overlooked opportunities? Traditional demographics might suggest limited demand, but what's happening on the ground tells a different story. Chris Ressa and Karly Iacono explore why university-driven markets deserve a closer look and how student spending, tourism, and year-round economic activity are creating opportunities investors may be underestimating. Often underserved by retail, these markets have fewer stores supporting a concentrated customer base. The result? Higher sales per square foot than traditional demographics might suggest. Back-to-college shopping has become a retail spending event of its own, fueled by social media and changing consumer habits. According to Placer.ai data discussed in the conversation, Target and Walmart locations in college markets have experienced stronger visit growth than their national averages. But the opportunity isn't limited to August. Universities are economic engines. They create jobs, attract businesses, and bring visitors year-round. From college football weekends to championship tournaments and major campus events, these markets generate traffic and spending that population reports don't always capture. Chris shares how DLC approaches these opportunities, including its acquisition of Gateway Station in College Station, Texas, near Texas A&M University, and why a university can strengthen an investment thesis without replacing the fundamentals of a good deal. But what does the future hold? As higher education evolves, shifting enrollment trends, changing consumer habits, and the expanding economic influence of universities could reshape retail demand and investment opportunities. For retail real estate investors, developers, and operators, the question is whether traditional underwriting captures the full picture of demand today and what these markets could look like tomorrow. College towns aren't guaranteed winners. But understanding the forces driving consumer spending, traffic, and long-term demand could reveal opportunities hiding in plain sight. What You’ll HearWhy college towns are often underserved by retail despite strong demandHow student spending and parental support can skew traditional demographicsWhy Target and Walmart are seeing stronger traffic growth in college marketsHow back-to-college shopping and social media are driving spendingWhy universities support year-round economic activity beyond the student populationHow college sports and major events bring additional traffic to these marketsHow DLC evaluates college-town investments and why winning on basis matters Chapters00:42 — Halloween traditions with Chris and Karly A quick catch-up on family Halloween costumes before diving into retail. 02:38 — Are college towns hidden retail gems? Why university markets deserve a closer look from retail investors. 03:43 — The college town retail advantage How limited retail supply can lead to stronger store performance. 05:29 — The impact of student spending Why back-to-college shopping and parental support drive retail demand. 07:37 — Retail traffic in college markets Why Target and Walmart are seeing stronger visit growth in university markets. 09:19 — Social media and shopping habits How changing student expectations are influencing retail spending. 09:48 — Beyond the back-to-college rush Why university markets can support year-round retail demand. 11:09 — Universities as economic engines How universities attract businesses, create jobs, and support local economies. 12:28 — On-campus vs. off-campus retail Why larger retailers often locate outside university campuses. 13:00 — The risks of college markets How enrollment, funding, and the future of higher education could impact demand. 14:58 — The power of college sports How athletics and major sporting events bring visitors into university markets. 16:28 — The impact of sports tourism How recurring events in Omaha and Williamsport drive local economic activity. 18:33 — Investing in college towns How DLC evaluates university markets and opportunities in secondary and tertiary locations. 20:40 — Winning on basis Why acquisition pricing remains critical, regardless of market potential. 21:45 — The future of college town retail Could college towns become a dedicated retail investment strategy?

A decade of meetings that went nowhere. A department store deal that nearly unraveled. And a conversation that helped change an entire city.You can't make this stuff up. Vince Corno, Senior Vice President of Real Estate at DICK'S Sporting Goods, has spent nearly 35 years making retail real estate deals. And he's got some incredible stories. He joins Chris Ressa on Retail Retold to share what really happens behind the scenes, where relationships matter, negotiations take unexpected turns, and sometimes the deal you start with isn't the deal you finish. Take Salt Lake City. After years of courting a department store chain owned by the LDS Church, Vince found himself working on an acquisition that took an unexpected turn when Nordstrom considered leaving downtown. What followed was a series of conversations and strategic moves that helped set the stage for City Creek Center, a $2 billion development that transformed downtown Salt Lake City. Then there's DICK'S House of Sport. Vince shares how Ed Stack challenged his team to imagine a store so good it could put their existing stores out of business. That thinking helped launch an entirely new retail experience, one that's now expanded to 44 locations. And Sears? Vince makes a compelling case for why the retailer deserves more credit for shaping American retail than most people realize. He even shares the surprising connection between Sears and a Chicago television station. Along the way, there are lessons about mentorship, taking risks, knowing when to push, and why the best dealmakers understand more than what's written in a lease. Whether you're closing deals, learning the business, or just curious about how the stores in your neighborhood got there, this is one of those conversations you'll want to hear. Great deals make great stories. Vince has plenty of both. What You’ll HearHow 35 years in retail real estate shaped Vince Corno’s perspective on the industryHow a department store acquisition helped drive the transformation of downtown Salt Lake CityWhy DICK'S Sporting Goods saw opportunity in malls as the retail landscape shiftedWhat's driving the growth of House of Sport and its expansion to 44 locationsHow vacant department stores and redevelopment challenges are shaping new retail opportunitiesHow different store formats and real estate strategies are supporting DICK'S continued growthWhy Vince believes Sears deserves more credit for its lasting impact on American retail Chapters00:42 — Meet Vince Corno Introduction to Vince Corno and 35 years in retail real estate. 04:54 — The rise of May Department Stores The rise of May Department Stores and its acquisition by Macy's. 06:59 — From attorney to dealmaker From attorney to dealmaker: navigating complex real estate agreements. 09:40 — The challenges of redevelopment Why reciprocal easement agreements complicate redevelopment. 13:14 — A career among retail's biggest names Career lessons from Saks Fifth Avenue and major retail properties. 16:35 — DICK'S Sporting Goods' growth strategy DICK'S Sporting Goods' growth strategy and Ed Stack's vision for malls. 18:43 — House of Sport reaches 44 locations House of Sport's expansion to 44 locations. 20:20 — Finding new paths to expansion Vacant department stores, new formats, and expansion challenges. 21:12 — Why physical retail still matters The resurgence of malls and the importance of physical retail. 22:47 — Reinventing a retail giant Reinventing DICK'S Sporting Goods and the origins of House of Sport. 27:19 — A deal that went beyond retail The Salt Lake City deal story: a department store acquisition and the church. 31:48 — Transforming downtown Salt Lake City How the deal helped set the stage for City Creek Center. 38:42 — Vince's retail picks Retail nostalgia, Sears, and Vince's favorite shopping experiences

Is that the sweet smell of premium chocolate in the Windy City air?Premium chocolate is growing faster than the broader confectionery category. Hotel Chocolat wants a bigger piece of that growth in the U.S. Backed by Mars and already established with roughly 170 stores in the UK, Hotel Chocolat is building out its American footprint with a retail strategy centered on more than what’s inside the box. The brand currently has six stores in Chicago, with locations in California, Salt Lake City and Alexandria, Virginia, next on the expansion list. And the early results are promising: its U.S. stores are exceeding expectations. Chris Ressa sits down with Kelly Goering, general manager of Hotel Chocolat U.S., to talk about how you take an established international brand, introduce it to a new consumer and build a retail model that can scale across the country. A big part of that strategy is experience. Hotel Chocolat stores are designed to bring elements of the brand’s St. Lucia cacao farm into physical retail. There’s greenery, sampling, gifting, cafés in select locations and a wall featuring 120 varieties of chocolate. The goal is to give customers a reason to discover, taste and stay awhile. But scaling that experience requires figuring out what translates. The team is testing store sizes, café formats and footprints while learning what U.S. consumers respond to. And the growth strategy goes beyond standalone stores. Hotel Chocolat is also expanding into airports and through retail partners including Wegmans and select Kroger banners. As that footprint grows, NWS is serving as Hotel Chocolat’s architect, helping bring its distinctive retail experience to more customers across the country. For retail real estate, Hotel Chocolat is an interesting case study in how a global brand enters a new market without stripping away what made the concept distinctive in the first place. The chocolate gets customers interested. The experience could be what keeps them coming back. What You’ll HearWhy premium chocolate is outpacing the broader confectionery marketWhy Chicago was the starting point for Hotel Chocolat’s U.S. expansionHow Hotel Chocolat brings its St. Lucia cacao farm experience into storesWhat’s driving strong performance at the first U.S. locationsHow store sizes, café formats and community fit shape the expansion strategyHow airports and retail partnerships are helping Hotel Chocolat grow its U.S. footprint Chapters00:19 — From Mars to Hotel Chocolat Kelly Goering shares her 22-year career with Mars and how she became responsible for scaling Hotel Chocolat in the U.S. 05:14 — Meet Hotel Chocolat How the UK retailer grew to roughly 170 stores and why Mars acquired the premium chocolate brand. 06:41 — Building the U.S. footprint Six Chicago stores are only the beginning, with new markets already on the expansion list. 07:08 — Why premium chocolate is growing Kelly breaks down the confectionery market and why premium chocolate is outpacing the broader category. 10:56 — Bringing an international brand to America The team is taking lessons from the UK while building a scalable model specifically for U.S. consumers and communities. 13:41 — Why Chicago came first A tastemaker city, distinct neighborhoods and a strong connection to Mars made Chicago the starting point. 14:53 — What the early stores are proving Performance is exceeding expectations as Hotel Chocolat tests footprints, cafés and different store configurations. 16:30 — Inside the Hotel Chocolat experience From cacao-farm-inspired design to 120 varieties of chocolate, gifting and cafés, the store is designed around discovery. 20:19 — What Americans are buying Billionaire Shortbread, drinking chocolate and holiday penguins emerge as some of the early favorites. 22:27 — Kelly’s retail picks Kelly’s answers to Chris’ three signature retail questions.

What does it take to scale kids entertainment nationwide?Family entertainment has become a major part of the retail real estate conversation. But as the category gets more crowded, the concepts that grow will need more than a good idea. Suat Gokmen, co-founder and part owner of FunBox, joins Chris Ressa to talk about the growth of the kids entertainment brand and what it takes to scale a concept in today’s retail environment. Built around large-scale inflatable play parks, FunBox primarily serves kids ages two to 10 and has found a particularly strong business in birthday parties. The concept started outdoors following COVID before gradually moving indoors, a shift that opened the door to a much larger retail expansion strategy. Today, FunBox has eight operating locations, 10 under construction, six signed leases and more deals in the pipeline. But growth brings a different set of questions. As FunBox expands nationwide, the team has to balance the right markets, the right real estate and the right franchisees. A location can look great on paper and still not work. Gokmen still visits potential sites himself, combining data with what he sees and experiences on the ground before moving forward. There is also a bigger shift happening across family entertainment. After years of rapid growth, Gokmen sees a category beginning to face some growing pains. Rather than respond by adding more attractions or complexity, FunBox is staying focused on the experience that built the business. Ressa and Gokmen discuss what FunBox has learned as it scales, the realities of growing through franchising, what landlords should understand about the concept and where kids entertainment fits into the next phase of retail real estate. What You’ll HearHow FunBox is scaling from outdoor parks to indoor retailWhy birthday parties are a major part of the businessHow FunBox evaluates new markets and locationsWhy a 16-foot ceiling opens up more retail opportunitiesHow franchising is shaping where FunBox expands nextWhy FunBox is staying focused as the FEC market gets crowded Chapters01:04 — Meet Suat Gokmen and FunBox Meet the entrepreneur behind FunBox and the experiences that led him to kids entertainment. 01:57 — From real estate and cars to FunBox Suat shares his path through real estate, auto dealerships and other ventures before FunBox. 04:04 — How FunBox got its start How an outdoor bounce park concept during COVID evolved into an indoor entertainment business. 06:09 — Finding FunBox’s core customer Why FunBox stays focused on younger kids and the families bringing them through the door. 07:55 — Finding the right retail space The size, ceiling heights and market characteristics that can make a location work. 10:00 — Scaling through franchising How FunBox is using franchise growth to expand its footprint across the country. 12:09 — The economics behind FunBox A look at startup costs, insurance and the economics that shape the model. 13:49 — Standing out in family entertainment How FunBox thinks about competition as the family entertainment category gets more crowded. 16:03 — Proving the concept How an early indoor location helped validate the model and create momentum for expansion. 18:00 — Getting the right locations Why data matters in site selection, but seeing a potential location firsthand still matters too. 20:06 — Building the FunBox experience How birthday parties and private events have become a major part of the business. 21:53 — What’s next for FunBox Suat shares where FunBox is headed and his outlook on the future of family entertainment.

The People Are the Plot What does it take to make a retail real estate deal work? Ask Chris Ressa, and he’ll tell you it starts with people. In this episode, University of Alabama student Asa Moran, host of CRE Simplified, interviews Chris about the lessons he has learned across his career. Digging into the fundamentals of the business, Chris offers lessons for anyone working in commercial real estate. Chris takes Asa inside a complicated grocery deal involving an underperforming store, two competing grocers, a pharmacy that had to remain open during construction, two new leases, and a refinancing. It took far more than finding replacement tenants. It took relationships, coordination, and a team that could keep every piece moving. What stalls a deal? Chris points to an issue that can be easy to miss: knowing who actually has the authority to say yes. Even when the people negotiating agree, a deal can lose momentum if the final decision makers have not been part of the process. His advice applies whether you are working on your first lease or your hundredth. Asa also asks Chris how he found his way into retail real estate, why he moved from leasing into leadership, and what he looks for in new hires. Chris shares the role mentors played in his career and the habits that helped him learn the business: reading widely, building relationships, working hard, and making life easier for his teammates. It is a conversation grounded in the realities of getting deals done and building strong teams. Asa brings a student’s curiosity. Chris brings experience. Together, they get to the point that holds up at every stage of a career: behind every location are people making it work. What You’ll HearWhy the people behind the real estate are what make it workWhat a complicated grocery deal taught Chris about relationships, coordination and getting to the finish lineHow Chris learned to shorten the learning curve through reading, relationships and curiosityWhy effort became the career advantage Chris knew he could controlWhat wrestling taught Chris about the danger of bad habits that still get resultsWhy having the right decision-makers involved can keep a deal from losing momentumWhat Chris has learned about building strong teams and spotting potential in young talent Chapters00:38 — Real estate is a people business Why Chris believes the people behind the property ultimately make the real estate work. 01:41 — Life as a COO How teammates, real estate and clients shape Chris’s day-to-day role. 02:50 — From athlete to leader How wrestling, coaching and mentorship influenced Chris’s move from leasing into management. 05:07 — Learning through complicated deals Chris walks through a grocery transaction involving multiple tenants, a termination, refinancing and a pharmacy transition. 09:11 — Know who can actually make the decision One of Chris’s biggest dealmaking lessons: understand the decision process before you get too far down the road. 11:10 — The danger of bad habits that work Why getting results doesn’t always mean you’re doing things the right way. 14:13 — How Chris found commercial real estate A first job at Sherwin-Williams unexpectedly turns into a career in the industry. 15:25 — Cut the learning curve Why reading, networking and being intentional about learning can accelerate your career. 17:51 — Make yourself valuable Chris explains why he focused early on making everyone else’s job easier. 19:46 — Books that shaped his leadership Three recommendations that influenced how Chris thinks about people and teams. 21:00 — What Chris looks for in young talent Humility, hunger, communication, adversity and the traits that stand out beyond experience. 24:01 — Why commercial real estate stuck The appeal of an industry where the results of your work are visible and measurable.

Persistence, scarce retail space and the fundamentals behind the right deal.This Retail Retold replay brings us back to a conversation with Kevin Nassimi, Vice President of Real Estate at Nassimi Realty, about a question that still matters: Does America actually have enough physical retail space? For years, the industry talked about the U.S. being over-stored. Chris Ressa and Kevin challenged that assumption, looking at the forces already reshaping retail supply, from intense demand for pad sites and limited big-box availability to former retail space being converted to multifamily, industrial, and self-storage. It’s a conversation worth revisiting because the fundamentals behind it go beyond one market cycle. Kevin shares what he was seeing across Nassimi Realty’s portfolio, including significant demand for freestanding pad sites and fewer available big-box spaces. Chris digs into why. Former 100,000-square-foot boxes have increasingly been divided among multiple tenants, expanding the pool of potential users while reducing the amount of true large-format space available. They also discuss how limited new construction and the repurposing of obsolete retail have further constrained supply. As former retail properties are converted to multifamily, industrial, self-storage, and other uses, that square footage leaves the retail market altogether. But the conversation isn’t only about supply and demand. Kevin shares the story behind bringing Burlington to a former Kmart space in Clifton, New Jersey, after reaching out close to 100 times over four years. The deal is a reminder that persistence matters, but so does knowing your asset, understanding the trade area, and recognizing when the right tenant belongs at the right property. From changing store formats and limited supply to retailer demand and the fundamentals of dealmaking, this replay takes another look at a question retail real estate is still navigating: How much physical retail space do we actually need? What You’ll HearWhy demand for retail pad sites has become so intenseHow big-box availability reached levels Kevin hasn’t seen in his careerWhy splitting former Kmart-sized boxes is changing retail supplyHow conversions to multifamily, industrial, and self-storage are removing retail space from the marketWhy high construction costs are making new retail supply even harder to deliverWhat nearly 100 calls over four years taught Kevin about persistence in leasingWhy knowing the asset and trade area matters more than accepting a retailer’s first “no”How a major wave of store closures could temporarily disrupt today’s fast leasing environmentWhy retailer optimism remains high despite broader economic uncertainty Chapters0:00 — Meet Kevin Nassimi Kevin shares his role at Nassimi Realty and the family-owned company’s approach to suburban shopping centers. 4:53 — Clear the Air A difficult residential conversion, construction blind spots, and Kevin’s surprisingly generous philosophy on broker commissions. 9:12 — 100 calls later: the Burlington deal Kevin explains why he kept pursuing Burlington for years—and what finally changed. 12:27 — Persistence only works if you know the real estate Chris breaks down the fundamentals behind the Clifton deal, from trade-area knowledge to tenant critical mass. 15:27 — What’s happening in retail right now? Kevin shares what he’s seeing across markets after reconnecting with retailers and brokers at ICSC. 15:59 — Why pad sites are king Demand for freestanding buildings and drive-thru opportunities is creating fierce competition for limited space. 18:50 — Where did all the big boxes go? Chris and Kevin examine why large-format availability has tightened and how former boxes are being divided among multiple tenants. 22:09 — Retail supply is disappearing Conversions to industrial, multifamily, and self-storage are taking former retail square footage permanently out of the market. 22:35 — Is America under-stored? Chris challenges the old assumption that the U.S. has too much physical retail. 23:00 — Smaller boxes, more tenants, less risk Why breaking up former Kmart-sized spaces has expanded the tenant pool and diversified landlord exposure. 25:39 — The impact of the next major store closure Chris and Kevin discuss why a large bankruptcy or closure wave could slow leasing activity far beyond the affected properties. 27:07 — Retailer optimism is still high Despite economic uncertainty, Chris says the confidence among physical retailers at ICSC was hard to miss. 27:51 — RadioShack, Bloomingdale’s and a serious salt tooth Kevin closes with the retailers he misses, how he shops, and the Target aisle

The case for more retail investment is getting harder to deny.Retail real estate has spent years proving its strength. Vacancy is tight, rents are growing and recent performance has outpaced other major commercial real estate asset classes. Yet retail still accounts for just 13% of institutional real estate holdings. So why hasn’t capital caught up? CBRE’s Karly Iacono and Chris Ressa look at the disconnect between retail’s compelling fundamentals and its relatively small share of institutional investment. The opportunity is there, but retail isn’t an easy asset class to understand from a spreadsheet. Co-tenancy, exclusives, tenant sales, market rents and local dynamics all influence how a shopping center performs. Two centers across the street from each other can support very different rents based on traffic, tenant performance and the strength of the individual property. Understanding those differences requires more than access to data. It requires knowing what the data means and having the ability to act on it. That’s where the operator becomes increasingly important. As institutional investors look to increase their exposure to retail, operating partners can provide the market knowledge, retailer relationships and execution needed to turn an investment thesis into actual NOI growth. Chris argues that we’re in the “age of the operator,” where simply owning the right asset may not be enough. And the fundamentals continue to strengthen the argument. Rent spreads are growing without sacrificing occupancy, quality retail inventory remains limited and there may still be significant room for rents and NOI to grow. The fundamentals are there. Now it’s a matter of who knows how to capitalize on them. What You’ll HearWhy retail remains underallocated despite stronger fundamentalsHow co-tenancy risk is changing for landlords and investorsWhy operational expertise is key to unlocking valueHow tenant sales and data shape market rentWhy local market knowledge can make or break a dealHow operating partners help institutions get comfortable with retailWhy retail may still have significant room to run Chapters01:16 - Why is retail still underallocated? Retail fundamentals are strong, but institutional ownership still trails multifamily and industrial. 04:42 - The 13% allocation gap Retail represents just 13% of institutional holdings, even as recent performance has outpaced other asset classes. 07:45 - Is co-tenancy risk overstated? Why the details inside the lease matter more than the presence of a co-tenancy clause itself. 12:16 - Where operational complexity creates value The challenge isn’t simply running a retail asset. It’s executing the plan needed to unlock its upside. 16:04 - What is market rent, really? How tenant sales and property performance can drive different rents at shopping centers across the street from each other. 18:46 - Having the data vs. understanding it Why access to retail data only goes so far without the expertise to interpret and execute on it. 19:19 - Why local market knowledge matters The opportunity in secondary markets, local tenants and the relationships that can’t always be captured in underwriting. 23:30 - The age of the operator Why institutional investors are turning to operating partners and JVs to execute their retail investment strategies. 26:02 - What institutional capital wants to buy From grocery-anchored centers to power centers, why deal type, location and quality still shape where capital moves. 29:35 - Does retail still have room to run? Strong rent spreads, occupancy and NOI growth make the case for more institutional capital moving into retail

Prime retail space is hard to find. How does solidcore keep growing?Solidcore is scaling fast. The boutique fitness brand will have approximately 190 locations open by the end of the month, up from about 85 when Josh Rainey joined the company. It expects to reach roughly 240 locations by the end of next year. The demand is there. The real estate is the harder part. Josh, senior director of real estate and growth at solidcore, joins Chris Ressa to explain what it takes to expand a national fitness concept when nearly every growing retailer wants the same 1,800- to 3,000-square-foot spaces. Solidcore is pursuing high-quality real estate across tier-one and tier-two markets, but it does not rely on one property type. The team studies how customers move through each trade area, what conveniences they expect, and which destinations already fit their routines. A street-front studio may work in New York. Surface parking could be critical in Texas. A grocery-anchored center can win when it offers the right mix of food, services, and daily traffic. The larger lesson is that good real estate is not defined by a category. It is defined by the customer. Josh also shares how solidcore doubled the size of a high-performing Chelsea studio by taking over the adjacent space. The expansion required the brand to revisit its lease, navigate a landmarked New York City building, and connect the two studios while closing for only 72 hours. What began as an unusual solution has become a model solidcore plans to replicate. The conversation goes beyond finding available boxes. It examines how co-tenancy reinforces customer habits, why convenience changes from market to market, and how a retailer’s lease priorities evolve as the company matures. For landlords, retailers, and investors, solidcore’s growth offers a clear takeaway: winning locations come from understanding how people actually use a place—and creating enough value to make them return. What You’ll HearHow solidcore grew from approximately 85 studios to nearly 190 locationsWhy the 1,800- to 3,000-square-foot range has become one of retail’s most competitiveHow solidcore evaluates street retail, grocery-anchored centers, lifestyle projects, and freestanding locationsWhy customer behavior matters more than adhering to one preferred property typeHow food, beverage, and complementary co-tenants can reinforce a seven-visit-per-month fitness routineWhy parking expectations in Texas are different from those in Los Angeles or MiamiWhat the shift toward services, wellness, and specialized fitness means for retail real estateHow solidcore doubled the size of a successful Chelsea studioWhat a growing retailer can gain by reopening and restructuring an existing leaseWhy reliable rent payments, reinvestment, and a clear growth story matter to landlords Chapters00:00 — Welcome to Retail Retold Chris introduces Josh Rainey, senior director of real estate and growth at solidcore. 01:02 — Building a career in retail real estate Josh shares how an early fascination with places and development led him to the retailer side of the business. 03:16 — Solidcore’s growth story The brand has grown from approximately 85 locations to nearly 190, with more expansion ahead. 05:10 — Where fitness spending is moving Josh explains why consumers continue to invest in health, wellness, services, and specialized workouts. 06:15 — Why boutique fitness keeps fragmenting Smaller classes, specialized formats, recovery, and flexibility are reshaping the fitness landscape. 09:40 — Competing for retail’s most wanted space Solidcore’s preferred size range puts the brand in direct competition with many other expanding concepts. 11:14 — Choosing the right type of real estate Street retail, lifestyle centers, grocery-anchored properties, and freestanding buildings can all work under the right conditions. 13:34 — Co-tenancy that strengthens a routine Josh breaks down how food, beverage, and complementary brands can make a center more valuable to solidcore customers. 15:00 — Convenience changes by market Parking, transit, access, and local expectations influence what makes a location viable. 17:40 — The Chelsea expansion story A high-performing studio needed more capacity, so solidcore looked through the wall instead of across the market. 20:46 — Renegotiating for growth The brand blended the expanded premises into one lease while updating language that no longer matched its standards. 23:08 — Connecting two studios in 72 hours Solidcore kept disruption to a minimum while creating a contiguous dual-studio location. 24:38 — A new brand and a larger ecosystem Josh previews solidcore’s next concept and the company’s ambition to capture more of the customer’s wellness spending. 25:32 — Retail rapid fire Josh makes the case for bringing back Burdines and Sharper Image—and admits where Chris would find him at Target.

How do technology and trust create safer shopping centers? Security is easy to notice after something goes wrong. The harder question is whether owners and operators are doing enough before that moment arrives. Chris Ressa talks with Mark Bradshaw, vice president of property management at DLC, and Paul Ganz, vice president of business market development at LiveView Technologies, about how retail properties can reduce risk without making customers feel like they are entering a fortress. The answer is not another camera. It is a layered security strategy built around deterrence, technology, property operations, law enforcement, and community relationships. Ganz brings an unusually broad perspective. He spent 13 years as a police officer before moving into retail loss prevention, supply chain, store operations, and corporate security. Bradshaw brings the owner-operator view, including how DLC uses mobile security units for more than surveillance. The same equipment can help property managers monitor vendors, assess weather conditions, inspect work, and maintain visibility across a geographically dispersed portfolio. The conversation also gets honest about artificial intelligence. AI can already identify loitering, unauthorized access, and other predefined behaviors without forcing someone to stare at a wall of screens. But the technology still cannot replace human judgment, direct a complete response, or build the local relationships that make security programs work. That distinction matters now. Retail centers are private property designed for public use. Owners need to protect tenants and customers while preserving a welcoming environment. Deploy too little security, and risk grows. Deploy too much without a strategy, and customers may assume the property is unsafe. The strongest takeaway is simple: security is not a product purchase. It is an operating discipline. The best results come when property owners, technology providers, guards, police departments, and local communities share information, test assumptions, and solve problems together before an incident forces the conversation at each retail property. What you’ll hearWhy deterrence is difficult to measure—and still essential to a retail security strategyHow owners can “harden” a property without making it feel unwelcomingWhy cameras, guards, environmental design, and operating protocols must work togetherHow DLC uses mobile security units to monitor vendors, weather, property conditions, and security risksWhat AI can already identify, including loitering, unauthorized access, and suspicious behaviorWhere AI still falls short and why human judgment remains criticalHow relationships with police departments, local officials, HOAs, and customers can reveal security gapsHow mobile technology helped law enforcement combat illegal dumping across vacant county landWhy more visible security does not always make customers feel saferWhat separates a technology vendor from a true strategic partner Chapters02:17 — Meet Mark Bradshaw and Paul Ganz The guests share their paths through property management, law enforcement, loss prevention, retail operations, and security. 03:46 — What LiveView Technologies does Paul explains how mobile security units bring camera technology, analytics, and deterrence to locations without traditional infrastructure. 05:05 — Can deterrence actually be proven? The group examines how owners measure the value of preventing an event that never occurred. 08:19 — Why mobile security towers were created Construction theft and infrastructure gaps created the need for security technology that could operate remotely. 10:14 — Why retail security requires layers Mark explains how cameras, guards, property design, alerts, and physical response work together. 12:17 — What happens when the system detects suspicious behavior Paul breaks down the progression from flashing lights and audio warnings to alerts and human intervention. 14:43 — What AI can—and cannot—do AI can recognize predefined behaviors, but its reliability and role within a broader security strategy still require scrutiny. 17:49 — How DLC uses LiveView beyond security Mark discusses using mobile units to monitor vendors, inspect work, track weather, and provide visibility across DLC’s portfolio. 21:16 — Why community relationships matter Mark shares how working with police, local leaders, HOAs, tenants, and customers helps owners identify and address problems. 25:40 — Helping law enforcement solve problems faster Paul describes how LVT technology helped identify illegal dumping activity across thousands of acres of vacant land. 27:14 — Sharing camera access with police The guests discuss evidence requests, property-owner authorization, and controlled access during active incidents. 28:50 — Can too much security backfire? Visible technology can reassure customers—or signal that a property is unsafe if it is deployed without a clear strategy. 30:41 — The next real breakthrough for AI Paul explains how AI could move from detecting activity to providing actionable information and anticipating similar risks. 33:28 — Why people will remain part of the solution Mark and Paul make the case for combining technology with human judgment, local knowledge, and strategic partnership.

The Dark Horse of Consumer Spending Retail is obsessed with the next consumer. What does Gen Z want? How will younger shoppers change stores? Which brands, experiences, and trends will win their attention? But while everyone looks ahead, retail may be overlooking one of the most powerful consumers in the market right now. Gen X accounted for $15.2 trillion in global consumer spending in 2025 - that's more than the entire spending power of China Gen X are in their peak earning years, but that’s only part of the story. Many are making purchasing decisions for households that stretch in both directions, from their children to their aging parents. That makes Gen X more than a valuable demographic. It gives them outsized influence over where money is being spent and what consumers need from the places they visit. And we may already be seeing the impact in retail real estate. The growth of service tenants, demand for health and wellness concepts, the value placed on convenience and quality, and the evolution of shopping centers into places where consumers can accomplish multiple things in one trip all align with the needs of a generation with money to spend and very little time to waste. “Gen X is the overlooked generation that is kind of a spending dark horse,” said Natalie Chambers, Executive Creative Director at The Dealey Group in her conversation on Retail Retold with Chris Ressa. “Retail real estate, in particular, should pay attention to what Gen X is looking for.” Because understanding who is spending is only the beginning. The bigger opportunity is understanding what that spending power changes: the brands that grow, the services consumers seek out, the tenant mixes that drive repeat visits, and ultimately, what makes a shopping center more relevant to the communities it serves. Gen X may be the forgotten generation. Retail can’t afford to forget about them. What You’ll HearWhy Gen X is retail’s “dark horse”The power of the “sandwich generation”What’s driving the rise of services in retailWhy Gen X may be the bridge between analog life and AIThe connection between Gen X and the longevity boomThe growing value and influence of consumer reviewsHow shopping centers are evolving for multiple generationsWhy intentional spending is gaining ground Chapters01:16 — The consumer signals worth watching Natalie breaks down the Dealy Group’s mid-year trend work and the signals that put Gen X on the radar. 01:52 — Why Gen X is suddenly having a moment From fashion to pop culture, Gen X influence is showing up in places marketers may not expect. 03:16 — The $15.2 trillion wake-up call The spending data that changes the conversation about how much attention Gen X deserves. 04:51 — The consumer in the middle of everything Why being the “sandwich generation” gives Gen X influence over spending across multiple age groups. 07:38 — What Gen X actually values Quality, efficiency and clarity; and why “worth the money” may matter more than simply buying more. 09:02 — Is Gen X driving the rise of services? Natalie connects Gen X behavior to service-oriented leasing, while Chris offers another explanation for the shift. 12:12 — Why repeat visits matter How landlords are using service tenants to build retail ecosystems consumers need to visit again and again. 13:08 — The generation between analog and AI Natalie argues Gen X occupies a unique cultural position. Chris challenges whether that advantage will last. 18:36 — Why analog is back Vinyl, film, BMX bikes and nostalgia reveal a growing appetite for experiences outside the digital world. 25:01 — Longevity is becoming retail Why wellness concepts focused on staying healthier longer could be another expression of Gen X demand. 27:24 — Do online reviews deserve our trust? Chris and Natalie debate who actually writes reviews; and whether those people represent the consumers relying on them. 35:02 — Designing retail for three generations at once Why green space, restaurants, services and gathering places can solve a very practical Gen X problem. 36:49 — Consumers are getting more intentional Functional gifts, planning around sales and buying for utility point toward a more deliberate spending mindset. 37:43 — The Gen X opportunity Natalie’s final argument: retail real estate should pay closer attention to what this overlooked but influential consumer wants.

Retailers want to grow. The question is what they’ll pay for the right space.Retailers want more stores. Vacancy remains historically low. And meaningful new retail development is still years away. So what does that mean for the next five years of retail real estate? What are the forces today that are driving the future? At the center of the August What’s in Store conversation between CBRE’s Karly Iacono and Chris Ressa is a fundamental supply and demand imbalance. Retailers continue to look for opportunities to grow, but the economics of large-scale new development remain challenging. Construction costs, land availability, interest rates and exit values all factor into the equation. But there is one lever that ultimately has to move to make more projects pencil: rent. And that shift is already underway. The question is how far it can go, and what happens along the way. Karly and Chris dig into what rising net effective rents and limited new supply could mean for existing retail real estate, and whether retailers have more room to pay for the locations they really want. They also explore why the physical store has become more valuable to retailers, not just as a place to generate sales, but as a critical part of how brands reach and serve their customers. The changing market is influencing more than rents. Retailers are rethinking the traditional store prototype, using better data to make decisions about where to open, how big to go and which formats make sense in different markets. The result is a much more nuanced approach to expansion, from flagships and large-format stores to smaller concepts, outlets and pop-ups. And as competition for the right space increases, the way deals get done is evolving too. Lease negotiations are changing, retailers are planning their pipelines years in advance, and both sides are looking for ways to move from opportunity to open store faster. Where does all of this lead? The conditions shaping retail real estate today could define the market for years to come. What’s changing now, what still needs to change, and what it could mean for the next five years. What You’ll HearWhy rents need to rise before meaningful new retail development returnsHow low vacancy is making the right locations more valuableWhy retailers are getting more intentional about where and how they growHow better data is creating more conviction around store decisionsWhy physical stores matter more than the headlines suggestHow the landlord and tenant dynamic is shifting Chapters03:10 - When does new retail development come back? Chris explains why rent, not retailer demand, is the biggest hurdle standing between today’s market and meaningful new shopping center construction. 05:45 - The rent growth hiding in plain sight Face rents don’t tell the whole story as TI packages, retailer investment and net effective rents reshape deal economics. 08:36 - Does geography change the development equation? Land availability, Sun Belt growth, interest rates and construction costs determine where new projects have the best chance of penciling. 11:12 - The physical store is more valuable than the headlines suggest Chris argues that the market still underestimates what stores do for retailers and their relationship with consumers. 12:03 - Retail’s one-prototype era is over Retailers are using data to make smarter decisions about formats, distribution, clustering and market-specific store strategies. 16:41 - What younger consumers reveal about physical retail Karly’s New York retail tour with her kids shows how pop-ups, flagships and social media can work together to drive real-world shopping. 21:09 - Lease negotiations are moving back toward balance After years of tenant-friendly movement, landlords and retailers are becoming more pragmatic about non-monetary provisions and getting deals done. 24:24 - Why the store-opening timeline still needs work Retailers are planning pipelines years in advance because leases, municipalities and multiple decision-makers make timelines difficult to compress. 27:02 - The lease provision seeing the biggest shift Use restrictions have become significantly more flexible as shopping center tenant mixes continue to evolve. 29:28 - The local entrepreneur has changed More founders are thinking about scale, franchising, private equity and monetization before they even open location number one.

In a World Using Less Cash, Banks Keep Opening Branches! Why?Bank branches are everywhere, even as more of our banking happens online. You can deposit a check from your phone, transfer money in seconds, and apply for a loan without ever walking into a bank. Yet some of the country’s largest banks and credit unions continue investing heavily in physical locations. So what makes the bank branch so valuable? The role of the branch has changed. Many of the routine transactions that once required a teller can now happen digitally. That leaves the physical location to do something more important: attract deposits, acquire customers, build trust, serve businesses, and create deeper relationships. Chris Ressa sees a strong parallel to retail. For years, ecommerce was expected to make physical stores less relevant. Then digital customer acquisition became more expensive, and retailers learned that stores could actually make their entire business stronger. Physical and digital weren’t competing. They were working together. Banks are seeing the same thing. A customer might open an account online and do most of their banking from a phone. But they still drive past their local branch. They know the name. They know where to go when they need help. That physical presence creates familiarity and trust that can turn one account into a much larger, longer relationship. And that’s where the economics get interesting. For landlords, investors, and anyone in retail real estate, foot traffic doesn’t tell the full story of a bank branch. Deposits, customer acquisition, retention, and long-term relationships can be far more important. As banking becomes more digital, the branch isn’t disappearing. Its purpose is changing, and that helps explain why banks still want four walls on great corners. What You’ll HearWhy banks still want physical branches in a digital worldHow technology actually changed the value of the bank branchWhy deposits and customer relationships matter more than foot trafficWhat banks are learning from the evolution of physical retailWhy the branch and the app are stronger togetherHow great real estate can become a customer acquisition tool ChaptersChapters 00:00 — Why are banks opening new branches? The contradiction between digital banking and continued investment in physical locations. 01:45 — The changing role of the bank branch Technology has changed what happens inside a branch and where its value comes from. 03:15 — Moving toward higher-margin relationships Why branches can focus less on routine transactions and more on valuable customer relationships. 04:10 — Why deposits drive the economics Deposits are the raw material of banking, and physical relationships can make them stickier. 05:05 — Customer acquisition costs are the new rent Why acquiring customers through physical locations can compete with increasingly expensive digital channels. 06:25 — What banks can learn from retail The evolution of bank branches looks a lot like what physical retail experienced with ecommerce. 08:00 — Building deeper banking relationships How branches can help turn one account into a long-term, multi-product relationship. 09:25 — The branch and the app work together Why digital and physical banking can strengthen each other instead of competing. 10:30 — More than four walls in a community How branches create trust, visibility, and a lasting physical presence in local markets. 11:19 — Why physical branches still matter What continued investment in branches says about the value of physical banking.

What if one real estate decision changed the trajectory of an entire company? Back in 2021, the retail industry was navigating supply chain disruptions, soaring construction costs, and an uncertain recovery. Today, this conversation with Five Below Vice President of Real Estate Zach Minteer feels less like a snapshot in time and more like a masterclass in building a resilient retail business. This replay features Chris and Zach discussing one of retail's most remarkable growth stories. Before Five Below became a national retailer with thousands of locations, it was a startup learning hard lessons about growth, operations, and disciplined decision-making. Zach shares how one store in Downingtown, Pennsylvania became the turning point that helped shape the company's future. The conversation explores why Five Below intentionally slowed its expansion after growing too quickly, completely reimagined its store prototype, and took a calculated risk on a larger format that ultimately became the blueprint for the brand's explosive growth. Zach walks through the real estate strategy, landlord negotiations, site selection process, and partnership required to make that first prototype store a reality. It's also fascinating to revisit the industry's perspective on post-pandemic consumer demand, construction costs, supply chain disruptions, leasing momentum, and the rapid acceleration of omnichannel retail. Some challenges have evolved, while others remain just as relevant for retailers, owners, and investors. Beyond the market discussion, Zach shares what it was like joining Five Below as one of the company's earliest employees, helping scale the business from just a few dozen stores to a publicly traded retailer, and why preserving company culture matters as much as opening new locations. More than a time capsule, this conversation is a reminder that while retail continues to evolve, disciplined growth, strong partnerships, and thoughtful real estate decisions never go out of style. What You’ll HearWhy Five Below paused its growth to build a stronger foundationThe story behind the prototype store that changed the company's futureLessons on scaling a retailer from startup to public companyHow landlords and retailers partnered through uncertain market conditionsWhy company culture becomes even more important as organizations growTimeless real estate and leadership lessons that still apply today Chapters00:00 – Welcome to Zach Mintier Chris welcomes the Five Below real estate leader and longtime industry friend. 09:20 – Retail's post-pandemic comeback A look back at the surprisingly strong recovery, leasing activity, and consumer demand. 18:30 – Construction costs and supply chain challenges Why retailers and landlords had to collaborate to keep deals moving. 27:45 – The story of Downingtown begins How one Pennsylvania store became a defining moment for Five Below. 31:20 – Pressing pause to rethink growth Why Five Below halted expansion, redesigned its stores, and changed course. 35:30 – Negotiating the impossible deal Finding the right site, convincing leadership, and partnering with the landlord. 45:30 – Opening day changes everything The launch of the first larger-format Five Below and the customer response. 48:45 – From startup to retail powerhouse Zach reflects on scaling Five Below while preserving the culture that fueled its success. 51:30 – Retail wisdom Favorite retailers, grilling, Target aisles, and Chris' signature rapid-fire qu