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    Business

    Retail Retold

    The Retail Retold Podcast highlights community retailer stories from across the country and gives a behind-the-scenes perspective from business leaders in both retail and real estate industries. The show’s episodes contain valuable insights that help solve the needs of entrepreneurs and real estate pros.

    Each week our guests share stories of what worked, what didn’t, the ups and downs – giving the audience a critical set of tools needed for business success. Join host Chris Ressa and new guests weekly for amazing insights and thought-provoking stories. Brought to you by DLC Management Corp.

    Advertise

    Copyright: © DLC Management Corp.

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    Latest Episodes:
    What Is Retail Traffic Really Telling Us? Jul 24, 2026
    Show notes

    The consumer behaviors behind today's strongest retail trends and what they mean for retailers, landlords, and shopping centers.

    Retail traffic is telling a very different story than most headlines suggest.

    According to Ethan Chernofsky, Chief Marketing Officer at Placer.ai, consumers aren't abandoning stores. They're redefining how they use them.

    One of the biggest shifts is happening inside everyday shopping trips. Consumers are visiting more retailers within the same category, particularly grocery, while spending less time in each store. Instead of trying to be everything to everyone, retailers with a clearly defined value proposition are winning over today's more intentional shopper.

    Chris Ressa and Ethan explore why physical retail has become more valuable, not less. While ecommerce remains an essential part of the customer journey, stores are becoming even more important as fulfillment hubs, discovery engines, and places where brands can build lasting customer relationships. Stores remain the most profitable channel for many retailers while often delivering the best value for consumers. That alignment creates a powerful long term advantage that extends well beyond convenience.

    Even mall traffic continues to surprise analysts, especially among younger shoppers. Gen Z is proving that physical retail still serves an important social function, reinforcing the growing importance of placemaking and creating destinations people actually want to visit.

    Whether it's Starbucks extending pumpkin spice season, Dairy Queen creating a spring traffic surge with Free Cone Day, or retailers capitalizing on major cultural moments, the lesson is clear: great operators don't simply react to consumer behavior, they influence it.

    For retailers, landlords, and anyone watching the future of physical commerce, the message is simple: stores matter more than ever. The retailers and shopping centers that understand changing consumer behavior, and respond with intentional experiences, convenience, and operational excellence, will be the ones that continue to outperform.

    What You’ll Hear

    • Why the smartest retailers create demand instead of waiting for it
    • The surprising shift in how consumers are shopping today
    • Why physical stores are becoming more valuable, not less
    • How Starbucks and Dairy Queen turn ordinary days into traffic drivers
    • Why Gen Z is spending more time at malls
    • The comeback stories proving great brands are hard to beat

    Chapters

    00:00 – Meet Ethan Chernofsky

    How Placer.ai uses location data to understand consumer behavior.

    01:08 – The new rules of retail traffic

    Why shoppers are making more trips while spending less time in stores.

    04:58 – Why physical stores keep winning

    The overlooked value physical retail creates for retailers and consumers alike.

    09:41 – Discovery still happens in stores

    Why the in-store experience continues to drive purchases and loyalty.

    12:13 – Gen Z is bringing malls back

    What younger shoppers reveal about the future of placemaking.

    13:42 – Convenience vs. placemaking

    When retailers should prioritize speed—and when they should encourage longer visits.

    17:19 – Retail lessons from around the world

    How culture shapes shopping behavior across global markets.

    18:45 – Back-to-school traffic winners

    The retailers and brands positioned to benefit this season.

    20:48 – How great retailers create demand

    What Starbucks, Dairy Queen, and other brands can teach every retailer.

    23:24 – The traffic stories nobody saw coming

    Unexpected trends shaping home improvement and retail performance.

    26:12 – Never count out great brands

    Why Target, Starbucks, and other leaders continue to find their way back.

    27:23 – Looking ahead

    What today's traffic trends could mean for the holiday shopping season.


    A Culture of Curiosity Jul 17, 2026
    Show notes

    The questions everyone new to retail real estate needs to ask.

    Sometimes the best conversations start with someone willing to ask questions.

    That's exactly what happened when Chris Ressa handed the microphone to DLC Marketing Coordinator Jordyn Levine.

    Retail Retold usually features founders, CEOs, and industry leaders. This time, the conversation turned inward. Drawing on conversations with Chris, producing the podcast each week, and experiencing retail real estate through fresh eyes, Jordyn asked the questions many people outside the industry are curious about. Why do people think online shopping dominates retail? What actually creates value? Why do physical stores still matter? And how will AI reshape retail real estate?

    The conversation is about more than the answers. It's a reflection of a culture where curiosity is encouraged, ideas can come from anywhere, and asking thoughtful questions is just as important as having the answers. That mindset leads to better conversations, stronger teams, and ultimately, better business.

    Chris shares why physical retail continues to outperform common perception, why shopping centers are intentionally built as ecosystems rather than collections of stores, and why technology should enhance, not replace, human judgment. From social media and site selection to omnichannel retail and digitally native brands opening stores, the discussion explores the forces shaping retail today while keeping people at the center of every decision.

    The conversation also offers advice for anyone entering retail real estate. Chris explains why understanding trade areas, developing strong people skills, and staying intellectually curious are more valuable than trying to have all the answers. His closing thought captures the spirit of both the discussion and the culture behind it: be curious before you're certain.

    This isn't just a conversation about the future of retail. It's a reminder that the best ideas often begin with someone curious enough to ask the next question.

    What You’ll Hear

    • Why people overestimate the impact of e-commerce on retail
    • Whether social media is changing where retailers choose to open
    • What physical stores still offer that technology can't replace
    • How landlords build shopping centers that work as complete ecosystems
    • Where AI fits into the future of retail real estate
    • Chris's predictions for the next decade of retail

    Chapters

    00:00 — A different kind of Retail Retold

    Chris hands the microphone to DLC Marketing Coordinator Jordyn Levine for a conversation driven by curiosity.

    02:08 — Why retail is more misunderstood than ever

    Jordyn kicks off the conversation by exploring why consumers continue to overestimate the impact of e-commerce on physical retail.

    08:34 — Is social media shaping the future of retail?

    A discussion on how digital discovery is influencing consumer behavior and retail strategy.

    15:16 — Why physical stores still matter

    Chris explains what brick-and-mortar offers that technology can't replace.

    22:48 — Building shopping centers that actually work

    Jordyn shifts the conversation to what makes a shopping center successful and how landlords build complementary tenant mixes.

    30:15 — Can AI pick the next great retail location?

    Chris discusses where AI is transforming site selection and where human judgment still leads.

    37:42 — Looking ahead

    Chris shares the trends he believes will shape the next decade of retail.

    44:50 — Closing thoughts

    A conversation about curiosity, continuous learning, and the value of fresh perspectives.


    Partnership as a Competitive Advantage Jul 09, 2026
    Show notes

    Commercial real estate has entered a new era where execution, partnership, and long-term thinking have become the industry's greatest competitive advantages.

    In commercial real estate, everyone talks about capital. Not enough people talk about partnership.

    That's what makes the relationship between DLC and Temerity Strategic Partners different.

    Recorded from DLC's new media studio in Elmsford, New York, this special episode of Retail Retold features guest host Adam Ifshin, Founder and CEO of DLC, in conversation with Bruce Cohen, Founder and Co-CEO of Temerity Strategic Partners.

    Together, they explore how today's higher interest rate environment has reshaped commercial real estate, shifting the advantage from financial engineering to operational excellence. Bruce explains why Temerity was built to partner with proven operators rather than simply invest in real estate, while Adam shares the operator's perspective on creating long-term value through disciplined execution, relationships, and relentless focus on cash flow.

    The conversation goes beyond the numbers. Adam and Bruce discuss how their partnership evolved from mutual skepticism into deep trust, why alignment between operators and capital partners has never been more important, and how culture, leadership, and succession planning have become meaningful competitive advantages.

    The market will continue to change. But the firms that outperform won't simply have access to capital. They'll have the right partners, the right people, and the discipline to execute when it matters most.

    Because capital can always find another deal.

    Finding the right partner is much harder.

    What You’ll Hear

    • Why today's market rewards value creation over financial engineering
    • What sophisticated capital looks for in an operator
    • Why retail remains one of the strongest sectors in commercial real estate
    • How the DLC–Temerity partnership was built
    • Why culture, leadership, and execution drive long-term value
    • The qualities that define companies built to last

    Chapters

    01:43 — Welcome to the new studio

    Adam Ifshin introduces Retail Retold's new podcast studio and welcomes Bruce Cohen.

    03:06 — From capital allocator to operator advocate

    Bruce explains why decades in capital markets led him to believe operators create the real value.

    05:30 — Why Temerity exists

    The entrepreneurial journey behind launching Temerity Strategic Partners.

    10:07 — Solving operators' biggest capital challenge

    Bruce explains the GP capital model and why operators need more than money.

    15:14 — Why retail rose to the top

    How Temerity's research process identified retail as one of the strongest sectors.

    21:09 — What capital misunderstood about retail

    Bruce shares how DLC changed his perspective on leasing, cash flow, and value creation.

    23:51 — Why DLC became the partner

    The process that turned skepticism into conviction.

    28:28 — What culture revealed

    Bruce explains what stood out after meeting the entire DLC leadership team.

    34:56 — Three traits of elite operators

    Bruce's framework for identifying firms built for long-term success.

    39:04 — Building businesses that outlast their founders

    A discussion about succession, the next generation, and creating enduring companies.

    42:13 — When business becomes real partnership

    How a capital relationship evolved into a lasting friendship.

    47:23 — Closing thoughts

    Adam reflects on the partnership and wraps up the conversation.


    From Gas Stations to Shopping Centers: The Evolution of EV Charging Jul 02, 2026
    Show notes

    Is EV charging becoming an essential retail amenity?

    Electric vehicles have become impossible to ignore, but one of the biggest conversations isn't happening inside the car. It's happening in the parking lot.

    As EV adoption continues to grow, retail real estate is becoming an increasingly important part of the charging network. Chris Ressa sits down with Scott Levitan, Executive Vice President of Growth, and Lane Chaplin, Head of Real Estate and Retail Portfolio Partnerships at EVgo, to discuss what it really takes to build and operate one of the nation's largest public fast charging networks.

    Scott and Lane explain why shopping centers have emerged as the ideal home for fast charging, how customer behavior influences site selection, and why convenience means something entirely different in the EV world than it does at a traditional gas station. They also share how EVgo evaluates markets, partners with retailers and REITs, and navigates the challenges of permitting, utilities, and infrastructure that most consumers never see.

    The conversation also explores the current state of EV adoption, including charging costs, battery longevity, range improvements, and the growing used EV market that is making electric vehicles more accessible than ever. Along the way, Scott and Lane address many of the misconceptions that continue to shape public perception of EV ownership.

    For retail landlords, investors, and developers, the discussion offers valuable insight into what separates a sustainable charging operator from those that struggled during the industry's early years. From evaluating business models to understanding why some of the country's largest retailers and shopping center owners are expanding their EV strategies, this conversation highlights why charging infrastructure has become more than an amenity. It's becoming another way retail properties create value for both consumers and tenants.

    What You’ll Hear

    • Why shopping centers are becoming EV charging destinations
    • The biggest myths about owning an electric vehicle
    • Why customer behavior drives site selection
    • How EVgo chooses where to build next
    • What landlords should look for in a charging partner
    • Why so many early charging companies failed
    • The rise of the used EV market
    • Why the future of charging isn't the gas station

    Chapters

    00:00 — Welcome to EVgo

    Meet Scott Levitan and Lane Chaplin and learn how they entered the EV charging industry.

    03:14 — How EVgo is building the charging network

    An overview of EVgo's business and why retail real estate is central to its strategy.

    04:15 — Is owning an EV really cheaper?

    Charging costs, maintenance, range, and common misconceptions.

    08:27 — Why so many charging companies failed

    Government incentives, business models, and the industry's growing consolidation.

    11:36 — Charging standards and industry maturity

    How compatibility has evolved and why standardization is improving.

    14:05 — The growth of the EV market

    Used EVs, battery durability, affordability, and where adoption is headed.

    23:42 — Why retail beats the gas station model

    The connection between charging time, dwell time, and shopping centers.

    30:15 — How EVgo chooses locations

    Market selection, customer demand, and building a nationwide network.

    35:14 — Rebuilding landlord trust

    Lessons from early charging failures and what owners should look for today.

    38:45 — How long does an EV charging deal take?

    Construction timelines, utility delays, and power infrastructure.

    42:19 — Advice for retail landlords

    Choosing the right charging partner and why sustainable business models matter.

    45:52 — What's next for EV charging?

    Why leading retailers and REITs are expanding their EV strategies


    Retail Retold Replay: Research, Data and Retail...AI! Jun 25, 2026
    Show notes

    The market has evolved. The questions are just as relevant. A Retail Retold Replay looking back at retail in 2024.

    We're throwing it back to ICSC 2024 with James Cook, Americas Director of Retail Research at JLL and host of the Where We Buy podcast.

    From the DLC booth in Las Vegas, James and Chris Ressa shared a quick and impactful conversation on the trends shaping retail real estate, from the continued strength of open-air centers to the challenges created by historically low vacancy. While leasing activity has slowed, Cook explains why that's more a reflection of limited supply than weakening demand, and why he remains optimistic about the health of retailers and the consumer.

    The conversation also explores where artificial intelligence could have the biggest impact on the industry. As AI tools become more sophisticated, the opportunity isn't a lack of technology. It's finding ways to apply it to an industry built on private data, complex lease structures, and physical assets.

    They also touch on one of retail's more unexpected growth stories: celebrity-backed restaurants. Based on JLL's research, Cook shares why these concepts have surged in recent years and what that says about today's increasingly competitive restaurant landscape.

    Whether you're catching this conversation for the first time or giving it another listen, this throwback to ICSC 2024 is a fast, insightful look at the ideas that continue to shape retail real estate today.

    What You’ll Hear

    • Why James Cook remains optimistic about retail despite higher interest rates and economic uncertainty
    • How historically low vacancy is changing the retail leasing landscape
    • Why slower leasing activity doesn't necessarily signal weaker retailer demand
    • Where artificial intelligence has the greatest potential in retail real estate
    • The biggest challenge preventing AI from transforming the industry overnight
    • Why celebrity-backed restaurant concepts have exploded in recent years
    • What JLL's research reveals about the connection between branding and restaurant expansion
    • How today's retail trends compare to the expectations coming out of 2024

    Chapters

    00:00 – Welcome to the replay

    James Cook introduces his role leading retail research at JLL.

    00:21 – Why James is optimistic about retail

    Consumer demand and retailer expansion continue to support the market.

    01:12 – The headwinds facing leasing

    Lower absorption, limited vacancy, and what the numbers really mean.

    01:43 – Would more available space lease quickly?

    Chris and James discuss how different types of vacancies would perform.

    02:19 – Can AI transform retail real estate?

    The promise of artificial intelligence meets the realities of the industry.

    03:36 – Why real estate is different

    Physical assets, fragmented data, and why AI adoption won't be straightforward.

    04:19 – The rise of celebrity-backed restaurants

    James shares surprising research on one of retail's fastest-growing concepts.

    05:51 – Retail, restaurants, and final thoughts

    Favorite dining recommendations, industry research, and closing reflections.


    The Treasure Hunt Economy Jun 17, 2026
    Show notes

    Just how niche is the secondhand retail market?

    Secondhand retail is one of the fastest-growing forces in retail, with the market expected to approach $80 billion by 2030. According to America's Thrift CEO Chris Homewood, that scale would make the category larger than the GDP of more than 130 countries.

    But the story is bigger than growth.

    As consumers spend more of their lives in digital environments, they are increasingly seeking experiences that feel tangible, personal, and unexpected. Thrift shopping delivers exactly that. Unlike traditional e-commerce, where shoppers search for a specific item, secondhand retail is built around discovery. The thrill comes from finding something you weren't looking for, a premium jacket for $9, a collectible hidden in plain sight, or a one-of-a-kind piece that turns a routine shopping trip into a treasure hunt.

    That experience is resonating with a new generation of shoppers. More than 60% of Gen Z consumers now shop secondhand, driven by a combination of value, sustainability, and a desire for experiences that feel authentic. The result is a customer base that spans income levels and demographics, proving that thrift has evolved far beyond its traditional roots.

    For America's Thrift, the opportunity is clear. The company operates 35 stores across the Southeast and is pursuing disciplined expansion, opening approximately five stores annually while building a footprint that stretches northward. Supported by strong community partnerships and a business model centered on convenience, the company is positioning itself for long-term growth.

    As retail continues to evolve, one thing remains constant: people still crave discovery. And in an increasingly digital world, the joy of finding something unexpected may be one of the most powerful drivers of all.

    What You’ll Hear

    • Why the secondhand market is projected to approach $80 billion by 2030
    • The surprising reason Halloween is the biggest season in thrift retail
    • How thrift retailers source, process, and price millions of donated items
    • Why Gen Z is helping drive the growth of secondhand shopping
    • How America's Thrift is expanding through profitable store growth
    • What landlords and shopping center owners are seeing in the rise of thrift retail

    Chapters

    00:01 – Chris Homewood’s retail journey

    From the Marine Corps to Circuit City, Target, Ross, private equity turnarounds, and now leading America’s Thrift.

    04:08 – What is America’s Thrift Stores?

    A look at the business model, footprint, mission, and charity partnerships.

    05:57 – Who shops at thrift stores today?

    Why thrifting now appeals to both value shoppers and younger consumers.

    07:21 – How thrift retailers acquire inventory

    The donation ecosystem that fuels the business.

    08:22 – The operations behind inventory flow

    Why convenience, processing speed, and execution matter more than buying.

    10:49 – The power of fresh inventory

    How nine-day inventory turns keep customers coming back.

    13:21 – Resale, apparel, and the growth of secondhand

    Understanding the size and trajectory of the market.

    15:06 – Store size, pricing, and profitability

    How America’s Thrift evaluates locations and prices merchandise.

    16:44 – The growth strategy

    Why the company is focused on disciplined expansion and profitable new stores.

    23:37 – Why secondhand retail is accelerating

    The consumer trends creating long-term momentum for thrift.

    26:41 – How traditional retailers view thrift

    Competition, co-tenancy, and traffic generation.

    29:28 – E-commerce versus physical retail

    Why brick-and-mortar remains central to the thrift experience.

    34:01 – The future of America’s Thrift Stores

    What’s next for the company and the broader secondhand category.


    Scaling Across the U.S. With Speed and Execution Jun 10, 2026
    Show notes

    How Tahini's is Winning the Race for Growth

    For growing brands, expansion is the goal. The real question is how you get there.

    At a time when restaurant concepts are racing to sign development deals, enter major markets, and announce aggressive expansion plans, Tahini's is taking a different approach. The Mediterranean fast-casual brand is growing quickly across North America, but the strategy behind that growth is surprisingly disciplined.

    Shawn Saraga has spent more than two decades in franchising, helping open over 1,000 locations across multiple brands. That experience has shaped a philosophy that sounds simple but is often ignored: bad growth is more dangerous than no growth at all.

    The conversation explores why the company walked away from locations that looked good on paper, why it chose suburban markets before major urban centers, and why franchisees aren't automatically awarded multi-unit rights just because they have the capital.

    There's also a broader discussion about what separates successful franchise systems from struggling ones. Education, site selection, operational readiness, and decision-making speed all emerge as recurring themes. As lending standards tighten and operators face greater scrutiny, the brands that win may not be the ones growing the fastest. They may be the ones building the strongest foundation.

    For retail real estate professionals, investors, franchise operators, and developers, this discussion offers a useful reminder: the best growth stories aren't built on ambition alone. They're built on discipline, execution, and knowing when to say no.

    Because sometimes the smartest expansion strategy isn't finding more deals.

    It's passing on the wrong ones.

    What You’ll Hear

    • Why the fastest-growing brands are often the most disciplined
    • How Tahini's is using social media to fuel real-world expansion
    • Why saying "no" to the wrong location can be the best growth strategy
    • The challenge of balancing speed, execution, and smart decision-making
    • How franchise education creates stronger operators and better outcomes
    • What it takes to scale a restaurant brand without losing control

    Chapters

    00:00 – Tahini’s enters its next growth phase

    Shawn shares the brand’s expansion plans across the U.S. and Canada.

    03:02 – What makes Tahini’s different

    A look at the concept, menu innovation, social media strategy, and operating model.

    05:38 – Choosing the right markets

    How franchise demand and audience data shaped U.S. expansion decisions.

    07:39 – Chasing category leaders

    Shawn discusses performance expectations and competing in the fast-casual space.

    08:22 – Testing the drive-thru model

    Why Auburn, Alabama became the brand’s first drive-thru location.

    09:07 – Site selection, and development strategy

    What Tahini’s is looking for from landlords, brokers, and developers.

    10:47 – The Franchise Toolbox

    Shawn explains his new book and franchise education platform.

    14:31 – Better franchisees make better operators

    How education improves site decisions, planning, and execution.

    15:08 – First-time owners vs. multi-unit operators

    The evolution of franchise recruitment as the brand grows.

    16:47 – Moving at deal speed

    Why responsiveness is a competitive advantage in retail real estate.

    21:28 – Looking ahead

    Final thoughts on growth, franchising, and what's next for Tahini’s.


    Looking Back on the Road to Leadership Jun 04, 2026
    Show notes

    What happens when experience becomes perspective?

    Every year, thousands of retail real estate professionals descend on Las Vegas looking for answers.

    Where are rents headed? Who's expanding? What's the next opportunity? Which relationships will create the next great deal?

    But before the meetings begin and before the convention floor opens, there's a more important question worth asking:

    What actually separates the people and companies that consistently outperform everyone else?

    Recorded on the eve of ICSC Las Vegas, this special Retail Retold conversation flips the script. Adam Ifshin steps into the host chair and turns the microphone on Chris Ressa, creating a rare opportunity to go beyond the public persona and explore the experiences, decisions, and leadership lessons that shaped his career.

    Together, they unpack everything from career-defining pivots and hard-earned management lessons to navigating uncertainty, building high-performing teams, and leading through pressure. The result is a candid conversation about what it takes to grow from dealmaker to operator and why leadership matters more than ever in today's retail real estate environment.

    The timing couldn't be better.

    Retail real estate is entering a new chapter. Supply remains constrained. Retailers continue to adapt. Landlords are operating from a position of strength. Yet favorable market conditions alone don't create lasting success.

    The organizations pulling ahead today are doing something different. They're building teams that trust one another, developing leaders who can perform under pressure, and creating cultures where accountability and ambition coexist.

    As the industry gathered in Las Vegas for its biggest week of the year, Adam and Chris explored the principles that drive long-term success on the convention floor, in the boardroom, and across the careers of the people leading the business forward.

    The deals made at ICSC mattered.

    The people leading them matter even more.

    What You’ll Hear

    • Why Chris left DLC and what brought him back less than a year later
    • The lunch conversation that led to his promotion to COO
    • Lessons learned from growing from leasing rep to executive leadership
    • The leadership mistake Chris still works on today
    • How DLC navigated the uncertainty of COVID without layoffs
    • Why culture and trust matter more than real estate expertise alone
    • Chris's framework for building teams people want to work for
    • The career advice that shaped his approach to leadership and success

    Chapters

    00:01 — Adam turns the tables

    For the first time, Chris Ressa takes the guest seat as Adam Ifshin steps in as host.

    01:56 — Finding the right fit

    Chris reflects on his early career and the decision that brought him to DLC.

    03:10 — The grass isn't always greener

    Why leaving DLC became one of the most important lessons of Chris's career.

    05:37 — The second chapter

    Returning to DLC creates the foundation for years of growth and leadership.

    06:13 — A lunch that changed everything

    The unexpected conversation that led to Chris becoming COO.

    07:27 — Learning from a different perspective

    Chris shares what he's learned from working closely with Adam Ifshin.

    09:11 — The leadership mistake that never goes away

    The challenge of letting go, delegating, and leading through others.

    10:45 — Leading through the unknown

    How COVID became a defining moment for DLC's leadership team.

    13:26 — The age of the operator

    Why execution, culture, and leadership are becoming the industry's greatest differentiators..

    14:20 — Building teams people want to run through walls for

    Chris's philosophy on trust, accountability, and creating winning teams.

    16:43 — The hardest worker in the room

    The mindset that shaped Chris's career and leadership style.

    18:22 — A personal moment

    The story behind introducing Adam to Chris's father and why it mattered.

    19:22 — Looking back before looking ahead

    Reflections on leadership, mentorship, and the people who shape a career.


    What was Impossible to Ignore at ICSC Las Vegas May 29, 2026
    Show notes

    The predictions that looked a lot more like reality on the show floor.

    Everyone arrives at ICSC with predictions. The real question is which ones survive contact with 25,000 people on the show floor.

    Chris Ressa and CBRE's Karly Iacono weren't just attending ICSC Las Vegas. They were in the middle of it. Between meetings, deal discussions, and serving as panelists at the inaugural ICSC+PROPTech event, they had a front-row seat to the conversations shaping retail real estate in 2026.

    One of the biggest takeaways? The relationship between cap rates and interest rates is no longer as straightforward as many expected. Despite elevated borrowing costs, strong demand for retail assets continues to support pricing. With more capital chasing a limited supply of quality opportunities, retail fundamentals are increasingly driving investment decisions.

    That reality reinforces another trend both hosts have been watching closely: the rise of the operator. Rather than relying on financial engineering, investors are focused on creating value through leasing, rent growth, and hands-on asset management. In today's market, execution matters.

    The conversation also turns to AI, which surfaced in meeting after meeting throughout the week. Surprisingly, the most interesting discussions weren't about corporate technology initiatives. They were about how people are using AI in their daily lives to improve productivity, make better decisions, and create more balance between work and life.

    Karly also highlights the growing influence of healthcare tenants in retail real estate, comparing today's medical and wellness concepts to the rapid expansion of quick-service restaurants a decade ago.

    Above all, ICSC 2026 underscored the enduring value of being together in person. With more than 25,000 attendees, packed events, and nonstop networking, the energy was impossible to ignore. In an increasingly digital world, the appetite for real-world connection may be one of the strongest signals yet for the future of brick-and-mortar retail.

    What You’ll Hear

    • Why the mood at ICSC felt fundamentally different this year
    • What 25,000 people in Vegas signaled about retail real estate
    • Why retailers are doubling down on physical stores
    • How the return of the operator is reshaping the market
    • Why AI moved from buzzword to business conversation
    • What the demand for in-person experiences means for retail's future

    Chapters

    00:00 — The energy coming out of ICSC Vegas

    Why this year's conference felt bigger, busier, and more optimistic than expected.

    02:40 — Did we get our predictions right?

    Chris and Karly revisit their pre-ICSC outlook and compare it to what actually happened on the ground.

    03:50 — Retailers are spending again

    The surprising scale of capital flowing back into physical stores and what it signals about retailer confidence.

    05:40 — Why store investment matters now

    How retailers are shifting resources away from infrastructure and back into the customer experience.

    06:45 — The net effective rent story

    Why tenant investment is becoming one of the biggest drivers of value creation for landlords.

    09:35 — A landlord and broker debate underwriting

    Chris and Karly challenge each other's views on NOI, value creation, and long-term ownership economics.

    14:40 — The return of conviction in retail

    What retailer spending says about the future of physical stores and why confidence appears to be growing.

    15:25 — Cap rates, operators, and a changing investment landscape

    Why execution matters more than ever and how investors are evaluating retail assets differently.

    25:25 — AI enters the mainstream conversation

    How artificial intelligence moved from buzzword to everyday discussion across the conference.

    28:40 — Healthcare's growing role in retail real estate

    Why medical and wellness users are becoming increasingly important retail tenants.

    33:25 — What 25,000 people tell us about physical retail

    The broader takeaway from ICSC and why in-person experiences remain a powerful force in the market.


    Inside ICSC Las Vegas 2026: Why Retail Real Estate Has Never Been Stronger May 18, 2026
    Show notes

    The retail real estate industry is entering ICSC Las Vegas with momentum, confidence, and a fundamentally different supply-demand dynamic.

    Recorded live from the SiriusXM Studios at Wynn Las Vegas ahead of ICSC Las Vegas 2026, this special episode of Retail Retold brings together two of the industry’s most influential voices: Tom McGee, President and CEO of ICSC, and Adam Ifshin, Founder and CEO of DLC.

    The conversation dives directly into the biggest themes shaping retail real estate today, including the unprecedented strength of the open-air shopping center sector, the ongoing supply and demand imbalance in retail space, the rise of PropTech and AI, and the resilience of the American consumer.

    McGee shares why this year’s ICSC Las Vegas feels different from previous years, pointing to the launch of ICSC+PropTech and ICSC+Women in CRE as major new initiatives designed to meet the evolving needs of the industry. With more than 180 technology companies participating in year one, the discussion highlights how AI, operational technology, and data-driven decision making are rapidly changing how landlords and retailers operate.

    Adam and Tom also explore why retail fundamentals remain exceptionally strong despite economic uncertainty. They discuss rising traffic at value-oriented shopping centers, the lack of new retail construction, the importance of employment stability, and how retailers have become more operationally disciplined since the pandemic.

    The episode closes with a forward-looking conversation about AI’s impact on the shopping journey, why physical stores remain central to retail, and how consumer expectations will continue to evolve in an increasingly tech-enabled world.

    Whether you are attending ICSC Las Vegas or following the future of retail real estate from afar, this episode offers a timely look at where the industry is heading next.

    What You’ll Hear

    • Why ICSC Las Vegas 2026 feels different from previous years
    • The launch of ICSC+PropTech and ICSC+Women in CRE
    • Why retail real estate fundamentals remain historically strong
    • The ongoing supply and demand imbalance in retail space
    • How AI is reshaping retail operations and consumer behavior
    • Why physical stores remain critical in an omnichannel world
    • The resilience of the American consumer despite inflation concerns
    • How retailers became stronger and more disciplined after the pandemic
    • Why value-oriented shopping centers continue gaining traffic
    • What the future of retail development and leasing may look like

    Chapters

    00:00 – Welcome from the SiriusXM Studios at Wynn Las Vegas

    02:15 – Why ICSC Las Vegas 2026 feels different

    05:48 – The launch of ICSC+PropTech and the future of retail technology

    11:32 – Leveraging ICSC’s scale to drive innovation

    14:05 – The state of the American consumer

    20:40 – Why value retail continues to outperform

    24:12 – Retailers becoming more disciplined and resilient post-pandemic

    29:08 – The supply and demand imbalance in retail real estate


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