Ten quick takeaways from this year's ICSC conference...
1. Retailers are still expanding. Store openings haven’t slowed, especially in well-leased strip centers.
2. Most investors are done overreacting to macro noise. Patient but cautious.
3. Walmart said it out loud: even lower tariffs still hit margins.
4. Red flag from Target? Weak results are raising questions about broader consumer strength outside of essentials.
5. B-malls are the laggard. Flat income growth. Tough sledding.
6. Strip center leasing looks solid. Post-bankruptcy re-leasing hasn’t been a major drag.
7. Investor frustration is high—not because of risk, but because they keep getting outbid.
8. With grocery-anchored centers in the mid-5s cap rates, some capital is shifting to power centers.
9. Sovereigns and pensions are still buying. Kite & GIC’s $785M buy in Dallas sent a clear message.
10. Debt is available. Banks, life companies, and CMBS are all still in the game.
PS - This year's tone was more cautious than last year's optimism, but retail players remain optimistic with relatively strong return outlooks. Check out Green Street's Conference Insights summary for more takeaways.
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