As ICSC Las Vegas approaches, one theme is expected to rise above the rest: dealmaking.

On the surface, the story looks simple. Retail fundamentals remain strong. Vacancy is near historic lows. Construction costs continue to limit new supply. Capital is returning to the sector.

But beneath that headline, the real conversation begins.

Demand is building from every direction. Buyers have capital to deploy. Retailers want to grow. Owners with strong-performing assets know what they hold. That dynamic is set to shape conversations across the convention floor, inside booths, and behind closed doors throughout ICSC Las Vegas.

Chris Ressa and Karly Iacono explore how underwriting has evolved. In prior cycles, many deals leaned on cap rate compression and favorable financing. Today, value creation is increasingly tied to rent growth, leasing strategy, traffic, tenant performance, and net operating income.

Chris calls it a return to the age of the operator, where execution matters more than financial engineering.

While headlines may focus on rates, politics, or broader uncertainty, sentiment inside retail real estate remains constructive. Investors want to buy. Retailers want to expand. Operators are looking to create value.

The question heading into Las Vegas is simple:

Where are the deals?

What You’ll Hear

Why strong fundamentals are creating more competition, not more deals
How the shift back to fundamentals is changing how deals get done
Why execution is replacing financial engineering as the driver of value
How retailers are approaching growth with more discipline
Where AI fits into the conversation and why it’s still early
What’s really driving sentiment heading into ICSC

Chapters

00:07 – setting the stage for ICSC Las Vegas

Framing the biggest themes expected to drive conversations in Las Vegas

02:00 – strong fundamentals, limited supply

Why low vacancy and high demand are creating a supply crunch

03:47 – capital is building, pressure is rising

Increased allocations to retail and the challenge of finding deals

05:14 – why retail is still winning

Comparing retail to other asset classes and where it stands today

06:40 – the bid ask gap

Why buyers and sellers are still not fully aligned on pricing

08:04 – underwriting is changing

The shift away from cap rate compression and financial engineering

10:03 – the return of the operator

Why execution and fundamentals are back at the center

12:17 – how retailers are thinking about growth

Disciplined expansion and smarter decision making

13:13 – geopolitical noise vs real impact

Why macro headlines are not driving decision making

17:19 – AI enters the conversation

Where AI is showing up and where it is still early

23:41 – what will actually dominate ICSC Las Vegas

Why it all comes back to dealmaking