From the SiriusXM Studio at Wynn: Retail’s Next Big Move

Broadcast live from the SiriusXM Studios at the Wynn Las Vegas and kicking off ICSC Las Vegas, Retail Retold stepped onto one of the biggest stages in the industry for a special conversation between Chris Ressa and DLC Founder and CEO Adam Ifshin. As Adam put it during the recording: “What is more fitting for Retail Retold to be the pregame show for the Super Bowl of retail real estate?”

The episode captures the energy, optimism, and momentum surrounding retail real estate as thousands of industry leaders gather in Las Vegas for the year’s most important dealmaking event.

Chris and Adam dive into DLC’s newly released thought leadership campaign, The Rent Is Next, and unpack why retail fundamentals may be stronger today than at any point in the last 35 years. Adam explains why years of underbuilding, limited available space, and stronger retailer performance are creating mounting pressure on rents across the country. He also shares why he believes retail cap rates still have room to compress as more institutional and foreign capital rotates back into the sector.

The conversation moves beyond market fundamentals into the future of the business itself, from the evolving role of operators to the growing importance of redevelopment, densification, and platform-driven value creation. Adam also gives his perspective on artificial intelligence, why AI will accelerate productivity rather than eliminate opportunity, and how the best operators will use technology to scale smarter and faster.

The episode closes with a rapid-fire discussion on mixed-use development, capital markets, the next generation entering the industry, and DLC’s long-term vision to become one of the largest owner-operators of open-air retail in America.

What You’ll Hear

Why Adam Ifshin calls ICSC Las Vegas the “Super Bowl of retail real estate” and why Retail Retold belonged in the SiriusXM Studios at Wynn
The story behind DLC’s newest thought leadership campaign: The Rent Is Next
Why retail rents may finally be entering a major growth cycle after decades of stagnation
How limited new development is reshaping the future of open-air retail
Adam’s outlook on cap rates, institutional capital, and why investors are rotating back into retail
Why the “age of the operator” is real — and what separates great operators from everyone else
How DLC evolved beyond ownership into construction, architecture, and platform-driven services
Adam’s take on AI, productivity, and why leadership matters more than technology itself
Rapid-fire predictions on mixed-use, foreign capital, retail jobs, AI, and the future of CRE
DLC’s vision to become one of the largest owner-operators of open-air retail in America

Chapters

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

Chris and Adam set the stage from ICSC Las Vegas and discuss why this feels like the “pregame show for the Super Bowl of retail real estate.”

01:35 – Adam Ifshin’s origin story

From starting a business in his college dorm room to launching DLC during the savings and loan crisis.

07:45 – “The Rent Is Next”

Why retail fundamentals are stronger than they’ve been in decades — and why rents are finally moving.

12:45 – Cap rates, capital flows and investor sentiment

Why retail real estate is no longer sitting in the industry’s “penalty box.”

16:15 – The next risk facing retail real estate

Adam breaks down inflation, geopolitical uncertainty and the long-term risk of overbuilding.

19:10 – What separates great operators today

Why the best teams are adapting differently in today’s retail environment.

22:50 – AI and the future of commercial real estate

Adam shares why AI is a productivity accelerator — not a replacement for people.

28:15 – Real or hype? Rapid fire

Mixed-use, foreign capital, cap rates, AI, retail jobs and more.

34:30 – What DLC believed before others did

Adam explains why low rents became one of DLC’s greatest competitive advantages.

37:00 – Lessons learned and playing offense

How DLC scaled aggressively coming out of the pandemic.

38:30 – Why DLC expanded into construction and architecture

The strategy behind Renovo and NWS — and how the platform continues evolving.

43:30 – The future of DLC

Adam shares his vision for the next decade of growth across DLC, Renovo and NWS.