The TreppWire Podcast: A Commercial Real Estate Show

Episode 372: Carmen Spinoso on Leasing, Experiential Retail, & Why Enclosed Malls Still Matter
Guest: Carmen Spinoso, Chairman & CEO, Spinoso Real Estate Group
Date: January 6, 2026

Episode Overview

This special episode features Carmen Spinoso, Chairman and CEO of Spinoso Real Estate Group, one of the largest privately held enclosed mall operators in the U.S. The discussion centers on the enduring value of enclosed malls, the art and science of leasing, experiential retail trends, and the strategies Spinoso employs to turn around underperforming properties. Carmen also shares optimism for the retail sector going into 2026, providing behind-the-scenes insights, anecdotes, and actionable takeaways for both practitioners and industry observers.

Key Discussion Points & Insights

1. Origins and Evolution of Spinoso Real Estate Group

• Carmen’s Journey:
  • Started in leasing after pivoting from his initial plan to become a musician; discovered leasing as a core value driver in commercial real estate.
  • “If you can put together the collection of things that people want... people will drive farther to get there, they'll stay longer when they're there, and they'll spend more. And the real estate equation works.” (B, 03:19)
• Formation of Spinoso REG:
  • Noticed the industry's shift from numerous private mall developers to public REITs in the 1990s; founded Spinoso in 2009 to offer a specialized, turnkey platform for enclosed mall operations.
• Business Scope:
  • Managed over 100 properties to date (currently about 50 malls, ~44 million sq. ft.).
  • Services include leasing, management, redevelopment, tenant coordination, and more.

Notable Quote

“Leasing is one of the absolute key value drivers for real estate.…It is still absolutely true today.”
— Carmen Spinoso (B), 03:19

2. Leasing, Relationships & Impact

• Leasing as Community Building:
  • Early success, such as leasing to local pet store operators, highlighted both personal fulfillment and the broader positive impact: economic growth, job creation, and lasting relationships.
  • “It became so incredibly rewarding. And it wasn’t lost on me that the experience... taught me so much about so many different businesses, gave me so many different perspectives, and had such a profound impact on so many people.” (B, 09:29)

Memorable Moment

“...the first deal that I ever did now in physical presence and people working there and shopping there…became so incredibly rewarding.”
— Carmen Spinoso (B), 08:38

3. Portfolio and Recent Expansions

• Growth:
  • Portfolio currently at about 50 malls; recent acquisitions include properties in Dayton (OH) and Johnson City (TN) (B, 07:35).
• Notable Wins:
  • Awarded management of NYC’s Grand Central Terminal after a rigorous, year-long RFP process.
  • Recently took over Ovation Hollywood, a landmark Hollywood retail and entertainment complex.

Notable Quote

“The RFP was very thorough and very comprehensive, and we put a lot of time and energy into it. And ultimately we were awarded the contract to be the manager of Grand Central Terminal.”
— Carmen Spinoso (B), 12:34

Timestamps:

• [07:35] — Current portfolio update, new acquisitions
• [12:34] — Grand Central Terminal management story

4. Why Enclosed Malls Still Matter

• Resilience Through Decades:
  • Despite repeated predictions of decline (“mall ternative,” big boxes, Internet), malls have adapted and endured.
• Omnichannel Sales Reality:
  • “About 75 to 80% of all sales that are being done today are being done in brick and mortar physical presence…The biggest other channel is E-commerce... Not really had that much of an impact on brick and mortar.” (B, 17:12)
• Gen Z and New Audiences:
  • Malls remain highly relevant for Gen Z, who value in-person experiences.
• Yield vs. Other Asset Classes:
  • Retail, especially malls, delivers attractive yields compared to compressed cap rates in multifamily and other sectors, with durable NOI through economic cycles.

Notable Quote

“Malls are and can continue to be a major component to the ecosystem of a community and regional commerce…”
— Carmen Spinoso (B), 16:09

Timestamp:

• [15:33] — Why malls are still a strong investment

5. Experiential Retail & Innovative Leasing

• Tenant Innovation:
  • Dick’s Sporting Goods’ “House of Sports” is cited as a model experiential retail environment.
  • Nontraditional uses (e.g., pickleball facilities) added to malls draw new types of visitors at varying frequencies, proving highly synergistic.
• Gen Z’s Influence:
  • “One of the big drivers for Gen Z’s return to brick and mortar into malls is they want an experience. So you kind of got to evolve in that direction for sure.” (B, 22:01)

Notable Quote

“They [Dick’s Sporting Goods] have really demonstrated the skill and ability to create something that is far more experiential than the typical…retail offering.”
— Carmen Spinoso (B), 21:18

Timestamp:

• [21:11] — Experiential retail and innovative tenant mix

6. Turnaround Strategies for Underperforming Properties

• No “One Size Fits All”:
  • Success depends on deep analysis: demographics, market voids, property history, and community engagement.
• Sponsorship & Investment:
  • Failure is often due to lack of commitment, overleveraged ownership, or inadequate investment.
• 'Fruit Basket’ Analogy:
  • “If you let the banana turn brown and the apple gets rotten... nobody's going to go to the basket... It's not the right mix of things. If I go back in and…put in a beautiful yellow one…people will come back.” (B, 24:27)
• Timely Examples:
  • South Park Mall (OH): Vacant OfficeMax re-leased to Boot Barn and an entertainment tenant; multiple vacant restaurants filled with regional and trending concepts, leading to rapid rebound in performance.

Notable Quote

“It’s the hard work of going out and finding those tenants and…building a business case why they should be there…and once that happens, you start to see that improvement in overall performance for the whole property.”
— Carmen Spinoso (B), 28:25

Timestamp:

• [23:07] — How Spinoso turns around struggling malls

7. Marketing and Community Engagement as Value Drivers

• Beyond Leasing:
  • Event curation and community partnerships draw non-shopping traffic, create memories, and drive positive brand association.
• Examples:
  • Hosting Little League signups, partnering with local businesses, influencer events, and charitable causes.
• Results:
  • Increases frequency and length of visits, directly boosting tenant sales and overall NOI.

Notable Quote

“One that often gets overlooked is the marketing and event curation that really helps to connect a retail property to the community.…people start to have that experience of building memories, of gathering, sharing experiences, and it changes the whole… dynamic…”
— Carmen Spinoso (B), 29:43

Timestamp:

• [29:43] — How marketing and events boost mall performance

8. Perspectives on Transactions & Industry Outlook

• 2026 outlook remains bullish:
  • Anticipates more transactions as capital flows into the space and interest rates cycle down.
  • Cites WPG portfolio (two recent acquisitions) as evidence of continued market health.
• Industry Evolution:
  • Omnichannel here to stay; what drives value today may change, but core fundamentals endure.
• Closing Reflection:
  • “Malls aren’t dead.” (B, 37:21)

Notable Quote

“I expect that there’ll be a substantial number of transactions in 2026 as groups like us come in…recognizing the value in these properties, acquire them for the purpose of making them better.”
— Carmen Spinoso (B), 33:33

Timestamps:

• [33:26] — Transaction market outlook
• [36:41] — Final trends and industry takeaways

Notable Quotes & Memorable Moments

• “Leasing is one of the absolute key value drivers for real estate.” (B, 03:19)
• “It’s not that [consumers] don’t like fruit. It’s just not good fruit. It’s not the right mix of things…people will come back to the basket.” (B, 24:27)
• “One that often gets overlooked is the marketing and event curation that really helps to connect a retail property to the community…” (B, 29:43)
• “Malls aren’t dead.” (B, 37:21)

How to Connect with Spinoso Real Estate Group

• Website: spinosoreg.com
• LinkedIn: Carmen Spinoso and Spinoso Real Estate Group are both active on LinkedIn
• Industry Events: Attend or meet at CREFC and other conferences

Conclusion

This episode delivers an optimistic, action-oriented perspective on mall retail’s future, grounded in Spinoso’s real-world turnaround stories, innovative tenanting, and community-building strategies. The resounding message: leasing skill, local engagement, and experiential innovation make enclosed malls vital and valuable in today’s real estate ecosystem—proving that reports of their demise remain greatly exaggerated.