Episode 6 – Retail Recap: ICSC Las Vegas
Caffeine, Contacts & Capital in the Desert
Fresh off the plane from ICSC Vegas, hosts Jeremy Mercer, Will Narduzzi, Rob Franks, and Secure Net Lease’s Bob Moorhead recap their whirlwind experience at the biggest event in retail real estate. From 11 back-to-back meetings to surprise tenant confrontations and booth turf politics, the team breaks down how Vegas delivered.
Key Topics Covered:
ICSC Chaos & Takeaways
Vegas ICSC was intense: 11+ meetings in a day, packed halls, and major fatigue. Sunday is no longer a warmup—it’s a full day of panels, keynotes (Nick Saban, Kendra Scott), and deal-making. Monday is wall-to-wall meetings; Tuesday cools off but still yields valuable connections.
Capital Meets Real Estate
The team logged $10–20M in potential pipeline, including LOIs on ground leases and BTS deals. A key win: reconnecting with a dark industrial tenant face-to-face.
Convention Floor Survival
Without booth space, the team squatted at the JLL booth—until learning booths were tracked for ROI. Next year’s tip: arrive Saturday, book early, or BYO lounge. Travel delays and late nights led to missed meetings and meltdowns (including a tragic midnight ice cream fail).
Tenant Trends
Cap rates across Chipotle, 7-Eleven, and Starbucks remain mostly steady. In-N-Out is back to expanding in markets like Dallas and Nashville. Dave’s Hot Chicken’s billion-dollar exit drew buzz, while McDonald’s CosMc’s experiment quietly flamed out.
Market Mood
Bonus depreciation remains a driver for sidelined buyers. Exchange activity is steady, but most are still cautious. ICSC attendance neared 25K—up from COVID lows, but still half of its peak.
While ICSC Vegas may not be back to its pre-COVID scale, it’s clearly regaining momentum. For capital providers, retailers, and developers alike, face-to-face time still wins—and the right meeting in the right hallway can make the whole trip worth it.
How to Listen:
