The ICSC Las Vegas 2025 convention gathered approximately 25,000 industry professionals for deal-making, trend exploration, and networking. Keynote speaker Kendra Scott set the tone with a powerful reminder that “activity breeds activity,” underscoring that retail today is about more than location but creating spaces for connection and community. Here is a summary of the three days of events, where retail leaders shared insights into the evolving market and the future of the industry:

1. Deal-Making Remains Robust: Most attendees reported an active pipeline, from REITs to local brokers. Despite macroeconomic uncertainty, new tariffs, and rate volatility, leasing momentum remains strong, especially in open-air shopping centers. Brands are expanding, landlords are redeveloping, and investors are transacting.
2. Retailers Are Reoptimizing, Not Retreating: CRE executives emphasized that retailers are doubling down on store productivity, optimizing portfolios, and accelerating closures of underperforming locations. Leasing activity remains competitive as retailers pursue long-term growth strategies, even looking ahead to 2026 and 2027.
3. Landlords Hold the Leverage as Demand Outpaces Supply: Landlords are in the driver’s seat with the U.S. retail vacancy rate at just 4.2%. Legacy closures like Forever 21 are opening doors for stronger tenants, often paying twice the rent. In some cases, tenants are competing for bankrupt spaces during proceedings.
4. Redevelopment Rises as New Construction Stalls: New retail development remains limited due to high construction costs and financing headwinds. As a result, the most notable space coming online is former tenant boxes. Redevelopment and repositioning are now central to growth.
5. Retail Investment Activity is Heating Up: Investment firms and REITs are shifting focus to retail as office and multifamily markets remain turbulent. Capital is moving toward necessity-based and experiential retail, albeit cautiously, amid valuation challenges.
6. Experience is the Differentiator: Retail is not just about merchandise but also about memory-making. Fitness, wellness, and interactive concepts continue to gain traction, especially among Gen Z and younger millennial shoppers.
7. Blending Convenience with Connection: Shake Shack, Sprouts, and Barry’s executives highlighted that winning brands blend in-person excellence with digital convenience. From self-order kiosks to wellness-driven grocery stores, the focus is on thoughtful touchpoints that meet consumers where they are.
8. Retail Site Selection is More Strategic Than Ever: Successful site selection is both an art and a science in today’s market. Local expertise, consumer analytics, and boots-on-the-ground insights validate decisions and reduce friction.
9. Optimism with a Dose of Caution: While concern lingers over tariffs, rate hikes, and consumer pricing sensitivity, most retail leaders remain optimistic. They’re focused on transformation, and making strategic moves to drive community, connection, and commerce.
10. Global Expansion Back on the Table: Retailers are looking beyond U.S. borders again, with international expansion, particularly into the UK, France, Germany, Italy, Spain, and the Nordics, reentering strategic conversations for domestic and global brands.