Retail isn’t collapsing — it’s repricing.

In this episode, we break down why distressed malls and underperforming retail assets are less about failure and more about basis reset. When debt trades at deep discounts, optionality appears — but only if the asset can actually support repositioning.

We examine what determines whether a retail property can convert or evolve: infrastructure, layout constraints, entitlement friction, and real construction cost — not headlines. Because pipeline numbers mean nothing if the deal doesn’t pencil.

This is a disciplined look at structure, execution, and underwriting — not trend chasing.