Grocery-anchored retail continues to prove why it remains one of the most durable and coveted asset classes in commercial real estate. Despite persistent narratives around online grocery, delivery economics, and shifting consumer behavior, grocery real estate entered 2026 from a position of strength, not disruption.

Sales growth in 2025 outpaced inflation, signaling more than just higher food costs. Consumers are spending more inside grocery stores, cooking at home, and prioritizing value over convenience. While online grocery sales continue to rise, they now represent roughly 17 percent of total spend, a level that feels elevated and increasingly close to a plateau. Delivery fees, reverse logistics, and thin margins reinforce a fundamental truth: for most shoppers, value wins. The tactile nature of grocery shopping, selecting produce, choosing cuts of meat, and controlling quality creates a level of stickiness unmatched in other retail categories.

From a real estate perspective, grocery stores remain exceptional traffic drivers and increasingly valuable anchors. Grocers are reinvesting heavily in their locations on a steady cadence, often without landlord contributions, strengthening centers while protecting long-term performance. That reinvestment comes with expectations, as landlords are pressured to keep common areas and surrounding spaces competitive. When a grocer leaves, outcomes become highly market-specific, ranging from strong backfill demand to full asset repositioning depending on competition, capital availability, and consumer density.

Specialty grocers are having a moment, and it is not confined to coastal markets. Ethnically diverse concepts, fresh-focused operators, value-driven formats, and curated regional brands are scaling nationally. These retailers are transforming historically local shopping behaviors into repeatable, high-performing models that attract both loyal core customers and curious new shoppers.

Even Amazon’s retreat from its Fresh concept underscores the sector’s resilience. Grocery remains intensely competitive, operationally complex, and deeply rooted in experience, service, and value. The takeaway is clear: brick-and-mortar grocery is not just surviving. It is reinforcing its role as one of retail real estate’s most reliable foundations

1. Why grocery continues to anchor retail real estate - A clear-eyed look at why grocery remains one of the most stable, high-performing asset classes despite years of disruption headlines.
2. How consumer spending is shaping the grocery sector - Why sales growth outpaced inflation and what that reveals about value, at-home consumption, and evolving shopping behavior.
3. The real story behind online grocery growth - A candid discussion on delivery costs, margins, and why convenience has limits in a value-driven category.
4. What makes grocery shopping so “sticky” - The human behaviors, from produce to protein, that keep consumers returning to physical stores.
5. Why grocers keep reinvesting in brick-and-mortar locations - How ongoing store reinvestment strengthens centers and creates long-term benefits for landlords.
6. What happens when a grocery anchor leaves a center - Why backfill, repositioning, and outcomes vary dramatically depending on market dynamics.
7. The rise of specialty and ethnic grocers nationwide - How curated concepts, fresh-focused formats, and regional operators are scaling across the country.
8. What Amazon Fresh got wrong about grocery - Lessons from Amazon’s retreat and why technology alone cannot replace value, service, and loyalty.
9. Why grocery real estate still wins - A closing perspective on durability, frequency, and why grocery remains foundational to open-air retail.

00:00 – Grocery’s staying power in retail real estate

Why grocery continues to stand out as one of the most resilient and reliable anchors in open-air retail.

02:10 – Consumer spending trends shaping grocery in 2025

How sales growth outpaced inflation and what it says about value, at-home consumption, and shopper behavior.

04:25 – Online grocery growth and the reality of delivery economics

Why rising costs, thin margins, and logistics challenges are slowing the push toward full digital adoption.

07:15 – The stickiness of the in-store grocery experience

From produce to protein, the physical elements of grocery shopping that keep consumers coming back.

09:50 – Grocer reinvestment and what it means for landlords

How consistent store reinvestment strengthens centers and raises expectations for the rest of the asset.

12:30 – When a grocery anchor leaves a shopping center

Why outcomes range from strong backfill demand to full asset repositioning depending on the market.

15:10 – The rise of specialty and ethnic grocery concepts

How fresh-focused, curated, and ethnically diverse grocers are scaling across the U.S.

18:05 – Why Amazon Fresh failed to break through

Lessons from Amazon’s exit and what it reveals about loyalty, value, and grocery fundamentals.

21:35 – What grocery real estate gets right

A closing look at frequency, durability, and why grocery remains foundational to open-air retail.

Retail leases are moving fast again, and in East Tennessee, they are moving faster than most people think is possible.

Chris Ressa talks with Lindsey Barden, founder of Dark Horse CRE, a tenant-rep-only broker covering Knoxville, Chattanooga, and the Tri-Cities. Her view from the ground is simple: vacancy is extremely low, the best spaces trade off-market, and retailers are routinely battling multiple LOIs for the same box. In the past six months, Lindsey says 80-to-90 percent of her deals have been competitive, forcing brands to show up ready to commit, pay closer to asking, and cut through internal red tape.

Landlords are prioritizing certainty and speed, especially in second-generation space. The tenants winning deals are the ones asking for less work and fewer dollars from ownership, tightening timelines, and moving from “perfect protections” to more balanced lease terms.

The proof point is a Crunch Fitness anchor lease that went from discovery to signed lease in roughly two weeks. No traditional LOI. Basic terms handled by email. Architects and contractors brought in immediately. Approvals happening across time zones. A two-level layout that required creative planning, not a cookie-cutter prototype. Two motivated parties decided the deal mattered, and executed like it.

If you want a takeaway: stop treating leasing like a slow process. Treat it like a race. Speed wins.

1. Why East Tennessee is one of the tightest retail markets in the country — and what low vacancy really means for tenants trying to expand.
2. What 80 to 90 percent competitive deal flow looks like in practice — multiple LOIs, limited second-generation space, and constant off-market conversations.
3. How landlords are prioritizing certainty over creativity — why minimal TI, faster approvals, and fewer contingencies are winning deals.
4. What retailers must change internally to compete — consolidating corporate review, accelerating decision-making, and committing earlier.
5. How a Crunch Fitness anchor lease went from tour to signed in 14 days — no traditional LOI, creative problem solving on a two-level box, and approvals happening across time zones.
6. Why speed is the ultimate differentiator in today’s leasing environment — and how motivated parties can compress timelines dramatically.
7. A thoughtful look at retail saturation vs. market expansion — coffee, chicken, gyms, and how to separate durable concepts from passing trends.
8. The mindset shift required to win in 2026 retail real estate — treat leasing less like a negotiation marathon and more like a sprint.

00:00 – Meet Lindsey Barden

A 20-year tenant rep veteran shares her journey from Virginia brokerage to founding Dark Horse CRE in East Tennessee.

08:15 – Why East Tennessee Is So Competitive

Lindsey breaks down Knoxville’s low vacancy, off-market deals, and why most spaces now trade with multiple LOIs.

12:00 – Retailers Must Move Faster

Corporate approval timelines are shrinking as brands realize that hesitation means losing the deal.

16:05 – What Landlords Want Right Now

Minimal TI, fewer contingencies, and faster rent commencement are outweighing bells and whistles in lease negotiations.

25:45 – Are We Over-Retailed?

Coffee, chicken, and gyms spark a debate about saturation versus untapped market share.

33:50 – Trends vs. Durable Concepts

A discussion on fads, long-term winners, and how evolving brands survive shifting consumer demand.

38:10 – The 14-Day Anchor Deal

A Crunch Fitness lease goes from tour to signed in just two weeks through speed, creativity, and alignment.

41:30 – No LOI, Just Execution

Basic terms handled by email and architects brought in immediately compress what normally takes months.

44:00 – The Power of Two Motivated Parties

Why urgency and shared intent—not secrets—made the accelerated deal possible.

45:15 – Final Takeaway: Speed Wins

Retail leasing is no longer a slow grind; the brands that move decisively are winning the best spaces.

Longevity in retail is earned, not engineered.

Chris Ressa and David Habas, Managing Partner at HK Enterprises, unpack what it actually takes to build and operate a service retail business over decades, cycles, and constant change.

Habas brings nearly 30 years of franchising experience and a rare dual lens as both an operator and someone who came up through commercial real estate. That perspective shows up throughout the discussion, from how Supercuts’ footprint and service model have evolved, to why tracking customer counts still matters more than chasing top-line growth alone. He shares real AUV benchmarks, candid insights on post-COVID demand shifts, and why price increases only work when paired with consistency and execution.

The conversation scales when Habas walks through a pivotal Boston relocation, moving from an iconic, high-rent location to a smaller, smarter space around the corner and growing the business in the process. The takeaway is simple and sharp: great operators don’t fight change, they design around it.

For retailers, franchisees, and landlords alike, this episode reinforces a core truth of open-air retail: durable brands are built by people who think long-term, understand real estate, and know how to adapt without losing the customer.

1. Why longevity in franchising comes from following the system, not trying to outsmart it
2. How the salon industry has evolved post-COVID and what “butts in the chair” really tells you
3. Real AUV benchmarks and what separates top-performing locations from the rest of the system
4. The tradeoffs between organic growth, acquisitions, and relocations when space is limited
5. A first-hand look at relocating an iconic Boston store and growing sales while lowering rent
6. How strong landlord relationships create flexibility during moments of disruption
7. Why service retail still wins on consistency, efficiency, and customer trust
8. Lessons from building a multi-decade business with a long-tenured leadership team

00:00 – Building a Franchise Before Franchising Was Cool

David Habas shares his path into franchising and how HK Enterprises grew into one of the largest Supercuts franchise operators over multiple decades and markets.

04:45 – How the Salon Industry Has Actually Changed

From oversized footprints to tighter, more efficient stores, Habas breaks down how customer needs, services, and layouts have evolved.

07:20 – Post-COVID Reality: Traffic, Frequency, and Revenue

A candid look at customer behavior shifts, why frequency matters more than headlines, and how the business is tracking recovery.

10:30 – AUVs, Scale, and What Performance Really Looks Like

Habas shares real average unit volumes and explains why location, execution, and consistency separate top operators from the pack.

12:30 – Growth When Space Is Hard to Find

Organic growth, acquisitions, and smart relocations all come into play when prime retail real estate is limited.

18:30 – Turning a Flagship Crisis into a Win

A high-rent Boston location forces a move, leading to a smaller footprint, lower occupancy costs, and stronger long-term performance.

23:40 – The Operator–Landlord Relationship

Why not all tenants are created equal and how traffic-driving service retail adds value beyond rent.

29:30 – Franchising, Technology, and Playing the Long Game

Habas explains why he would choose franchising again and how tech, systems, and discipline keep brands relevant.

32:00 – The Next Generation Question

A candid conversation about family businesses, succession, and what it takes to sustain a multi-generation operation.

Retail real estate is not won in boardrooms. It is won in the field. Chris Ressa sits down with Tine Helton, Regional Property Manager at DLC, to talk about the work that actually keeps open-air retail centers running across Illinois, Indiana, and Ohio. From tenant relationships to infrastructure issues, Tine walks through what it means to own the day-to-day when performance, responsiveness, and consistency are the difference between a good center and a great one.

Tine’s path into property management started on the leasing side, where she learned how a deal turns into a real, operating business. That curiosity led her into operations, professional certifications through IREM, and a leadership role focused on getting better at the craft, not just holding the title. The conversation digs into why education, ethics, and peer networks still matter in a business that moves fast and demands real accountability.

At DLC, Tine shares what stood out most: a culture that backs its people and expects them to take ownership of outcomes. The result is a practical look at how strong operators build better properties, stronger tenant partnerships, and long-term performance in open-air retail.

1. Why the best property managers operate like owners, not order-takers
2. How leasing knowledge becomes an operational advantage once the deal is signed
3. What IREM certifications actually change in day-to-day decision-making and leadership
4. How to turn education and peer networks into real career leverage
5. What strong culture looks like when performance and accountability matter
6. How Midwest open-air centers stay competitive through consistency, speed, and follow-through

00:00 – The Operator’s Seat

Chris introduces Tine Helton and sets the stage for a conversation about what it really takes to run retail centers, not just lease them.

01:00 – From Leasing to Leadership

Tine explains how her early work supporting leasing teams shaped the way she thinks about operations, tenants, and long-term performance.

02:45 – Choosing the Harder Path

A look at why she moved into property management and embraced the challenge of being accountable for everything that happens after the deal is done.

04:00 – The IREM Advantage

Tine breaks down how certifications, ethics, and peer networks through IREM sharpened her decision-making and accelerated her career.

07:30 – Turning Education into Opportunity

How investing in professional development led directly to promotions, leadership roles, and industry recognition.

12:45 – Joining DLC and Thinking Like an Owner

What stood out about DLC’s culture and why ownership, accountability, and support matter in daily operations.

15:40 – Growth Without a Ceiling

Tine shares why continuous learning, new disciplines, and community involvement keep her pushing forward.

17:45 – Defining a Successful Year

What success looks like when it is measured by team performance, process improvement, and being a leader others can count on.

2026 might be the year retail real estate finally turns momentum into pricing power. Chris Ressa and Karly Iacono open with a confident call: next year will outperform an already-strong 2025, and the data is starting to line up behind it.

Holiday sales climbed roughly 4 percent year-over-year, outpacing inflation and reinforcing a simple truth: consumers keep spending, even when sentiment wobbles. The conversation breaks down the “K-shaped” economy, where higher-income shoppers drive discretionary growth while value-focused and necessity-based retail remains resilient across every income bracket.

The hosts point to sharper inventory discipline and steadier supply chains as quiet margin drivers, giving retailers more control over pricing and fewer forced discounts. On the real estate side, fewer major bankruptcies and limited space givebacks are tightening supply, setting the stage for a more landlord-driven market. The result: upward pressure on rents, stronger net operating income, and potential value gains as interest rates ease.

They also look ahead to demand catalysts, from global sporting events and America’s 250th anniversary to a new wave of store openings coming out of late-2025 leasing. While risks remain, from AI-driven job shifts to geopolitical uncertainty, the core bet is clear: tighter supply, resilient consumers, and disciplined operators could make 2026 a defining year for retail real estate.

1. The data points behind the call that 2026 tops a strong 2025
2. Why consumer spending keeps winning over sentiment
3. How the K-shaped economy is reshaping value, necessity, and discretionary retail
4. Tighter supply, fewer bankruptcies, and what that means for landlord leverage
5. Inventory discipline and supply chains as quiet drivers of pricing power
6. NOI, rents, and value: how the real estate math is shifting
7. Traffic catalysts ahead, from global events to a new wave of store openings
8. The key risks still in play, from AI disruption to geopolitical shocks

00:00 — The Bold Call for 2026

Chris and Karly open with a confident prediction that 2026 will outperform a strong 2025 for retail real estate and explain why they’re leading with the conclusion.

01:20 — Holiday Sales vs. Consumer Sentiment

A breakdown of holiday spending growth and why real consumer behavior matters more than surveys and headlines.

03:55 — The K-Shaped Economy in Retail

How higher-income and value-focused consumers are shaping different lanes of retail performance across categories.

05:55 — Inventory, Pricing, and Margin Control

Why better inventory discipline and steadier supply chains are giving retailers more leverage on pricing.

08:20 — Tariffs, Supply Chains, and Stability

What’s changed since early 2025 and why supply volatility feels less like a headline risk for 2026.

09:45 — Bankruptcies, Space, and Expansion Pressure

How fewer large retail failures are tightening available space and reshaping store rollout strategies.

12:10 — The Landlord’s Market and Rent Dynamics

A look at how pricing power, tenant improvements, and net effective rents could move in 2026.

13:45 — Disposable Income and Category Signals

Why tax changes, IPO activity, and home furnishings are flashing confidence in the consumer.

16:35 — Traffic Drivers and Big Event Energy

From the World Cup to America’s 250th, how major moments could translate into real retail foot traffic.

20:55 — Risks, AI, and the Black Swan Factor

A candid look at job disruption, geopolitical uncertainty, and what could derail an otherwise strong setup.

25:20 — NOI, Values, and the 2026 Outlook

How tighter supply, steady expenses, and easing rates could converge to lift property values.

27:00 — Final Take: Why 2026 Feels Different

Closing thoughts on momentum, discipline, and why retail real estate may be entering a defining year.

Retail real estate in early 2026 is defined by imbalance. In many suburban, open-air markets, demand is overwhelming supply. Five tenants are chasing one quality space. Vacancy is razor-thin. New construction still does not pencil. The result is leverage—and it is shifting.

Chris Ressa and Andrew Mahr of Bialow Real Estate dig into how that leverage is actually showing up in deals. Face rents are not always jumping overnight, but economics are tightening through lower tenant improvement packages, higher tenant capital contributions, and tougher negotiations around delivery costs. Retail is repricing—just not always in the most obvious way.

The conversation also highlights the growing divide between markets. Urban cores tied to office traffic remain uneven, while suburban lifestyle centers are absorbing demand from retailers with capital, patience, and long-term conviction. Strong operators are choosing to invest more upfront to control fixed occupancy costs over time, especially in junior anchor and specialty formats.

A North Miami case study brings the thesis to life. An off-market Wild Fork deal shows how the best sites are no longer “available”—they are unlocked through persistence, relationships, and a willingness to target occupied real estate. The takeaway is simple: in today’s market, waiting for vacancy is passive. Going direct is how deals get done.

1. How rising rents are showing up through deal structure, not always through face rate
2. Why tenant improvement packages are shrinking and tenant capital is coming back into the equation
3. What it really means when deals “don’t pencil” in a high-cost, high-rate environment
4. How strong retailers are deciding when it makes sense to invest more upfront to control long-term occupancy costs
5. Why off-market strategies matter more in a low-vacancy world
6. A real North Miami case study showing how targeting occupied real estate can unlock best-in-market locations
7. How landlord-tenant alignment can accelerate expansion and turn single deals into long-term partnerships

00:00 – Welcome and introductions

Chris Ressa welcomes Andrew Mahr and sets the stage for a wide-ranging conversation on retail, relationships, and the market.

01:00 – Running, resilience, and perspective

Andrew shares his Boston Marathon journey and why endurance, advocacy, and long-term commitment shape how he approaches business.

03:00 – What Bilo Real Estate actually does

A look at Bilo’s role as a national, outsourced real estate department and why deep market familiarity matters.

05:15 – Retail in 2026: a tale of two markets

Urban cores tied to office demand lag while suburban, open-air retail faces intense competition and limited supply.

07:45 – Why new retail still doesn’t pencil

Interest rates, construction costs, and underwriting realities continue to stall speculative retail development.

09:30 – Leasing momentum and shifting deal economics

Rents are rising—but often through reduced TIs and higher tenant capital, not just headline numbers.

12:00 – Who’s winning: strong retailers with capital

Why the healthiest tenants are choosing to invest more upfront to control long-term occupancy costs.

13:30 – Hospitality and wellness as growth categories

Restaurants, social wellness, and experiential concepts emerge as powerful drivers in mixed-use environments.

15:20 – Retail’s changing role in mixed-use projects

How retail is anchoring hotels and serving as support in residential-heavy developments.

16:00 – Off-market strategy in action: North Miami

A Wild Fork case study shows how targeting the best corner—occupied or not—creates opportunity.

18:45 – Why “availability” is the wrong starting point

Reverse-engineering markets around the best sites instead of what’s listed.

21:00 – Relationships over transactions

How trust between landlords, tenants, and advisors accelerates deals and fuels long-term growth.

25:00 – Closing thoughts on partnership and execution

A reminder that alignment, patience, and execution—not timing the market—drive success.

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Retail real estate is not just stable — it is entering a meaningfully better phase of the cycle.

Drawing on recent conversations with owners, brokers, tenants, architects, engineers, and contractors, Chris Ressa challenges the prevailing narrative that 2026 will simply mirror a solid 2025. Instead, he outlines why the year ahead could outperform expectations across leasing, rents, and long-term fundamentals.

At the center of his thesis is sustained leasing velocity. Across categories and markets, tenant demand continues to outpace available supply, even as headlines focus on isolated retailer struggles. Chris explains why those failures do not define the health of retail — and why today’s winners are expanding with conviction.

He also breaks down why early-2025 disruptions, including an unusually high number of store closures and tariff uncertainty, are unlikely to repeat in 2026. With bankruptcies moderating, new construction still muted, and many signed tenants yet to open, available retail space is tightening further.

Layer in a U.S. consumer expected to gain discretionary spending power, and the result is a collision of forces that may finally unlock meaningful rent growth. Chris argues this is the early innings of a retail pricing cycle — and 2026 could be the year it clearly shows up.

• Why 2026 could outperform already-strong 2025 results
• How leasing velocity is signaling a tighter retail market
• The impact of fewer bankruptcies on available retail space
• Why muted new construction matters more than headlines suggest
• How rising consumer discretionary income supports rent growth
• What the next retail pricing cycle may look like for landlords and investors

00:12 – Welcome to 2026

Chris sets the stage with early sentiment from across the retail real estate industry.

01:58 – Leasing Velocity Tells the Real Story

Demand for retail space continues to outpace supply across most categories.

03:28 – Winners, Losers, and Retail Reality

Why retailer failures don’t equal a weak retail sector.

05:32 – Bankruptcies, Tariffs, and a Reset Market

How 2025 disruptions slowed leasing—and why 2026 looks different.

07:26 – The Consumer Comes Back Into Focus

Rising discretionary income and its impact on physical retail demand.

08:18 – Rent Growth vs. Landlord CapEx

How economics are shifting tenant and landlord cost burdens.

09:03 – The Early Innings of a Pricing Cycle

Why multiple forces are colliding to push rents higher.

10:55 – What’s Next for Retail Retold

Fresh off the energy of ICSC New York, Chris Ressa and Carly Iacono unpack what really matters in retail real estate right now and where the market is headed into 2026. In this episode of What’s in Store, they move past surface-level headlines and dig into the conversations happening behind closed doors with investors, landlords, and retailers alike. pasted

One clear theme emerged: certainty has returned, but the conversation has shifted. Cap rates are no longer viewed solely through the lens of interest rates. Instead, investors are pricing risk based on tenant quality, sector fundamentals, and long-term demand. At the same time, retailers are facing a supply crunch, with limited availability in top shopping centers constraining expansion, even as new stores continue to outperform expectations.

Chris and Carly also explore the rising demand for value net lease deals, the growing challenge of maintaining long weighted average lease terms, and why long-term credit tenants have become harder to find. Perhaps most encouraging, retailers are reinvesting heavily in their physical stores, signaling renewed confidence in brick-and-mortar retail.

Taken together, these insights paint a clear picture: retail is not just resilient. It is evolving with discipline, data, and conviction.

1. Why cap rates are being driven more by risk than rates
2. How supply constraints are reshaping retailer expansion plans
3. Why value net lease assets are suddenly in high demand
4. What strong new-store performance signals about consumer behavior
5. How retailers are prioritizing physical stores again
6. What the absence of AI chatter says about the current cycle
7. Why these trends matter heading into 2026

00:07 – Setting the Stage at ICSC New York

Chris and Carly explain why ICSC remains the most important deal-making forum in retail real estate.

02:30 – Why Cap Rates Are No Longer Just About Interest Rates

The discussion shifts to how investors are pricing risk by sector and tenant quality.

10:25 – Liquidity Returns and What It Means for Deal Volume

Improving credit markets are quietly unlocking stalled transactions.

12:07 – The Real Supply Constraint Retailers Are Facing

Retailers want to grow, but many cannot find space in their top target centers.

15:51 – Value Net Lease Becomes a Hot Asset Class

Short-term and below-market leases attract intense buyer demand.

25:28 – New Stores Are Outperforming Expectations

Retailers report new locations beating pro forma sales projections.

31:39 – The Challenge of Long-Term Credit and Lease Duration

Maintaining portfolio WALT is getting harder as long-term deals become scarce.

34:23 – Retailers Reinvest in the In-Store Experience

Capital is flowing back into physical stores through remodels and upgrades.

37:05 – The Surprising Silence Around AI and Labor

Two dominant topics from past conferences barely register this year.

38:34 – Why These Trends Point Toward 2026

Chris and Carly explain why these themes are just the beginning.

Flashing back to December 2023, this Retail Retold replay proves just how relevant the details still are. In this episode, host Chris Ressa breaks down one of the most underestimated risks in retail real estate leasing: possession contingencies. A lease can be fully executed, a delivery date locked in, and everyone feeling good, until the existing tenant does not leave. Without a possession contingency in place, landlords can find themselves caught between two tenants, facing delays, legal exposure, and a deal that suddenly starts to unravel. It is a reminder that possession is not a technicality; it is everything.

Chris also zooms out to talk about something just as critical to long-term success: skill-building. Every year, he commits to sharpening a new skill, often outside of traditional business training. These disciplines, ones that demand focus, patience, and attention to detail, end up strengthening how deals get done, decisions get made, and pressure gets handled.

This quick-hitter episode is a flashback with staying power. The lesson is simple: protect your deals with the right clauses, and protect your edge by continuously leveling up. Because in retail real estate, the smallest details often decide the biggest outcomes.

• Why a fully executed lease does not always guarantee possession — and how that gap can derail a deal
• A real-world breakdown of possession contingencies and when they actually matter
• The risk landlords face when existing tenants do not vacate on time
• How one overlooked clause can impact delivery dates, legal exposure, and tenant relationships
• Why continuously building new skills outside of your core job can make you a better dealmaker

00:00 – Flashing Back to December 2023

Chris reflects on the timing of the episode and why these lessons still matter today.

02:15 – The Habit of Building New Skills

Why intentional skill development — inside and outside of business — sharpens long-term performance.

04:20 – Learning Precision Outside the Office

How mastering a detail-oriented hobby improves focus and decision-making in high-pressure work.

09:55 – What Is a Possession Contingency?

A clear, practical explanation of the clause many deals overlook.

12:10 – When a Tenant Does Not Leave

The real risk of expired leases, holdovers, and delayed possession.

14:30 – Protecting Delivery Dates and Deals

How possession contingencies create clarity and protect all parties.

15:30 – Final Takeaways

Why better documents and better operators go hand in hand.

In this episode of Retail Retold, host Chris Ressa gets inside the mind of Lÿden Foust, the CEO and founder of Spatial.ai—the company turning real human behavior into a map retailers can actually use. If you think location strategy is still built on income bands and census data, this conversation flips that idea on its head.

Foust explains how Persona Live Segmentation blends social signals, credit card trends, demographic nuance, and movement patterns to reveal who your customer really is—and where they live in the physical world. It’s the engine behind brands like Patagonia and Lululemon choosing sites, growing market share, and targeting high-value segments others miss.

Ressa and Foust dig into the elephant in the room: AI isn’t spatial (yet). The technology can write decks and draw buildings, but it can’t feel the difference between half a mile and a trade area boundary. The fundamentals still matter—and boots on the ground beat bots on the map.

The two break down how value just overtook quality in consumer preference, why Dutch Bros is winning by going after unexpected segments, and how landlords can use psychographics to land better tenants and build smarter merchandising mixes.

What You’ll Hear:

• Why psychographic segmentation, not demographics, drives retail market share
• How Patagonia, Lululemon, and others use Persona Live Segmentation to find their best customers
• The four data sources behind Spatial.ai’s models: social, purchasing, demographics, movement
• Why AI is not yet spatially aware enough to replace human site selection
• What mobile data gets wrong and right about trade areas
• How Dutch Bros disrupted the “crowded” coffee category by targeting unexpected segments
• Why value is now outperforming quality in consumer decision-making
• How property owners can use psychographics to land the right anchor tenant
• Where demographic trends are shifting: birth rates, immigration, Gen Z, and Gen Alpha
• The surprising role of franchising as a growth engine for retail real estate

Chapters

00:00 — Who Is Lÿden Foust

Chris introduces Lÿden and the origin story of Spatial.ai’s Persona Live Segmentation platform.

01:13 — Why Psychographics Matter

Lÿden explains why real behavior beats demographics when retailers choose locations.

02:15 — The Data Behind Persona Segmentation

Spatial.ai blends social signals, spending patterns, demographics, and movement to map customer segments.

06:38 — Retailers Using It Today

Patagonia, Lululemon, and others use psychographics to find top customer groups and guide site selection.

10:58 — AI’s Limits in Real Estate

Chris and Lÿden debate why AI isn’t spatial yet—and why human context still wins for site selection.

12:41 — Mobile Data: Good and Bad

They break down what mobile visitation data reveals, and where it misrepresents certain customer groups.

14:27 — Building Trade Areas Smarter

Lÿden explains how mobile data reshaped trade area analysis and unlocked competitive insight.

18:40 — Value Now Beats Quality

They explore why “value” just surpassed “quality” in consumer preference and what retailers should do about it.

19:27 — Dutch Bros Case Study

Lÿden highlights how Dutch Bros grew share by serving unexpected segments with the right price-value tradeoff.

24:37 — Psychographics for Landlords

Chris asks how property owners can use segmentation to land anchor tenants and build stronger merchandising mixes.