Retail Retold

The predictions that looked a lot more like reality on the show floor.

Everyone arrives at ICSC with predictions. The real question is which ones survive contact with 25,000 people on the show floor.

Chris Ressa and CBRE's Karly Iacono weren't just attending ICSC Las Vegas. They were in the middle of it. Between meetings, deal discussions, and serving as panelists at the inaugural ICSC+PROPTech event, they had a front-row seat to the conversations shaping retail real estate in 2026.

One of the biggest takeaways? The relationship between cap rates and interest rates is no longer as straightforward as many expected. Despite elevated borrowing costs, strong demand for retail assets continues to support pricing. With more capital chasing a limited supply of quality opportunities, retail fundamentals are increasingly driving investment decisions.

That reality reinforces another trend both hosts have been watching closely: the rise of the operator. Rather than relying on financial engineering, investors are focused on creating value through leasing, rent growth, and hands-on asset management. In today's market, execution matters.

The conversation also turns to AI, which surfaced in meeting after meeting throughout the week. Surprisingly, the most interesting discussions weren't about corporate technology initiatives. They were about how people are using AI in their daily lives to improve productivity, make better decisions, and create more balance between work and life.

Karly also highlights the growing influence of healthcare tenants in retail real estate, comparing today's medical and wellness concepts to the rapid expansion of quick-service restaurants a decade ago.

Above all, ICSC 2026 underscored the enduring value of being together in person. With more than 25,000 attendees, packed events, and nonstop networking, the energy was impossible to ignore. In an increasingly digital world, the appetite for real-world connection may be one of the strongest signals yet for the future of brick-and-mortar retail.

• Why the mood at ICSC felt fundamentally different this year
• What 25,000 people in Vegas signaled about retail real estate
• Why retailers are doubling down on physical stores
• How the return of the operator is reshaping the market
• Why AI moved from buzzword to business conversation
• What the demand for in-person experiences means for retail's future

00:00 — The energy coming out of ICSC Vegas

Why this year's conference felt bigger, busier, and more optimistic than expected.

02:40 — Did we get our predictions right?

Chris and Karly revisit their pre-ICSC outlook and compare it to what actually happened on the ground.

03:50 — Retailers are spending again

The surprising scale of capital flowing back into physical stores and what it signals about retailer confidence.

05:40 — Why store investment matters now

How retailers are shifting resources away from infrastructure and back into the customer experience.

06:45 — The net effective rent story

Why tenant investment is becoming one of the biggest drivers of value creation for landlords.

09:35 — A landlord and broker debate underwriting

Chris and Karly challenge each other's views on NOI, value creation, and long-term ownership economics.

14:40 — The return of conviction in retail

What retailer spending says about the future of physical stores and why confidence appears to be growing.

15:25 — Cap rates, operators, and a changing investment landscape

Why execution matters more than ever and how investors are evaluating retail assets differently.

25:25 — AI enters the mainstream conversation

How artificial intelligence moved from buzzword to everyday discussion across the conference.

28:40 — Healthcare's growing role in retail real estate

Why medical and wellness users are becoming increasingly important retail tenants.

33:25 — What 25,000 people tell us about physical retail

The broader takeaway from ICSC and why in-person experiences remain a powerful force in the market.

The retail real estate industry is entering ICSC Las Vegas with momentum, confidence, and a fundamentally different supply-demand dynamic.

Recorded live from the SiriusXM Studios at Wynn Las Vegas ahead of ICSC Las Vegas 2026, this special episode of Retail Retold brings together two of the industry’s most influential voices: Tom McGee, President and CEO of ICSC, and Adam Ifshin, Founder and CEO of DLC.

The conversation dives directly into the biggest themes shaping retail real estate today, including the unprecedented strength of the open-air shopping center sector, the ongoing supply and demand imbalance in retail space, the rise of PropTech and AI, and the resilience of the American consumer.

McGee shares why this year’s ICSC Las Vegas feels different from previous years, pointing to the launch of ICSC+PropTech and ICSC+Women in CRE as major new initiatives designed to meet the evolving needs of the industry. With more than 180 technology companies participating in year one, the discussion highlights how AI, operational technology, and data-driven decision making are rapidly changing how landlords and retailers operate.

Adam and Tom also explore why retail fundamentals remain exceptionally strong despite economic uncertainty. They discuss rising traffic at value-oriented shopping centers, the lack of new retail construction, the importance of employment stability, and how retailers have become more operationally disciplined since the pandemic.

The episode closes with a forward-looking conversation about AI’s impact on the shopping journey, why physical stores remain central to retail, and how consumer expectations will continue to evolve in an increasingly tech-enabled world.

Whether you are attending ICSC Las Vegas or following the future of retail real estate from afar, this episode offers a timely look at where the industry is heading next.

• Why ICSC Las Vegas 2026 feels different from previous years
• The launch of ICSC+PropTech and ICSC+Women in CRE
• Why retail real estate fundamentals remain historically strong
• The ongoing supply and demand imbalance in retail space
• How AI is reshaping retail operations and consumer behavior
• Why physical stores remain critical in an omnichannel world
• The resilience of the American consumer despite inflation concerns
• How retailers became stronger and more disciplined after the pandemic
• Why value-oriented shopping centers continue gaining traffic
• What the future of retail development and leasing may look like

00:00 – Welcome from the SiriusXM Studios at Wynn Las Vegas

02:15 – Why ICSC Las Vegas 2026 feels different

05:48 – The launch of ICSC+PropTech and the future of retail technology

11:32 – Leveraging ICSC’s scale to drive innovation

14:05 – The state of the American consumer

20:40 – Why value retail continues to outperform

24:12 – Retailers becoming more disciplined and resilient post-pandemic

29:08 – The supply and demand imbalance in retail real estate

Broadcast live from the SiriusXM Studios at the Wynn Las Vegas and kicking off ICSC Las Vegas, Retail Retold stepped onto one of the biggest stages in the industry for a special conversation between Chris Ressa and DLC Founder and CEO Adam Ifshin. As Adam put it during the recording: “What is more fitting for Retail Retold to be the pregame show for the Super Bowl of retail real estate?”

The episode captures the energy, optimism, and momentum surrounding retail real estate as thousands of industry leaders gather in Las Vegas for the year’s most important dealmaking event.

Chris and Adam dive into DLC’s newly released thought leadership campaign, The Rent Is Next, and unpack why retail fundamentals may be stronger today than at any point in the last 35 years. Adam explains why years of underbuilding, limited available space, and stronger retailer performance are creating mounting pressure on rents across the country. He also shares why he believes retail cap rates still have room to compress as more institutional and foreign capital rotates back into the sector.

The conversation moves beyond market fundamentals into the future of the business itself, from the evolving role of operators to the growing importance of redevelopment, densification, and platform-driven value creation. Adam also gives his perspective on artificial intelligence, why AI will accelerate productivity rather than eliminate opportunity, and how the best operators will use technology to scale smarter and faster.

The episode closes with a rapid-fire discussion on mixed-use development, capital markets, the next generation entering the industry, and DLC’s long-term vision to become one of the largest owner-operators of open-air retail in America.

• Why Adam Ifshin calls ICSC Las Vegas the “Super Bowl of retail real estate” and why Retail Retold belonged in the SiriusXM Studios at Wynn
• The story behind DLC’s newest thought leadership campaign: The Rent Is Next
• Why retail rents may finally be entering a major growth cycle after decades of stagnation
• How limited new development is reshaping the future of open-air retail
• Adam’s outlook on cap rates, institutional capital, and why investors are rotating back into retail
• Why the “age of the operator” is real — and what separates great operators from everyone else
• How DLC evolved beyond ownership into construction, architecture, and platform-driven services
• Adam’s take on AI, productivity, and why leadership matters more than technology itself
• Rapid-fire predictions on mixed-use, foreign capital, retail jobs, AI, and the future of CRE
• DLC’s vision to become one of the largest owner-operators of open-air retail in America

00:00 – Live from the SiriusXM Studios at Wynn Las Vegas

Chris and Adam set the stage from ICSC Las Vegas and discuss why this feels like the “pregame show for the Super Bowl of retail real estate.”

01:35 – Adam Ifshin’s origin story

From starting a business in his college dorm room to launching DLC during the savings and loan crisis.

07:45 – “The Rent Is Next”

Why retail fundamentals are stronger than they’ve been in decades — and why rents are finally moving.

12:45 – Cap rates, capital flows and investor sentiment

Why retail real estate is no longer sitting in the industry’s “penalty box.”

16:15 – The next risk facing retail real estate

Adam breaks down inflation, geopolitical uncertainty and the long-term risk of overbuilding.

19:10 – What separates great operators today

Why the best teams are adapting differently in today’s retail environment.

22:50 – AI and the future of commercial real estate

Adam shares why AI is a productivity accelerator — not a replacement for people.

28:15 – Real or hype? Rapid fire

Mixed-use, foreign capital, cap rates, AI, retail jobs and more.

34:30 – What DLC believed before others did

Adam explains why low rents became one of DLC’s greatest competitive advantages.

37:00 – Lessons learned and playing offense

How DLC scaled aggressively coming out of the pandemic.

38:30 – Why DLC expanded into construction and architecture

The strategy behind Renovo and NWS — and how the platform continues evolving.

43:30 – The future of DLC

Adam shares his vision for the next decade of growth across DLC, Renovo and NWS.

Retail leasing could be entering a completely different era of speed.

Anyone who has worked on retail leases knows the process can feel endless.

Versions flying back and forth.

Redlines buried in email chains.

Hours spent drafting language that’s been negotiated a hundred times before.

And somehow, despite all the technology in the world, a huge part of the leasing process still feels manual.

David Saltman came back on the podcast to talk about why that’s finally starting to change.

As CEO of LeasePilot, David has spent years focused on one of the least glamorous but most important parts of retail real estate operations: getting leases done faster, cleaner, and with less friction. What started as an automation platform is now evolving alongside AI, and the conversation gets into where the industry may actually be headed next.

Not hypothetically.

Practically.

Chris and David discuss the real operational pain points behind lease negotiations, why institutional knowledge trapped in PDFs and inboxes slows companies down, and how AI could eventually help legal teams, landlords, and retailers make smarter decisions before mistakes happen.

The bigger takeaway is that retail real estate may be entering a new operational era.

For decades, leasing teams accepted delays, repetitive drafting, and fragmented information as part of the business. But once companies begin organizing lease data intelligently and automating repetitive work, the speed of decision-making changes.

And in this business, speed matters.

This conversation isn’t really about replacing people. It’s about removing friction from one of the most frustrating processes in commercial real estate.

• Why AI alone won’t fix broken leasing workflows
• How lease negotiations could become largely automated
• The operational cost of slow lease drafting
• Why retailers are adopting legal automation faster now
• What happens when lease data becomes actionable intelligence?

00:01 — Meet David Saltman

David introduces LeasePilot and explains how the platform approaches lease automation.

01:05 — How lease automation actually works

A breakdown of the legal logic, workflows, and operational structure behind LeasePilot’s system.

03:10 — Automation vs. AI

David explains why LeasePilot historically focused on automation; and why AI is changing the conversation.

06:04 — The rise of the “intelligence layer”

How AI could help identify lease conflicts, exclusives, co-tenancy risks, and negotiation issues in real time.

07:48 — Will LeasePilot become an AI company?

A candid discussion about where AI fits into the future of leasing technology.

09:30 — Beyond leases

Why contract automation is expanding into amendments, estoppels, SNDAs, and other real estate documents.

12:16 — The time savings are real

How lease drafting timelines are shrinking from hours to minutes; and why speed changes negotiations.

14:04 — Why tenants are adopting LeasePilot

David explains the growing demand from retailers and tenant-side legal teams.

18:08 — The AI pressure facing every proptech company

Chris challenges David on whether non-AI software can still compete in today’s market.

20:17 — What AI is already doing inside LeasePilot

From LOI extraction to automated abstracts, David shares what’s already live today.

21:26 — The future of AI lease negotiations

Chris and David explore the possibility of AI-driven negotiation strategy and autonomous dealmaking.

25:10 — The untapped value hidden in leasing data

Why the next major opportunity may be using lease intelligence to improve tenant mix and center performance.

26:00 — Final thoughts and where to find LeasePilot

David shares why simplifying leasing workflows still matters, even in an AI-driven future.

What does an AI-powered retail organization actually look like?

Retail real estate has spent decades trying to optimize speed, scale, and execution. Now AI is forcing the industry to rethink all three.

Surfaice Pro is taking this to a different level using mission-critical systems engineering to solve for issues along the store lifecycle, from leasing, through construction, and real estate. Joe Valeri, and Alim Uderbekov, co-founders of Surfaice.pro explain to Chris Ressa where AI is actually gaining traction inside retail organizations and why the operational side of retail may be changing faster than most people realize.

Moving beyond AI buzzwords, Joe and Alim are speaking the language of retailers and using practical applications to make the case that the next major competitive advantage in retail won’t just come from merchandising or location strategy. It’ll come from operational speed. The retailers opening stores faster, spotting risks earlier, and making smarter portfolio decisions in real time will separate themselves from the rest of the market.

The discussion also gets into the uncomfortable realities surrounding AI adoption: fear inside organizations, skepticism from operators, software fatigue, and the growing pressure executives feel to “do something” with AI before competitors move ahead.

One thing becomes clear throughout the conversation: AI in retail is no longer theoretical. The question now is who adopts it early enough to benefit from it and who waits too long.

• Why AI adoption in retail is moving faster than most people realize
• How retailers are cutting manual work out of lease administration
• The difference between generic AI tools and retail-specific systems
• Why speed is becoming a competitive advantage in store development
• How AI can identify project delays before they happen
• The real conversation retailers are having internally about AI and jobs

00:01 — Meet the co-founders of Surfaice.pro

Joe Valeri and Alim Uderbekov explain how they’re building AI for the full store lifecycle.

02:48 — Why retail became the perfect AI battleground

Why the speed and scale of store development made retail an ideal fit for AI adoption.

04:27 — The data retailers are sitting on

How leases, contracts, and construction documents are becoming operational intelligence.

05:51 — From site selection to store closeout

Breaking down what “store lifecycle management” really means.

07:01 — The three things every retailer wants

Speed, risk reduction, and smarter operational decision-making.

10:31 — AI overload is already here

Chris challenges the flood of AI tools entering the industry.

16:35 — Retail’s AI tipping point

How close the industry may be to large-scale adoption.

20:25 — Why adoption is harder than it sounds

The internal hesitation, budget conversations, and fear surrounding AI.

23:56 — The fear factor nobody wants to talk about

How companies are thinking about jobs, efficiency, and operational change.

25:37 — Inside Surfaice.pro’s real-world rollout

How JD Sports is already using AI to streamline operations.

29:54 — Why generic AI won’t cut it

The difference between broad AI tools and retail-specific systems.

35:30 — What AI could unlock for retail

A bigger conversation around creativity, efficiency, and operational scale.

37:40 — The cost of standing still

Why waiting too long on AI may become a competitive risk.

As ICSC Las Vegas approaches, one theme is expected to rise above the rest: dealmaking.

On the surface, the story looks simple. Retail fundamentals remain strong. Vacancy is near historic lows. Construction costs continue to limit new supply. Capital is returning to the sector.

But beneath that headline, the real conversation begins.

Demand is building from every direction. Buyers have capital to deploy. Retailers want to grow. Owners with strong-performing assets know what they hold. That dynamic is set to shape conversations across the convention floor, inside booths, and behind closed doors throughout ICSC Las Vegas.

Chris Ressa and Karly Iacono explore how underwriting has evolved. In prior cycles, many deals leaned on cap rate compression and favorable financing. Today, value creation is increasingly tied to rent growth, leasing strategy, traffic, tenant performance, and net operating income.

Chris calls it a return to the age of the operator, where execution matters more than financial engineering.

While headlines may focus on rates, politics, or broader uncertainty, sentiment inside retail real estate remains constructive. Investors want to buy. Retailers want to expand. Operators are looking to create value.

The question heading into Las Vegas is simple:

Where are the deals?

• Why strong fundamentals are creating more competition, not more deals
• How the shift back to fundamentals is changing how deals get done
• Why execution is replacing financial engineering as the driver of value
• How retailers are approaching growth with more discipline
• Where AI fits into the conversation and why it’s still early
• What’s really driving sentiment heading into ICSC

00:07 – setting the stage for ICSC Las Vegas

Framing the biggest themes expected to drive conversations in Las Vegas

02:00 – strong fundamentals, limited supply

Why low vacancy and high demand are creating a supply crunch

03:47 – capital is building, pressure is rising

Increased allocations to retail and the challenge of finding deals

05:14 – why retail is still winning

Comparing retail to other asset classes and where it stands today

06:40 – the bid ask gap

Why buyers and sellers are still not fully aligned on pricing

08:04 – underwriting is changing

The shift away from cap rate compression and financial engineering

10:03 – the return of the operator

Why execution and fundamentals are back at the center

12:17 – how retailers are thinking about growth

Disciplined expansion and smarter decision making

13:13 – geopolitical noise vs real impact

Why macro headlines are not driving decision making

17:19 – AI enters the conversation

Where AI is showing up and where it is still early

23:41 – what will actually dominate ICSC Las Vegas

Why it all comes back to dealmaking

Insights into evolving market conditions

Retail real estate isn’t defined by one trend right now.

It’s being shaped by a mix of forces all hitting at once.

Two of CBRE’s top retail leaders, Laura Barr and Scott Schnuckel, join Chris Ressa to dive into what’s actually happening across the industry, from leasing and retailer behavior to talent, data, and the broader market environment.

These are the questions shaping commercial real estate right now.

What’s driving today’s leasing activity. Why space is tighter than it looks. How retailers are thinking about growth and market share. And what’s changing in how they expect to be supported.

There’s also a deeper look at what’s happening behind the scenes.

Smaller teams doing more. A talent pipeline that hasn’t fully recovered. And the growing role of data and technology, including how AI is beginning to shape decision making across the industry.

At the same time, the fundamentals of the sector are holding up.

Capital is still flowing. Demand is still there. And retail continues to position itself differently compared to other asset classes.

But that doesn’t mean things are simple.

This is a wide ranging conversation about where the industry stands today and what could shape where it goes next.

• Why retailers are fighting hard to protect market share
• How new uses are keeping shopping centers vibrant
• What’s really driving leasing activity right now
• Why space is tighter than it looks
• The growing talent gap across the industry
• How AI and automation could reshape retail costs

00:01 – Inside CBRE’s Retail Leasing Leadership

How Laura Barr and Scott Schnuckel are shaping retail leasing at scale.

02:18 – Moving Beyond Transactional Brokerage

Why the industry is pushing toward true advisory.

04:15 – What Retailers Expect Now

How data and strategy are changing the game.

08:22 – What Transformation Really Looks Like

From talent to execution, what actually drives change.

15:40 – The Shift in Store Openings and Closures

Why both are down—and what it means.

19:08 – The Fight for Market Share

Why retailers aren’t giving up top-line revenue.

24:27 – The Talent Gap in Retail Real Estate

A workforce challenge that’s not going away.

26:43 – Why Capital Is Flowing Back to Retail

What’s making the sector investable again.

30:16 – The New Shopping Center Model

How tenant mix is redefining retail.

32:41 – Where the Pressure Builds

Costs, competition, and the need to adapt.

37:00 – AI and the Future of Retail Operations

How automation could reshape the industry.

42:28 – Why Data Is the Real Advantage

The shift from tools to actionable insights.

43:41 – Rapid Fire: Retail Favorites and Nostalgia

Extinct brands, recent buys, and shopping habits.

A disciplined pipeline and strategic site selection approach are enabling growth despite limited supply

Retail real estate didn’t change as much as people thought. The fundamentals never left. What changed is how precisely you have to execute them.

Jim Lampassi, Senior Vice President of Real Estate & Construction at Academy Sports + Outdoors, has spent 45 years in site selection and development, helping build brands across Marshalls, Petco, and now one of the fastest-growing sporting goods retailers in the country. Today, Academy has grown to a wide network of 300+ stores across 21 states, with a clear path for continued expansion.

What stands out isn’t just the scale. It’s the discipline behind how that growth happens.

This market is defined by constraint. High occupancy. Limited new development. Fewer deals to chase. That pressure is forcing better decision-making. For Academy, growth isn’t about finding opportunities. It’s about building them. That means creating a pipeline larger than the goal, leaning into relationships with boutique developers, and being willing to do deals that require more effort to get across the finish line.

There’s also a shift that’s no longer up for debate.

E-commerce didn’t replace stores. It made them more important. Physical locations drive awareness, influence customer behavior, and increase digital demand. When stores close, online sales don’t fill the gap. They drop. The strongest retailers understand the connection and build around it.

At the center of it all is a simple idea. Value wins.

In an inflationary environment, customers are more selective. Retailers that consistently deliver accessible price points without sacrificing quality are the ones that keep traffic and loyalty. It’s not a trend. It’s a requirement.

For owners and operators, the takeaway is clear. The easy deals are gone. Growth now depends on discipline, relationships, and long-term thinking.

This isn’t about finding space. It’s about earning it.

• Why retail fundamentals still matter after 45 years
• How Academy Sports is growing in a high-occupancy market
• Why building a bigger pipeline is critical to hitting targets
• How boutique developers are unlocking new deals
• Why retailers are creating sites instead of finding them
• How stores are driving e-commerce, not competing with it
• Why value remains core to Academy’s strategy
• How retail real estate creates jobs at scale
• Why industry relationships still drive opportunity
• What it takes to expand with discipline today

00:01 – Jim Lampassi’s 45-Year Retail Journey

A 45-year career across major retail brands and what shaped it.

02:27 – Why Retail Fundamentals Still Hold

The fundamentals that still determine whether a deal works.

03:03 – Inside Academy’s Expansion Story

From tire shop to 300+ stores and expanding footprint.

04:21 – Why Value Drives Retail Success

How pricing strategy defines long-term success.

05:40 – Retail as a Job Creation Engine

Retail as a job creation engine across industries.

08:16 – The Role of Industry Relationships

Why being active in ICSC changes careers and outcomes.

10:27 – Retail’s High-Occupancy Reality

95% occupancy and what it means for landlords and tenants.

12:12 – Finding Deals in a Constrained Market

Boutique developers, incentives, and building your own pipeline.

15:09 – Developing the Next Generation

How the next generation is entering the industry.

18:02 – Rethinking Real Estate Team Structure

In-house vs. brokers and what actually works.

20:06 – Why Stores Still Drive Demand

Why physical retail is still driving digital demand.

22:31 – Building Marshalls in Puerto Rico

Opening 11 stores in one day and what it took to get there.

26:56 – Academy’s Disciplined Growth Plan

White space, expansion plans, and long-term positioning.

29:14 – The Future of Retail Supply

Why retail supply constraints may stick longer than expected.

A disciplined approach to product, experience, and real estate is fueling a fast-growing food and beverage concept

Palmetto Superfoods didn’t grow by chasing trends. It grew by challenging them.

Hessam Shirmohammadi, co-founder and COO, built the brand around a simple idea: if the product is real and the experience is intentional, customers don’t just visit, they come back daily. What started in San Francisco in 2019 is now a fast-scaling concept with 18+ locations, expanding across California and into Texas, with a clear path toward national growth.

The differentiator isn’t just açaí. It’s how Palmetto thinks about retail.

Instead of treating real estate as a necessity, they treat it as a strategic lever. Location isn’t just about traffic, it’s about community alignment. College markets, fitness-driven consumers, and dense residential pockets consistently outperform because they reinforce habitual use.

At the same time, Palmetto is leaning into a model that most brands avoid: no two stores look the same. While others scale through uniformity, they scale through experience, keeping operations consistent but making each space feel unique. It’s harder to execute, but it builds stronger brand connection.

There’s also a bigger play unfolding.

Palmetto isn’t positioning itself as just a food and beverage operator. With CPG products in development and a long-term goal of going public, the brand is building toward a lifestyle platform that extends beyond four walls.

For retail real estate owners and operators, the takeaway is clear: food and beverage isn’t just filling space anymore, it’s becoming the draw. And the concepts winning today are the ones creating repeat behavior, not one-time visits.

This isn’t about smoothies. It’s about building a brand that people integrate into their daily lives.

• Why food and beverage is becoming the new anchor in retail
• How repeat behavior drives real growth
• Why location strategy is about community, not just traffic
• How college markets consistently outperform
• Why second-generation space accelerates expansion
• Why experience matters more than efficiency
• How strong brands build daily habits, not one-time visits
• Where AI actually improves operations

00:02 – Introduction and background

Hessam shares his upbringing, early career, and path into entrepreneurship.

04:31 – What is Palmetto Superfoods

Breaking down the concept, product differentiation, and early growth.

05:26 – Scaling the brand

From one location to 18+, including expansion into new markets.

06:35 – Long-term vision

Plans for national growth, CPG, and building a lifestyle brand.

08:05 – Unit economics and real estate strategy

How store size, location, and performance vary across markets.

09:30 – Origin story

How a Brazilian café and authentic açaí sparked the concept.

13:05 – Day-to-day as COO

What leadership looks like in a fast-scaling brand.

15:02 – Using AI and systems

How technology is improving efficiency and decision-making.

16:34 – choosing Sacramento (UV)

Why college markets and demand signals drove site selection.

21:37 – Site selection strategy

Why second-generation spaces are a key growth lever.

23:14 – Differentiation in retail

Why every store is intentionally designed to feel different.

26:16 – Nostalgia and retail

A conversation on extinct retailers and emotional connection to brands.

A different background, and a different lens on retail real estate

Careers aren’t linear. And the best ones usually evolve.

Anya Wolf didn’t start in retail real estate. Her background was in art, including studio work, art history, and hands-on experience in galleries and education. She was fully immersed in a creative path and exploring what that future could look like.

But over time, she gained clarity.

The path forward in the art world is long and highly specialized. Then a loss within her family brought everything into focus. It created urgency and a new perspective on the business side of things. That combination led her to make a decision: step into DLC and understand the investments and platform she had grown up around.

What followed wasn’t a fast track.

She started in a traditional due diligence role. Managing files, answering questions, and supporting transactions. A typical entry point, but one that gave her real exposure to how deals actually get done and how properties are evaluated.

That foundation mattered.

It built a practical understanding of the business, especially around tenant behavior. One of the biggest takeaways is that retail decisions aren’t driven by what consumers want, they’re driven by economics. Rents, incentives, and demographics dictate outcomes, even when demand exists elsewhere.

Now, her focus is evolving again.

After building a strong internal foundation, she’s shifting outward, developing relationships, expanding her network, and bringing new perspectives back into the organization.

Retail remains strong, but interest rate volatility and broader uncertainty are creating friction. Historically, that’s where opportunity shows up.

And for the next generation inside a family business, that matters.

Because this isn’t just about maintaining what was built. It’s about understanding it, evolving it, and ultimately creating your own lane within it.

• Why nontraditional career paths can lead to stronger long-term growth
• How starting in due diligence builds a real understanding of the business
• Why retail decisions are driven by economics, not consumer demand
• How tenants actually evaluate locations and choose markets
• Why asking questions accelerates growth faster than pretending you know
• How to build your own identity inside a family business
• Where the next generation creates value inside an existing platform

00:02 – Introduction to Anya Wolf

Background, role at DLC, and how she got here

01:14 – From art to real estate

Starting in art and realizing the limitations of that path

03:24 – The turning point

Family dynamics and the decision to enter the business

09:34 – First role at DLC

What due diligence actually looks like day-to-day

10:48 – Learning the business from scratch

How real estate really works behind the scenes

14:50 – Accelerating growth early on

The power of asking questions and not pretending

18:36 – Shifting from internal to external growth

Why building a network is the next phase

20:19 – State of the retail market

Strength, disruption, and interest rate pressure

25:16 – Building your own identity

Navigating a family business and carving your own lane

29:28 – Rapid fire

Skills, retail nostalgia, and real-life habits