Retail Retold

This is not the sugar-coated version of franchising. Patrick Buckley sits down with Chris Ressa to unpack what is actually happening behind the curtain of franchise growth, exits and unit-level profitability. He breaks down the split between legacy giants and scrappy emerging brands fighting for first-time operators, why once-hot home-service brands have cooled off, and why beverages and “drive-thru only” formats are the franchise sector’s new land rush.

Patrick gets blunt about the math — labor, food inflation, beef shortages, construction costs and multiples that make zero sense on paper. He explains why Taco Bell can sell at 10X EBITDA while most operators are fighting to keep 10% margin, and why franchising is not a guaranteed “proven system” but a case-by-case knife fight. Health and wellness franchising is rising, the approval gate is tighter than people think, and the biggest risk is assuming the word “franchise” equals safe..

What you'll hear:

• The collapse in home-services franchise buying after the 2020–24 gold rush
• The beverage & drive-thru wave and why it's crowding capital
• Unit-profit reality: labor > inflation, food > margin, construction > forecast
• Why some brands trade at 9–10x EBITDA despite margin compression
• How first-time buyers actually get (or don’t get) approved to buy existing units
• Why health & wellness may steal share from food over the next decade
• The warning most first-time buyers wish they heard sooner

Chapters

00:00 Introduction to Fran Dogs and Patrick Buckley

03:02 Current Trends in Franchising

05:40 Challenges Faced by Franchisees

08:59 Understanding Franchise Valuations

11:44 The Rise of Taco Bell and Beverage Trends

14:58 Navigating Franchise Purchases

17:41 Emerging Categories Beyond Food and Beverage

20:34 Final Insights and Industry Statistics

How Are Retailers Redefining Success Beyond Sales Per Square Foot?

The metrics that define retail success are changing — fast. In this episode of What’s in Store, hosts Karly Iacono and Chris Ressa dive into the evolving ways retailers, investors, and developers are measuring performance in an era defined by data, analytics, and AI.

From psychodemographics that reveal why consumers buy to macroeconomic drivers reshaping markets, Karly and Chris explore how retail site selection, investment decisions, and KPIs are being redefined. They discuss how new data tools are quantifying once-intangible factors — from population behavior to co-tenancy synergies — and how that data is changing the way we understand performance beyond traditional sales per square foot.

The conversation also touches on the influence of political and labor factors, the rise of visits per square foot as a new benchmark, and how AI and predictive analytics may soon reshape everything from store openings to customer engagement.

What you'll hear:

• How psychodemographics are reshaping site selection
• Why macroeconomic “anchors” like universities and studios drive retail growth
• The impact of politics, regulation, and labor markets on expansion
• What “visits per square foot” really tells us about performance
• How AI is turning overwhelming data into actionable retail strategy

This week on Retail Retold, Chris Ressa welcomes Tyler Bindi, an investment sales broker with Marcus & Millichap, who has quickly risen through the ranks of the net-lease sector after entering commercial real estate in the middle of COVID-19. From his college baseball career at St. Mary's College of California, to selling season tickets for the Colorado Rockies, now to closing deals nationwide, Tyler shares how perseverance, cold-calling, and curiosity built his foundation during one of the toughest markets in recent history.

Tyler reflects on the transformation of the net-lease landscape—from near-zero interest rates in 2021 to today’s higher-rate environment—and the resulting shift in buyer and seller psychology. He explains how many mom-and-pop landlords remain sidelined, while new, first-time investors are entering the space seeking stable, long-term income and tax advantages.

Together, Chris and Tyler break down how pricing expectations are finally converging, why quick-service restaurants remain a market bellwether, and how opportunistic investors are finding value in short-term, low-rent assets with strong real-estate fundamentals. Tyler also reveals his team’s path to scaling from a one-man operation to a ten-person brokerage and why he believes Q4 2025 will mark a powerful resurgence in net-lease transaction volume.

What you'll hear:

• How Tyler transitioned from sports sales to commercial real estate during COVID
• What’s changed most in the net-lease market over the last five years
• Why short-term leases in great locations are attracting investor demand
• How buyer and seller expectations are finally coming back into alignment
• Why Q4 2025 could be a breakout quarter for transaction volume

Can tenacity turn setbacks like the 2008 GFC into career breakthroughs?

This week on Retail Retold, Chris Ressa sits down with Bethany Babcock, founder of Foresite Commercial Real Estate — and a mom of three who has built a thriving firm through sheer tenacity.

Bethany’s journey is anything but conventional. Born in the U.S. but raised in Chile, she came to Texas at 18 with no financial support and worked her way through college while getting her start in real estate. When the 2008 financial crisis hit, she doubled down instead of walking away — jumping into commission-only investment sales and eventually founding her own firm in 2014 with a single client.

Since then, Bethany has grown Foresite into a respected full-service company with offices in San Antonio, Austin, and Houston. Along the way she created the CRE Launch Program, an internship pipeline that’s bringing fresh talent into the industry. Her story blends personal grit with professional innovation, offering valuable lessons for anyone navigating today’s retail real estate market.

From raising bilingual kids to raising capital, Bethany shows what it takes to persevere — and why “trust but verify” is more than just a business mantra.

What you'll hear:

• How a mom of three turned setbacks into a thriving CRE business
• Why 2008’s downturn became a springboard, not a stumbling block
• How mentorship and grit fueled Bethany’s career shift into retail
• The inside story of launching Foresite with one client and growing from there
• The birth of the CRE Launch Program and its role in shaping new talent
• Market insights: San Antonio and Austin leasing strength, local buyers vs. international investors
• A high-stakes deal that fell apart — and the hard lesson learned

Chapters

00:00 Introduction to Bethany Babcock

02:43 Bethany's Journey into Commercial Real Estate

06:05 Career Development and Starting Foresite

08:52 Growth and Challenges in Business

11:39 Current Market Insights and Trends

14:53 Local vs. International Investors

17:55 Lessons from a Challenging Deal

21:40 The CRE Launch Program and Closing Thoughts

On this episode of Retail Retold, Chris Ressa welcomes longtime friend and industry leader Hue Chen, President of Saglo Companies, for a conversation packed with stories and lessons from 25 years in retail real estate.

Hue reflects on starting his career in the trenches of the Great Recession, when lead-sharing boards and creativity kept deals alive. He shares how an unlikely sabbatical during that downturn reshaped his outlook, and why sometimes the “boring” tenants — daycares, laundromats, coin ops — deliver the biggest wins.

From comparing ICSC attendee lists in 2018 vs. 2025 to unpacking why beverage brands like Dutch Bros and 7 Brew are exploding, Hue uses data and anecdotes to show how the retail landscape is constantly evolving. He and Chris also dive into deeper themes: what it takes to scale a company without being the bottleneck, how community-minded regional tenants often outperform nationals, and why consumer and retailer debt may be retail’s real risk today.

It’s a conversation that blends history, humor, and hard truths — and proves that the best retail stories aren’t always about lollipops and rainbows, but about resilience, adaptability, and the unexpected deals that shape entire careers.

What you'll hear:

• How the Great Recession forged Hue’s mindset — and why he never thought of leaving retail
• The sabbatical that reset his career and gave him long-term perspective
• Why “unsexy” tenants like daycares and laundromats can be the most profitable anchors
• What ICSC attendee lists reveal about a generational shift in retail leadership
• How Saglo builds systems so the president isn’t the bottleneck
• Why regional tenants with 2–20 stores often outperform big nationals
• The explosion of beverage concepts like Dutch Bros, 7 Brew, and Luckin Coffee — and what makes them different from Starbucks
• Why community engagement is often the real driver of tenant success
• The hidden risks: consumer debt and retailer leverage vs. the strength of retail real estate fundamentals
• Lessons on adaptability, resilience, and how a single deal can shape an entire career

Chapters

00:00 Navigating the Great Recession: A Shared Journey

09:32 The Evolution of Retail Real Estate

20:47 Current Market Dynamics and Future Outlook

24:56 Retail Resilience and Market Dynamics

28:22 Concerns in Retail: Debt and Consumer Behavior

31:26 The Importance of Community Engagement in Retail

34:24 The Rise of Coffee Concepts in Retail

40:30 Defining the 'Third Place' in Today's Society

Why are institutions pouring billions into an asset class others are doubting?

In this episode of What’s In Store, Chris Ressa and Karly Iacono break down one of the most resilient yet often misunderstood corners of commercial real estate: net lease. While headlines focus on retail closures or shifting tenant dynamics, the reality is that net lease portfolios are performing at an extraordinary level, with occupancy rates consistently between 98 and 99 percent. This asset class is attracting serious institutional capital, and its structure creates predictable long-term income streams, and replacement costs and tenant “stickiness” make these properties so durable.

They also tackle misconceptions—explaining why recent cap rate movements and financing challenges haven’t diminished the underlying value of well-located, freestanding real estate. With creative financing and strategic positioning, today’s market offers investors a rare window to buy below replacement cost while securing stable returns. Whether you’re an active investor, a retail real estate professional, or simply curious about how “mailbox money” really works, this episode delivers a clear-eyed look at why net lease is a powerful and timely opportunity.

What you'll hear:

• Why net lease portfolios are maintaining 98–99% occupancy
• How long-term leases provide durability and predictable income
• The role of replacement cost in strengthening asset value
• Why tenant “stickiness” adds security to investments
• The growing appetite from institutional investors
• How rising cap rates and high financing costs create opportunity
• Strategies for investors navigating today’s market

Chapters

00:00 Introduction to Net Lease Opportunities

03:01 Understanding Occupancy Rates in Net Lease REITs

05:55 The Durability of Income in Net Lease Investments

08:47 Institutional Interest in Net Lease Properties

12:09 Market Trends and Future Predictions for Net Lease

14:59 Investment Strategies in Net Lease Real Estate

Bryan Furze is buzzing with insights. In this episode of Retail Retold, Chris Ressa and Bryan, Senior Vice President at Charter Realty, talk about his bold move from landlord to broker after 25 years in retail real estate. Brian shares how his career has taken him from leading portfolios at major landlords to now building Charter’s Northern New England business, giving him a unique perspective on both sides of the deal.

Together, Chris and Brian break down why retail real estate isn’t oversupplied but rather “under demolished,” how construction costs are reshaping small-shop leasing, and why secondary markets like New Hampshire and Maine are becoming hotbeds of growth. Brian also tells the story of a high-stakes Boston acquisition that tested his team but ultimately transformed a neighborhood. Plus, the conversation touches on sustainability, pollinator-friendly practices, and the personal side of balancing career, family, and passion projects.

What Do Cold Plunges, K-Pop, and Loyalty Clubs Tell Us About Consumer Behavior?

Shifting the focus from real estate to consumer behavior, Chris Ressa and Natalie Chambers, Executive Creative Director at the Dealey Group, dive into the shifting landscape of what makes the consumer tick. Natalie shares three standout trends that you might not expect —ancient wellness rituals, pluralversal storylines, and the rise of social silos—and Chris debates her on what’s hype versus what’s here to stay.

From cold plunges and sound baths to Korean corn dogs and Baseball Lifestyle 101, the conversation weaves together fun examples with deeper insights on belonging, loyalty, and retail programming. They also cover the balance between convenience and dwell time, debating how shopping centers should position themselves for consumers who want it all.

Part debate, part discovery, this episode looks at how AI, culture, and community are reshaping what it means to shop—and what it means to connect.

What you'll hear:

• How the rise of AI is pushing consumers toward both high-tech convenience and “ancient wellness” rituals like cold plunges and sound baths
• Why pluralversal storylines—from K-pop hits to unexpected food trends—are reshaping cultural consumption
• The growing power of social silos and loyalty clubs in making shoppers feel like they belong
• Chris and Natalie’s spirited debate on convenience vs. dwell time and what it means for shopping centers
• Real-world examples of how retail can turn “points on a map” into places people love

Chapters

00:00 Understanding Consumer Behavior

02:51 The Impact of AI on Consumer Trends

05:58 Exploring Ancient Wellness Trends

08:57 Plural-versal Design in Consumer Culture

11:54 The Rise of Niche Markets and Social Silos

17:55 Balancing Convenience and Dwell Time in Retail

20:48 Implementing Insights in Real Estate Marketing

23:46 The Future of Retail in an AI-Driven World

What does it take to turn a passion for running into a thriving retail business?

With fall marathon training season in full swing, we thought we would throw it back to a conversation that Chris Ressa had with Kim Caruso, owner of Fleet Feet Poughkeepsie, located at DLC’s Shops at South Hills. Kim shares her journey from corporate America to entrepreneurship, explaining how a casual 5K inspired her passion for running and ultimately led to opening a specialty running store in her hometown.

Kim reflects on the challenges and opportunities of owning a retail business, especially navigating the pandemic. From shifting to appointment-based fittings and curbside pickup to building community through virtual running groups and challenges, she highlights the resilience of specialty retail. Throughout, Kim emphasizes the importance of connection, experience, and service—showing how brick-and-mortar retail thrives when rooted in relationships.

Chris underscores a core truth in retail real estate: the people behind the business are as important as the location itself. Fleet Feet Poughkeepsie’s success wasn’t just about market demand, but about Kim’s relentless energy, passion, and community focus.

What you'll hear:

• Passion to Business: Kim turned a personal love for running into a successful small business, proving that spotting a gap in the market can open doors for entrepreneurship.
• Pandemic Pivot: By introducing online appointments, curbside pickup, and creative virtual events, Fleet Feet kept customers engaged and sales steady—even while doors were closed.
• Community is the Differentiator: Specialty retail wins not just on product, but by building experiences and relationships. Customers return because they feel part of something bigger than a transaction.
• The Value of Franchise Support: Partnering with Fleet Feet gave Kim access to vendors, training, and expertise that would have been unattainable as an independent startup.
• Real Estate Lessons: Location matters, but the people running the store drive its ultimate success. Kim’s active involvement and vision made Poughkeepsie one of Fleet Feet’s strongest openings.
• Resilience & Optimism: Despite being down 15% in 2020, Fleet Feet weathered the storm and positioned itself for a strong rebound with pent-up demand expected in 2021.
• Entrepreneurial Advice: Know what you’re good at, lean on experts for what you’re not (like commercial real estate), and give customers a reason to choose you over online competitors.

Chapters

00:16 Kim Caruso's Journey to Fleet Feet

03:29 Navigating the Pandemic: Challenges and Innovations

08:02 The Future of Physical Retail

09:41 Community Engagement and Events

11:56 Connecting with Customers Digitally

15:13 Reflections on the Pandemic Experience

18:38 The Franchise Journey with Fleet Feet

26:12 Choosing the Right Location

30:18 The Importance of Teamwork in Business

Are You Measuring Foot Traffic Accurately—or Guessing?

In this episode of Retail Retold, Chris Ressa sits down with Carla Hinson, Vice President of Solutions at MRI Software, to uncover the top three things most people don’t know about foot traffic. Carla explains how advancements in data collection have moved from simple counters to cell phone tracking, and now to visual AI that provides true, real-time insights into consumer behavior. She highlights three critical dimensions: potential—the ability to capture more granular and accurate traffic data; performance—understanding capture rates and linking them to revenue outcomes; and optimized experiences—using data to refine in-store layouts, marketing strategies, and customer engagement. With MRI’s OnLocation Footfall Analytics, retailers and landlords can track who’s walking by, who’s entering, and how customers behave once inside. Carla also emphasizes the growing role of AI—both personally and professionally—in shaping expectations around technology adoption and decision-making in real estate.

What you'll hear:

• Carla Henson is the Vice President of Solutions at MRI Software, focusing on strategy and go-to-market initiatives.
• MRI Software is known for property management and supports clients across various segments, including residential and commercial real estate.
• AI is increasingly being integrated into personal and professional lives, enhancing productivity and decision-making.
• Visual AI technology allows for detailed foot traffic analysis, linking to existing security cameras to track customer behavior.
• Understanding foot traffic is crucial for retailers to optimize marketing strategies and improve customer experiences.
• Capture rates are essential metrics for retailers to measure the effectiveness of their storefronts and marketing efforts.
• Data-driven insights can reveal discrepancies in perceived versus actual customer demographics.
• The evolution of technology has shifted expectations from personal to professional environments, impacting how businesses adopt new tools.
• AI has been in development since the 1950s, but its accessibility and application in retail are relatively new.
• The future of data analytics in retail and office spaces holds significant potential for optimizing space usage and enhancing customer engagement.

Chapters

00:00 Introduction to MRI Software and Carla Henson

07:25 The Role of AI in Retail and Personal Life

10:58 Understanding Foot Traffic: Potential, Performance, and Optimization

17:09 The Future of Data in