Leaning In

Terry Montesi sits down with Monica Mason to explore what is really driving the resurgence of retail real estate investment in the United States. Drawing on her work analyzing capital markets data and investor behavior, Monica explains why retail fundamentals have strengthened in recent years and why institutional investors are increasingly allocating capital to the sector. The conversation unpacks the supply constraints created by post pandemic construction costs, the demographic trends shaping retail demand, and how investors are adapting to a higher interest rate environment. Along the way, Monica shares the data signals that matter most for investors evaluating where retail opportunities are emerging.They discuss:• Why retail investment has grown from 7% of total real estate investment in 2021 to 14% today• How pandemic era construction slowdowns and rising costs created a supply shortage that supports rent growth• Why institutional investors increased retail allocations and what is driving the surge in capital flows• The demographic shifts fueling retail investment across the Southeast and Southwest, including Texas and Arizona• Misconceptions around grocery anchored centers and where investors are beginning to look beyond themLinks:Terry on LinkedInMonica on LinkedInTopics:(00:00:00) - Intro(00:00:23) - Meet Monica at JLL(00:01:47) - Why retail rents are rising(00:09:04) - Misconceptions and headlines(00:11:02) - Demographics and wealth split(00:14:21) - Rate volatility and lending(00:19:27) - How JLL uses data models(00:24:37) - Key 2025 data points(00:26:56) - Grocery anchors and beyond(00:32:06) - Cap rates and where capital goes(00:36:10) - Development outlook(00:38:07) - Why retail wins long term

Ray Washburne, a seasoned commercial real estate investor and leader, shares insights from his dynamic career. He discusses his early entrepreneurial journey in Dallas and the vital role of reputation in business success. Ray recounts transforming Highland Park Village and the strategic mindset behind luxury retail. He dives into the future of downtown Dallas, the challenges of current economic shifts, and the influence of AI on real estate. His advice for aspiring professionals emphasizes integrity and innovative thinking.

Conor Flynn, CEO of Kimco Realty, shares his two-decade journey in retail real estate, highlighting the shift toward grocery-anchored shopping centers. He discusses how technology and emerging retail trends, including health and wellness, are reshaping consumer experiences. Flynn emphasizes the importance of relationships, resilience, and strategic partnerships in navigating economic uncertainty. He also explores Kimco's multifamily expansion and the future of shopping centers in an evolving market.

In this engaging discussion, Bart Higgins, an innovation consultant, and Katie Hillier, a digital anthropologist, both from Future Perfect X, explore how AI is reshaping human behavior and retail. They emphasize that understanding future human needs is crucial for businesses adapting to technological changes. Topics include the transformation of identity and consumer relationships, the evolution of personalized retail experiences, and how brands can maintain emotional relevance in a rapidly evolving landscape. Their insights challenge traditional approaches to retail and placemaking.

Steve Rouman, SVP of Real Estate at RH, shares insights from his rich career, having previously led strategies at Amazon, Apple, and Gap. He discusses RH’s remarkable transformation into a luxury lifestyle brand and the strategic site selection that fuels this evolution. Post-COVID consumer behavior emerges as a focal point, along with the synergy between e-commerce and physical retail. Rouman offers wisdom for newcomers, emphasizing that human connection remains crucial in enhancing the retail experience.

Terry Montesi chats with Peter Linneman, a distinguished economist known for his expertise in real estate and economic trends. They explore the uncertainty of the current economic climate and its effects on investment decisions. Peter reveals the complexities of tariffs, detailing their dual effects on inflation and GDP. The conversation also delves into the multifamily housing shortage, unpacking its causes and consumer impacts. Finally, Peter shares insights on cautious yet strategic real estate investment approaches amid market volatility.

The retail real estate landscape is evolving, and few people understand its intricacies better than Adam Ifshin, Founder and CEO of DLC Management. In this episode, Trademark CEO Terry Montesi sits down with Adam to discuss how value-driven open-air centers, omnichannel innovation, and institutional capital are reshaping the industry.Adam shares insights on why open-air retail continues to outperform, how AI is poised to revolutionize retail operations, and why institutional investors are re-embracing retail real estate. He also dives into the impact of supply and demand dynamics, the future of apparel shopping, and the challenges of new development in today’s market. With over 30 years of experience and a track record of transforming underperforming assets, Adam’s perspective offers a must-listen deep dive into where retail and retail real estate are headed.To stay informed and hear more from top voices in the industry, subscribe to Leaning In and sign up here to be the first to know when a new episode drops!Links: ⁠Trademark Property⁠⁠⁠⁠⁠⁠Terry on LinkedInAdam on LinkedInTopics:(00:05:22) - DLC's Evolution and Core Values  (00:11:48) - Investment Strategy and Market Trends  (00:16:09) - Pandemic Impact on Retail  (00:22:39) - Omnichannel Retail and Future Outlook  (00:24:43) - Retailers Must Adapt or Perish  (00:25:35) - Bankruptcy and Replacement Tenants  (00:27:31) - The Shift to Open-Air Retail  (00:30:40) - Consumer Behavior Post-Pandemic  (00:32:46) - Interest Rates and Inflation Impact  (00:36:31) - Supply and Demand in Retail Real Estate  (00:43:23) - The Role of AI in Retail Real Estate  (00:45:52) - Future Trends in Retail Real Estate  (00:51:04) - Closing Remarks and Final Thoughts  

Chuck DiGiovanna, VP of Real Estate for Macy's, and Chris Johnson, SVP at Dillard's, delve into the evolving landscape of retail. They discuss how department stores and malls are adapting post-pandemic, highlighting the need for creativity in tenant diversity and the impact of technology. The duo shares insights on investment opportunities while navigating challenges like changing consumer behavior and tariffs. With their extensive experience, they paint an optimistic picture for the future of physical retail and the importance of creating inviting shopping environments.

Discover the inspiring journey behind Market Street - The Woodlands, one of Texas' pioneering mixed-use developments. Hear how strategic planning and innovative design shaped a community-focused shopping experience. The hosts delve into a David vs. Goliath retail battle, revealing the challenges a smaller developer faced against a larger rival. Celebrating two decades of success, they reflect on the evolution of retail and the importance of community engagement. Tune in for insights on creating lasting connections and adapting to change!

How do we accelerate the success of women in commercial real estate? Wendy Mann, CEO of CREW Network, joins Monica Luera, Trademark’s VP of Development, on Leaning In to discuss advancing gender equity in the industry.This episode explores CREW Network’s groundbreaking research, leadership development initiatives, and global expansion strategy. Wendy and Monica highlight success stories and practical steps for creating a more inclusive industry. Subscribe to Leaning In for insights from leaders shaping the future of commercial real estate. Topics: (00:00:00) - Intro (00:02:10) - What are some of the biggest issues facing women in CRE today? (00:10:41) - Where do you see CREW expanding next? (00:15:34) - How does CREW cultivate strategic partnerships within the industry? (00:19:18) - CREW Network success stories (00:26:52) - What are some good resources for women in CRE? (00:29:27) - Monica’s journey with CREW (00:31:11) - The CREW Network Foundation Links: Wendy on LinkedIn CREW Network GlobeSt Newsletter CRE Daily Broadsheet