Retail’s fundamentals have strengthened. Supply remains constrained. Capital is paying attention. Adam Ifshin explains why the next chapter belongs to operators.
Adam Ifshin on CBRE’s The Weekly Take: Why Retail’s Next Chapter Belongs to Operators
Retail real estate has spent the last several years proving its resilience. Now, according to DLC Founder and CEO Adam Ifshin, the market is entering a new phase.
Appearing live from the SiriusXM Studio at the Wynn during ICSC Las Vegas, Ifshin joined CBRE’s Spencer Levy on The Weekly Take to discuss the forces reshaping retail real estate, the return of institutional capital to the sector, and why operators are positioned to create the most value in today’s environment.
One theme stood out above all others: fundamentals matter.
“If investment performance follows fundamentals, retail is in a very good place,” Ifshin explained. Occupancy remains high, supply remains constrained, and retailers continue competing for the best locations. At the same time, rents have yet to fully catch up to market conditions.
The conversation also explored DLC’s growth from approximately $2 billion to more than $4 billion in assets under management over the last five years, the firm’s national expansion, and its continued conviction in both primary and secondary markets.
Perhaps most importantly, Ifshin discussed what DLC has called the “Age of the Operator” — a market environment where execution, relationships, leasing expertise, construction management, and asset-level decision-making matter more than financial engineering.
“Retail is closer to an operating business than it is purely an investment business,” Ifshin said. “If you want to generate outsized returns, you need a great operator.”
-Adam Ifshin
Additional topics included:
- The growing interest from institutional and foreign capital in open-air retail
- Why net effective rent growth matters more than headline rent growth
- Opportunities created by medical, wellness, and experiential uses
- The long-term impact of limited new retail development
- Why scale and retailer relationships have become increasingly important
Listen to the full episode of The Weekly Take with Spencer Levy to hear Adam’s perspective on where retail real estate is headed next.
