From Sears to DICK’S: Inside the Deals That Shaped Retail

Topics: retail real estate, deal making, REA, retail market, DICK’S Sporting Goods, House of Sport, Sears, mall redevelopment, retail history, retail strategy, Salt Lake City

A decade of meetings that went nowhere. A department store deal that nearly unraveled. And a conversation that helped change an entire city.

You can’t make this stuff up.

Vince Corno, Senior Vice President of Real Estate at DICK’S Sporting Goods, has spent nearly 35 years making retail real estate deals. And he’s got some incredible stories.

He joins Chris Ressa on Retail Retold to share what really happens behind the scenes, where relationships matter, negotiations take unexpected turns, and sometimes the deal you start with isn’t the deal you finish.

Take Salt Lake City. After years of courting a department store chain owned by the LDS Church, Vince found himself working on an acquisition that took an unexpected turn when Nordstrom considered leaving downtown. What followed was a series of conversations and strategic moves that helped set the stage for City Creek Center, a $2 billion development that transformed downtown Salt Lake City.

Then there’s DICK’S House of Sport. Vince shares how Ed Stack challenged his team to imagine a store so good it could put their existing stores out of business. That thinking helped launch an entirely new retail experience, one that’s now expanded to 44 locations.

And Sears? Vince makes a compelling case for why the retailer deserves more credit for shaping American retail than most people realize. He even shares the surprising connection between Sears and a Chicago television station.

Along the way, there are lessons about mentorship, taking risks, knowing when to push, and why the best dealmakers understand more than what’s written in a lease.

Whether you’re closing deals, learning the business, or just curious about how the stores in your neighborhood got there, this is one of those conversations you’ll want to hear.

Great deals make great stories. Vince has plenty of both.

What You’ll Hear

• How 35 years in retail real estate shaped Vince Corno’s perspective on the industry
• How a department store acquisition helped drive the transformation of downtown Salt Lake City
• Why DICK’S Sporting Goods saw opportunity in malls as the retail landscape shifted
• What’s driving the growth of House of Sport and its expansion to 44 locations
• How vacant department stores and redevelopment challenges are shaping new retail opportunities
• How different store formats and real estate strategies are supporting DICK’S continued growth
• Why Vince believes Sears deserves more credit for its lasting impact on American retail

Chapters

00:42 — Meet Vince Corno
Introduction to Vince Corno and 35 years in retail real estate.

04:54 — The rise of May Department Stores
The rise of May Department Stores and its acquisition by Macy’s.

06:59 — From attorney to dealmaker
 From attorney to dealmaker: navigating complex real estate agreements.

09:40 — The challenges of redevelopment
Why reciprocal easement agreements complicate redevelopment.

13:14 — A career among retail’s biggest names
Career lessons from Saks Fifth Avenue and major retail properties.

16:35 — DICK’S Sporting Goods’ growth strategy
DICK’S Sporting Goods’ growth strategy and Ed Stack’s vision for malls.

18:43 — House of Sport reaches 44 locations
House of Sport’s expansion to 44 locations.

20:20 — Finding new paths to expansion
Vacant department stores, new formats, and expansion challenges.

21:12 — Why physical retail still matters
The resurgence of malls and the importance of physical retail.

22:47 — Reinventing a retail giant
Reinventing DICK’S Sporting Goods and the origins of House of Sport.

27:19 — A deal that went beyond retail 
The Salt Lake City deal story: a department store acquisition and the church.

31:48 — Transforming downtown Salt Lake City
How the deal helped set the stage for City Creek Center. 

38:42 — Vince’s retail picks
Retail nostalgia, Sears, and Vince’s favorite shopping experiences

About Retail Retold:

The Retail Retold Podcast highlights community retailer stories from across the country and gives a behind-the-scenes perspective from business leaders in both retail and real estate industries. The show’s episodes contain valuable insights that help solve the needs of entrepreneurs and real estate pros. Join host Chris Ressa and new guests weekly for amazing insights and thought-provoking stories.