Retail Retold Replay: One deal, 100 calls later

Topics: Kevin Nassimi, retail real estate, retail leasing, retail supply, retail demand, pad sites, big-box retail, retail redevelopment, leasing strategy, dealmaking, retail market trends, leasing persistence

Persistence, scarce retail space and the fundamentals behind the right deal.

This Retail Retold replay brings us back to a conversation with Kevin Nassimi, Vice President of Real Estate at Nassimi Realty, about a question that still matters: Does America actually have enough physical retail space?

For years, the industry talked about the U.S. being over-stored. Chris Ressa and Kevin challenged that assumption, looking at the forces already reshaping retail supply, from intense demand for pad sites and limited big-box availability to former retail space being converted to multifamily, industrial, and self-storage.

It’s a conversation worth revisiting because the fundamentals behind it go beyond one market cycle.

Kevin shares what he was seeing across Nassimi Realty’s portfolio, including significant demand for freestanding pad sites and fewer available big-box spaces. Chris digs into why. Former 100,000-square-foot boxes have increasingly been divided among multiple tenants, expanding the pool of potential users while reducing the amount of true large-format space available.

They also discuss how limited new construction and the repurposing of obsolete retail have further constrained supply. As former retail properties are converted to multifamily, industrial, self-storage, and other uses, that square footage leaves the retail market altogether.

But the conversation isn’t only about supply and demand. Kevin shares the story behind bringing Burlington to a former Kmart space in Clifton, New Jersey, after reaching out close to 100 times over four years. The deal is a reminder that persistence matters, but so does knowing your asset, understanding the trade area, and recognizing when the right tenant belongs at the right property.

From changing store formats and limited supply to retailer demand and the fundamentals of dealmaking, this replay takes another look at a question retail real estate is still navigating: How much physical retail space do we actually need?

What You’ll Hear

• Why demand for retail pad sites has become so intense
• How big-box availability reached levels Kevin hasn’t seen in his career
• Why splitting former Kmart-sized boxes is changing retail supply
• How conversions to multifamily, industrial, and self-storage are removing retail space from the market
• Why high construction costs are making new retail supply even harder to deliver
• What nearly 100 calls over four years taught Kevin about persistence in leasing
• Why knowing the asset and trade area matters more than accepting a retailer’s first “no”
• How a major wave of store closures could temporarily disrupt today’s fast leasing environment
• Why retailer optimism remains high despite broader economic uncertainty

Chapters

0:00 — Meet Kevin Nassimi
Kevin shares his role at Nassimi Realty and the family-owned company’s approach to suburban shopping centers.

4:53 — Clear the Air
A difficult residential conversion, construction blind spots, and Kevin’s surprisingly generous philosophy on broker commissions.

9:12 — 100 calls later: the Burlington deal
Kevin explains why he kept pursuing Burlington for years—and what finally changed.

12:27 — Persistence only works if you know the real estate
Chris breaks down the fundamentals behind the Clifton deal, from trade-area knowledge to tenant critical mass.

15:27 — What’s happening in retail right now?
Kevin shares what he’s seeing across markets after reconnecting with retailers and brokers at ICSC.

15:59 — Why pad sites are king
Demand for freestanding buildings and drive-thru opportunities is creating fierce competition for limited space.

18:50 — Where did all the big boxes go?
Chris and Kevin examine why large-format availability has tightened and how former boxes are being divided among multiple tenants.

22:09 — Retail supply is disappearing
Conversions to industrial, multifamily, and self-storage are taking former retail square footage permanently out of the market.

22:35 — Is America under-stored?
Chris challenges the old assumption that the U.S. has too much physical retail.

23:00 — Smaller boxes, more tenants, less risk
Why breaking up former Kmart-sized spaces has expanded the tenant pool and diversified landlord exposure.

25:39 — The impact of the next major store closure
Chris and Kevin discuss why a large bankruptcy or closure wave could slow leasing activity far beyond the affected properties.

27:07 — Retailer optimism is still high
Despite economic uncertainty, Chris says the confidence among physical retailers at ICSC was hard to miss.

27:51 — RadioShack, Bloomingdale’s and a serious salt tooth
Kevin closes with the retailers he misses, how he shops, and the Target aisle where Chris would definitely find him.

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.