The Pregame Show for Retail Real Estate’s Super Bowl

Topics: Retail real estate, Open-air retail, ICSC Las Vegas, Retail rents, Retail real estate investing, Shopping center development, Commercial real estate trends, Adam Ifshin, Retail Retold podcast, Retail real estate outlook 2026

From the SiriusXM Studio at Wynn: Retail’s Next Big Move

Broadcast live from the SiriusXM Studios at the Wynn Las Vegas and kicking off ICSC Las Vegas, Retail Retold stepped onto one of the biggest stages in the industry for a special conversation between Chris Ressa and DLC Founder and CEO Adam Ifshin. As Adam put it during the recording: “What is more fitting for Retail Retold to be the pregame show for the Super Bowl of retail real estate?”

The episode captures the energy, optimism, and momentum surrounding retail real estate as thousands of industry leaders gather in Las Vegas for the year’s most important dealmaking event.

Chris and Adam dive into DLC’s newly released thought leadership campaign, The Rent Is Next, and unpack why retail fundamentals may be stronger today than at any point in the last 35 years. Adam explains why years of underbuilding, limited available space, and stronger retailer performance are creating mounting pressure on rents across the country. He also shares why he believes retail cap rates still have room to compress as more institutional and foreign capital rotates back into the sector.

The conversation moves beyond market fundamentals into the future of the business itself, from the evolving role of operators to the growing importance of redevelopment, densification, and platform-driven value creation. Adam also gives his perspective on artificial intelligence, why AI will accelerate productivity rather than eliminate opportunity, and how the best operators will use technology to scale smarter and faster.

The episode closes with a rapid-fire discussion on mixed-use development, capital markets, the next generation entering the industry, and DLC’s long-term vision to become one of the largest owner-operators of open-air retail in America.

What You’ll Hear

• Why Adam Ifshin calls ICSC Las Vegas the “Super Bowl of retail real estate” and why Retail Retold belonged in the SiriusXM Studios at Wynn
• The story behind DLC’s newest thought leadership campaign: The Rent Is Next
• Why retail rents may finally be entering a major growth cycle after decades of stagnation
• How limited new development is reshaping the future of open-air retail
• Adam’s outlook on cap rates, institutional capital, and why investors are rotating back into retail
• Why the “age of the operator” is real — and what separates great operators from everyone else
• How DLC evolved beyond ownership into construction, architecture, and platform-driven services
• Adam’s take on AI, productivity, and why leadership matters more than technology itself
• Rapid-fire predictions on mixed-use, foreign capital, retail jobs, AI, and the future of CRE
• DLC’s vision to become one of the largest owner-operators of open-air retail in America

Chapters

00:00 – Live from the SiriusXM Studios at Wynn Las Vegas
Chris and Adam set the stage from ICSC Las Vegas and discuss why this feels like the “pregame show for the Super Bowl of retail real estate.”

01:35 – Adam Ifshin’s origin story
From starting a business in his college dorm room to launching DLC during the savings and loan crisis.

07:45 – “The Rent Is Next”
Why retail fundamentals are stronger than they’ve been in decades — and why rents are finally moving.

12:45 – Cap rates, capital flows and investor sentiment
Why retail real estate is no longer sitting in the industry’s “penalty box.”

16:15 – The next risk facing retail real estate
Adam breaks down inflation, geopolitical uncertainty and the long-term risk of overbuilding.

19:10 – What separates great operators today
Why the best teams are adapting differently in today’s retail environment.

22:50 – AI and the future of commercial real estate
Adam shares why AI is a productivity accelerator — not a replacement for people.

28:15 – Real or hype? Rapid fire
Mixed-use, foreign capital, cap rates, AI, retail jobs and more.

34:30 – What DLC believed before others did
Adam explains why low rents became one of DLC’s greatest competitive advantages.

37:00 – Lessons learned and playing offense
How DLC scaled aggressively coming out of the pandemic.

38:30 – Why DLC expanded into construction and architecture
The strategy behind Renovo and NWS — and how the platform continues evolving.

43:30 – The future of DLC
Adam shares his vision for the next decade of growth across DLC, Renovo and NWS.

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.