Retail Retold

What Does It Mean to Think Like an Owner in Property Management?Retail real estate is not won in boardrooms. It is won in the field. Chris Ressa sits down with Tine Helton, Regional Property Manager at DLC, to talk about the work that actually keeps open-air retail centers running across Illinois, Indiana, and Ohio. From tenant relationships to infrastructure issues, Tine walks through what it means to own the day-to-day when performance, responsiveness, and consistency are the difference between a good center and a great one.Tine’s path into property management started on the leasing side, where she learned how a deal turns into a real, operating business. That curiosity led her into operations, professional certifications through IREM, and a leadership role focused on getting better at the craft, not just holding the title. The conversation digs into why education, ethics, and peer networks still matter in a business that moves fast and demands real accountability.At DLC, Tine shares what stood out most: a culture that backs its people and expects them to take ownership of outcomes. The result is a practical look at how strong operators build better properties, stronger tenant partnerships, and long-term performance in open-air retail.What You’ll HearWhy the best property managers operate like owners, not order-takersHow leasing knowledge becomes an operational advantage once the deal is signedWhat IREM certifications actually change in day-to-day decision-making and leadershipHow to turn education and peer networks into real career leverageWhat strong culture looks like when performance and accountability matterHow Midwest open-air centers stay competitive through consistency, speed, and follow-throughChapters00:00 – The Operator’s SeatChris introduces Tine Helton and sets the stage for a conversation about what it really takes to run retail centers, not just lease them.01:00 – From Leasing to LeadershipTine explains how her early work supporting leasing teams shaped the way she thinks about operations, tenants, and long-term performance.02:45 – Choosing the Harder PathA look at why she moved into property management and embraced the challenge of being accountable for everything that happens after the deal is done.04:00 – The IREM AdvantageTine breaks down how certifications, ethics, and peer networks through IREM sharpened her decision-making and accelerated her career.07:30 – Turning Education into OpportunityHow investing in professional development led directly to promotions, leadership roles, and industry recognition.12:45 – Joining DLC and Thinking Like an OwnerWhat stood out about DLC’s culture and why ownership, accountability, and support matter in daily operations.15:40 – Growth Without a CeilingTine shares why continuous learning, new disciplines, and community involvement keep her pushing forward.17:45 – Defining a Successful YearWhat success looks like when it is measured by team performance, process improvement, and being a leader others can count on.

What Signals Say 2026 Could Outperform a Strong 2025 for Retail Real Estate?2026 might be the year retail real estate finally turns momentum into pricing power. Chris Ressa and Karly Iacono open with a confident call: next year will outperform an already-strong 2025, and the data is starting to line up behind it.Holiday sales climbed roughly 4 percent year-over-year, outpacing inflation and reinforcing a simple truth: consumers keep spending, even when sentiment wobbles. The conversation breaks down the “K-shaped” economy, where higher-income shoppers drive discretionary growth while value-focused and necessity-based retail remains resilient across every income bracket.The hosts point to sharper inventory discipline and steadier supply chains as quiet margin drivers, giving retailers more control over pricing and fewer forced discounts. On the real estate side, fewer major bankruptcies and limited space givebacks are tightening supply, setting the stage for a more landlord-driven market. The result: upward pressure on rents, stronger net operating income, and potential value gains as interest rates ease.They also look ahead to demand catalysts, from global sporting events and America’s 250th anniversary to a new wave of store openings coming out of late-2025 leasing. While risks remain, from AI-driven job shifts to geopolitical uncertainty, the core bet is clear: tighter supply, resilient consumers, and disciplined operators could make 2026 a defining year for retail real estate.What You’ll HearThe data points behind the call that 2026 tops a strong 2025Why consumer spending keeps winning over sentimentHow the K-shaped economy is reshaping value, necessity, and discretionary retailTighter supply, fewer bankruptcies, and what that means for landlord leverageInventory discipline and supply chains as quiet drivers of pricing powerNOI, rents, and value: how the real estate math is shiftingTraffic catalysts ahead, from global events to a new wave of store openingsThe key risks still in play, from AI disruption to geopolitical shocksChapters00:00 — The Bold Call for 2026Chris and Karly open with a confident prediction that 2026 will outperform a strong 2025 for retail real estate and explain why they’re leading with the conclusion.01:20 — Holiday Sales vs. Consumer SentimentA breakdown of holiday spending growth and why real consumer behavior matters more than surveys and headlines.03:55 — The K-Shaped Economy in RetailHow higher-income and value-focused consumers are shaping different lanes of retail performance across categories.05:55 — Inventory, Pricing, and Margin ControlWhy better inventory discipline and steadier supply chains are giving retailers more leverage on pricing.08:20 — Tariffs, Supply Chains, and StabilityWhat’s changed since early 2025 and why supply volatility feels less like a headline risk for 2026.09:45 — Bankruptcies, Space, and Expansion PressureHow fewer large retail failures are tightening available space and reshaping store rollout strategies.12:10 — The Landlord’s Market and Rent...

What Does It Take to Go the Distance in Retail Real Estate Today?Retail real estate in early 2026 is defined by imbalance. In many suburban, open-air markets, demand is overwhelming supply. Five tenants are chasing one quality space. Vacancy is razor-thin. New construction still does not pencil. The result is leverage—and it is shifting.Chris Ressa and Andrew Mahr of Bialow Real Estate dig into how that leverage is actually showing up in deals. Face rents are not always jumping overnight, but economics are tightening through lower tenant improvement packages, higher tenant capital contributions, and tougher negotiations around delivery costs. Retail is repricing—just not always in the most obvious way.The conversation also highlights the growing divide between markets. Urban cores tied to office traffic remain uneven, while suburban lifestyle centers are absorbing demand from retailers with capital, patience, and long-term conviction. Strong operators are choosing to invest more upfront to control fixed occupancy costs over time, especially in junior anchor and specialty formats.A North Miami case study brings the thesis to life. An off-market Wild Fork deal shows how the best sites are no longer “available”—they are unlocked through persistence, relationships, and a willingness to target occupied real estate. The takeaway is simple: in today’s market, waiting for vacancy is passive. Going direct is how deals get done.What You’ll HearHow rising rents are showing up through deal structure, not always through face rateWhy tenant improvement packages are shrinking and tenant capital is coming back into the equationWhat it really means when deals “don’t pencil” in a high-cost, high-rate environmentHow strong retailers are deciding when it makes sense to invest more upfront to control long-term occupancy costsWhy off-market strategies matter more in a low-vacancy worldA real North Miami case study showing how targeting occupied real estate can unlock best-in-market locationsHow landlord-tenant alignment can accelerate expansion and turn single deals into long-term partnershipsChapters00:00 – Welcome and introductionsChris Ressa welcomes Andrew Mahr and sets the stage for a wide-ranging conversation on retail, relationships, and the market.01:00 – Running, resilience, and perspectiveAndrew shares his Boston Marathon journey and why endurance, advocacy, and long-term commitment shape how he approaches business.03:00 – What Bilo Real Estate actually doesA look at Bilo’s role as a national, outsourced real estate department and why deep market familiarity matters.05:15 – Retail in 2026: a tale of two marketsUrban cores tied to office demand lag while suburban, open-air retail faces intense competition and limited supply.07:45 – Why new retail still doesn’t pencilInterest rates, construction costs, and underwriting realities continue to stall speculative...

What Happens When Strong Consumers, Limited Supply, and Leasing Demand Collide?Retail real estate is not just stable — it is entering a meaningfully better phase of the cycle.Drawing on recent conversations with owners, brokers, tenants, architects, engineers, and contractors, Chris Ressa challenges the prevailing narrative that 2026 will simply mirror a solid 2025. Instead, he outlines why the year ahead could outperform expectations across leasing, rents, and long-term fundamentals.At the center of his thesis is sustained leasing velocity. Across categories and markets, tenant demand continues to outpace available supply, even as headlines focus on isolated retailer struggles. Chris explains why those failures do not define the health of retail — and why today’s winners are expanding with conviction.He also breaks down why early-2025 disruptions, including an unusually high number of store closures and tariff uncertainty, are unlikely to repeat in 2026. With bankruptcies moderating, new construction still muted, and many signed tenants yet to open, available retail space is tightening further.Layer in a U.S. consumer expected to gain discretionary spending power, and the result is a collision of forces that may finally unlock meaningful rent growth. Chris argues this is the early innings of a retail pricing cycle — and 2026 could be the year it clearly shows up.What You’ll HearWhy 2026 could outperform already-strong 2025 resultsHow leasing velocity is signaling a tighter retail marketThe impact of fewer bankruptcies on available retail spaceWhy muted new construction matters more than headlines suggestHow rising consumer discretionary income supports rent growthWhat the next retail pricing cycle may look like for landlords and investorsChapters00:12 – Welcome to 2026Chris sets the stage with early sentiment from across the retail real estate industry.01:58 – Leasing Velocity Tells the Real StoryDemand for retail space continues to outpace supply across most categories.03:28 – Winners, Losers, and Retail RealityWhy retailer failures don’t equal a weak retail sector.05:32 – Bankruptcies, Tariffs, and a Reset MarketHow 2025 disruptions slowed leasing—and why 2026 looks different.07:26 – The Consumer Comes Back Into FocusRising discretionary income and its impact on physical retail demand.08:18 – Rent Growth vs. Landlord CapExHow economics are shifting tenant and landlord cost burdens.09:03 – The Early Innings of a Pricing CycleWhy multiple forces are colliding to push rents higher.10:55 – What’s Next for Retail Retold

Is Retail Entering 2026 with More Certainty Than Ever?Fresh off the energy of ICSC New York, Chris Ressa and Carly Iacono unpack what really matters in retail real estate right now and where the market is headed into 2026. In this episode of What’s in Store, they move past surface-level headlines and dig into the conversations happening behind closed doors with investors, landlords, and retailers alike. pastedOne clear theme emerged: certainty has returned, but the conversation has shifted. Cap rates are no longer viewed solely through the lens of interest rates. Instead, investors are pricing risk based on tenant quality, sector fundamentals, and long-term demand. At the same time, retailers are facing a supply crunch, with limited availability in top shopping centers constraining expansion, even as new stores continue to outperform expectations.Chris and Carly also explore the rising demand for value net lease deals, the growing challenge of maintaining long weighted average lease terms, and why long-term credit tenants have become harder to find. Perhaps most encouraging, retailers are reinvesting heavily in their physical stores, signaling renewed confidence in brick-and-mortar retail.Taken together, these insights paint a clear picture: retail is not just resilient. It is evolving with discipline, data, and conviction.What You’ll HearWhy cap rates are being driven more by risk than ratesHow supply constraints are reshaping retailer expansion plansWhy value net lease assets are suddenly in high demandWhat strong new-store performance signals about consumer behaviorHow retailers are prioritizing physical stores againWhat the absence of AI chatter says about the current cycleWhy these trends matter heading into 2026Chapters00:07 – Setting the Stage at ICSC New YorkChris and Carly explain why ICSC remains the most important deal-making forum in retail real estate.02:30 – Why Cap Rates Are No Longer Just About Interest RatesThe discussion shifts to how investors are pricing risk by sector and tenant quality.10:25 – Liquidity Returns and What It Means for Deal VolumeImproving credit markets are quietly unlocking stalled transactions.12:07 – The Real Supply Constraint Retailers Are FacingRetailers want to grow, but many cannot find space in their top target centers.15:51 – Value Net Lease Becomes a Hot Asset ClassShort-term and below-market leases attract intense buyer demand.25:28 – New Stores Are Outperforming ExpectationsRetailers report new locations beating pro forma sales projections.31:39 – The Challenge of Long-Term Credit and Lease DurationMaintaining portfolio WALT is getting harder as long-term deals become scarce.34:23 – Retailers Reinvest in the In-Store ExperienceCapital is flowing back into physical stores through remodels and upgrades.37:05 – The Surprising Silence Around AI and LaborTwo dominant topics from past conferences barely register this year.38:34 – Why These Trends Point Toward 2026Chris and Carly explain why these themes are just the...

Are you managing risk in your leases, or just hoping for the best?Flashing back to December 2023, this Retail Retold replay proves just how relevant the details still are. In this episode, host Chris Ressa breaks down one of the most underestimated risks in retail real estate leasing: possession contingencies. A lease can be fully executed, a delivery date locked in, and everyone feeling good, until the existing tenant does not leave. Without a possession contingency in place, landlords can find themselves caught between two tenants, facing delays, legal exposure, and a deal that suddenly starts to unravel. It is a reminder that possession is not a technicality; it is everything.Chris also zooms out to talk about something just as critical to long-term success: skill-building. Every year, he commits to sharpening a new skill, often outside of traditional business training. These disciplines, ones that demand focus, patience, and attention to detail, end up strengthening how deals get done, decisions get made, and pressure gets handled.This quick-hitter episode is a flashback with staying power. The lesson is simple: protect your deals with the right clauses, and protect your edge by continuously leveling up. Because in retail real estate, the smallest details often decide the biggest outcomes.What You’ll Hear in This ReplayWhy a fully executed lease does not always guarantee possession — and how that gap can derail a dealA real-world breakdown of possession contingencies and when they actually matterThe risk landlords face when existing tenants do not vacate on timeHow one overlooked clause can impact delivery dates, legal exposure, and tenant relationshipsWhy continuously building new skills outside of your core job can make you a better dealmakerChapters00:00 – Flashing Back to December 2023Chris reflects on the timing of the episode and why these lessons still matter today.02:15 – The Habit of Building New SkillsWhy intentional skill development — inside and outside of business — sharpens long-term performance.04:20 – Learning Precision Outside the OfficeHow mastering a detail-oriented hobby improves focus and decision-making in high-pressure work.09:55 – What Is a Possession Contingency?A clear, practical explanation of the clause many deals overlook.12:10 – When a Tenant Does Not LeaveThe real risk of expired leases, holdovers, and delayed possession.14:30 – Protecting Delivery Dates and DealsHow possession contingencies create clarity and protect all parties.15:30 – Final TakeawaysWhy better documents and better operators go hand in hand.

How is Spatial.ai mapping real retail demand?In this episode of Retail Retold, host Chris Ressa gets inside the mind of Lÿden Foust, the CEO and founder of Spatial.ai—the company turning real human behavior into a map retailers can actually use. If you think location strategy is still built on income bands and census data, this conversation flips that idea on its head.Foust explains how Persona Live Segmentation blends social signals, credit card trends, demographic nuance, and movement patterns to reveal who your customer really is—and where they live in the physical world. It’s the engine behind brands like Patagonia and Lululemon choosing sites, growing market share, and targeting high-value segments others miss.Ressa and Foust dig into the elephant in the room: AI isn’t spatial (yet). The technology can write decks and draw buildings, but it can’t feel the difference between half a mile and a trade area boundary. The fundamentals still matter—and boots on the ground beat bots on the map.The two break down how value just overtook quality in consumer preference, why Dutch Bros is winning by going after unexpected segments, and how landlords can use psychographics to land better tenants and build smarter merchandising mixes.What You’ll Hear:Why psychographic segmentation, not demographics, drives retail market shareHow Patagonia, Lululemon, and others use Persona Live Segmentation to find their best customersThe four data sources behind Spatial.ai’s models: social, purchasing, demographics, movementWhy AI is not yet spatially aware enough to replace human site selectionWhat mobile data gets wrong and right about trade areasHow Dutch Bros disrupted the “crowded” coffee category by targeting unexpected segmentsWhy value is now outperforming quality in consumer decision-makingHow property owners can use psychographics to land the right anchor tenantWhere demographic trends are shifting: birth rates, immigration, Gen Z, and Gen AlphaThe surprising role of franchising as a growth engine for retail real estateChapters00:00 — Who Is Lÿden FoustChris introduces Lÿden and the origin story of Spatial.ai’s Persona Live Segmentation platform.01:13 — Why Psychographics MatterLÿden explains why real behavior beats demographics when retailers choose locations.02:15 — The Data Behind Persona SegmentationSpatial.ai blends social signals, spending patterns, demographics, and movement to map customer segments.06:38 — Retailers Using It TodayPatagonia, Lululemon, and others use psychographics to find top customer groups and guide site selection.10:58 — AI’s Limits in Real EstateChris and Lÿden debate why AI isn’t spatial yet—and why human context still wins for site selection.12:41 — Mobile Data: Good and BadThey break down what mobile visitation data reveals, and where it misrepresents certain customer groups.14:27 — Building Trade Areas SmarterLÿden explains how mobile data reshaped trade area analysis and unlocked competitive insight.18:40 — Value Now Beats QualityThey explore why “value” just surpassed “quality” in consumer preference and what retailers should do about...

Can entertainment concepts win in a tight real estate market?The kids’ entertainment world is exploding, and in this episode of Retail Retold, host Chris Ressa dives straight into the center of that momentum with Melissa Tinsley, Director of Real Estate at Unleashed Brands. Melissa pulls back the curtain on the powerhouse portfolio behind Urban Air, Sylvan Learning, The Little Gym, and Water Wings, revealing how Unleashed is rapidly shaping the future of experiential retail.She shares why she left Tropical Smoothie Café after eight years to tackle the high-stakes, high-complexity world of big-box entertainment real estate—where ceiling heights, engineering gymnastics, waivers, zoning battles, and multimillion-dollar buildout decisions turn every Urban Air deal into an adrenaline-fueled puzzle.Melissa breaks down Urban Air’s evolution from trampoline park to full-scale adventure park, how that shift has changed the competitive landscape, and why the brand is aggressively expanding across the West Coast, East Coast, and major suburban hubs.She also explains why Urban Air is becoming a go-to solution for vacant big boxes—drawing families, driving cross-shopping, and creating the kind of sticky traffic landlords crave.Packed with candid insights on franchisee growth, site criteria, and real estate challenges, this episode gives a powerful look at how Unleashed Brands is building the next generation of family-focused retail experiences.What You’ll Hear:The inside story on how Urban Air is rewriting the rules of kids’ entertainmentWhy “trampoline parks” are over—and adventure parks are the new category killerThe gritty realities of big-box real estate: ceiling hurdles, digging pits, raising roofsHow Unleashed Brands is turning dead anchors into high-performing family magnetsThe markets where Urban Air is going all-in—from California to the NortheastWhy franchisees with serious capital are chasing adventure park dealsWhat most landlords still misunderstand about Urban AirThe dealmaking mindset that gets complex entertainment leases signed—fastChapters00:00 – Meet Melissa TinsleyMelissa shares her background and move to Unleashed Brands.01:26 – Inside the Unleashed Brands PortfolioHow Urban Air, Sylvan, The Little Gym, and Water Wings fit together.03:16 – The Reality of Big-Box Entertainment DealsCeiling heights, engineering challenges, waivers, and zoning.04:55 – From Trampoline Park to Adventure ParkHow Urban Air is evolving and outpacing competitors.07:28 – Franchise Growth + Who’s InvestingThe types of franchisees fueling expansion across the country.09:31 – Markets on FireWhere Urban Air is growing fastest—especially CA, NY, and NJ.11:13 – Filling Big Box VacanciesWhy Urban Air is becoming a prime replacement for dark anchors.12:18 – What Landlords Need to KnowCo-tenant reactions, parking concerns, and why Urban Air drives powerful family traffic.

Which of these trends will reshape brands the most?This week on What’s in Store, Karly Iacono and Chris Ressa break down the power moves happening across luxury retail—and why the category is rewriting the rules of real estate.They open with a jolt: luxury brands are no longer just leasing the world’s most iconic corners… they’re buying them outright. Prada dropping $835 million on Fifth Avenue and LVMH investing billions globally isn’t about rent—it’s about dominance. Karly and Chris argue these brands aren’t reacting to the market, they’re locking in control of their physical identity for decades to come. Flagships aren’t stores anymore—they’re statements.They then dive into the comeback of experiential flagships. After a decade obsessed with e-commerce scaling, luxury is doubling down on high-touch experiences: concierge service, curated appointments, even food and beverage. The hosts make it clear—luxury isn’t selling products, it’s selling a feeling you can’t stream.Next, they explore the suburban shift. With affluent consumers spending more time at home, luxury is quietly testing high-income suburbs, balancing exclusivity with convenience without diluting the brand.Finally, Karly and Chris tackle the booming world of resale luxury. Once a fringe online niche, authenticated resale is taking Class A corners—and becoming a gateway for the next generation of luxury shoppers.What You’ll Hear:How luxury brands are flipping the script by buying their real estate and making billion-dollar flagship bets.Why high-impact, high-experience flagships are roaring back as the core of luxury brand identity.The rise of luxury in high-income suburbs — and what it means for convenience, exclusivity, and brand strategy.How authenticated resale is becoming a powerful gateway into luxury for the next generation of shoppers.The real estate implications behind each trend — and why these shifts matter now more than ever.Chapters00:00 — The Luxury Land GrabKarly and Chris break down why luxury brands are buying their real estate and making billion-dollar bets on iconic flagship locations.08:50 — The Flagship ComebackThe hosts explore why experiential, high-identity flagship stores are surging back as luxury brands reassert the power of physical retail.16:15 — Luxury Moves to the SuburbsThey discuss the shift toward affluent suburban markets as luxury brands meet high-income consumers closer to home.22:20 — The Rise of Resale LuxuryKarly and Chris unpack how authenticated resale is becoming a major gateway to luxury—and why resellers are taking prime corners once reserved for the biggest brands.

Could a pandemic business-plan lesson for a bored kid spark the next breakout fast-casual brand?This episode moves fast — because Rob Gresham’s career has never slowed down. Chris Ressa sits with the restaurant veteran who went from washing dishes at 15 to helping architect the early operational engine behind CAVA’s meteoric growth from zero to 80 stores.Rob shares the wild ride: running a steakhouse kitchen as a teenager, getting recruited by Chipotle to fix troubled locations, learning the business side under industry giants, and joining CAVA before it was a household name — building systems, opening markets, and helping scale a brand that eventually went public.Then the pandemic hit. Consulting work vanished. His son was bored. So Rob turned a homeschool project into something much bigger: a business plan for a scratch-made, allergen-conscious chicken concept. When it came time to name it, Rob’s son delivered the winner: Isaac’s — inspired by Isaac Newton, who invented calculus and discovered gravity while quarantined during the plague. “He changed the world in quarantine,” his son said. “You created a restaurant. Name it Isaac’s.”Today, Isaac’s Poultry Market has two booming locations, a cult following, and the DNA of a future fast-casual standout. Rob’s story is momentum, grit, and timing — the kind Retail Retold was made for.What You’ll Hear:How Rob went from washing dishes at 15 to helping scale CAVA into an 80-unit national powerhouseThe pivotal career moves — and mentors — that shaped his operator mindsetWhy he left CAVA at its peak and walked straight into entrepreneurshipThe pandemic moment that sparked Isaac’s Poultry Market (and how his son named it)What it really takes to open a restaurant during supply-chain chaos and skyrocketing construction costsHow Rob chose his first two locations — and the real-world negotiation battles behind themWhy exclusives matter, how fast-casual operators think about competition, and the markets he’s targeting nextThe scratch-made, allergen-friendly philosophy behind Isaac’s menuAnd the big question: Is Isaac’s positioned to become the next major fast-casual brand?Chapters00:00 — From Dish Pit to DriveHow a 15-year-old dishwasher discovered his path — and his ambition — in the restaurant world.02:00 — Learning the Business Beyond the KitchenThe mentors and moments that pushed Rob from chef to full-scale operator.04:45 — Chipotle, CAVA, and Fixing What’s BrokenRob’s early role in stabilizing stores and helping build CAVA’s operational backbone from day zero.06:30 — Building a Rocketship BrandCross-country construction sprints, tiny founding teams, and opening stores at breakneck speed.09:00 — The Decision to Walk AwayWhy Rob left CAVA at its peak and refused to transition into an office role.13:00 — Pandemic Curveball → Entrepreneurial BreakthroughHow a business-plan lesson with his son turned into the foundation for Isaac’s Poultry Market.14:00 — Naming Isaac’s: A Quarantine Stroke of GeniusThe Isaac Newton inspiration that became a bold, meaningful brand name.17:00 — Building Location #1 in a Broken Supply ChainConstruction chaos, blown budgets, and the reality of opening a restaurant during COVID.22:00 — The Battle for Location #2Inside the seven-month negotiation to secure exclusives and protect the emerging brand.29:00 — The Future of Isaac’s Poultry MarketHow Rob is approaching growth, second-gen spaces, and...

What Does It Take to Scale from Two Gyms to 100+ Stores Across America?n this episode of Retail Retold, Chris Ressa welcomes franchise powerhouse Kal Gullipali — the man who turned two Orange Theory studios into a 100-unit empire spanning Marco’s Pizza, Dave’s Hot Chicken, European Wax Center, and more. From Wall Street to wellness centers to hot chicken, Kal’s story is a masterclass in bold moves, smart capital, and relentless growth.Kal reveals how selling his first franchise lit the spark for scale — and how COVID became the ultimate wake-up call to diversify. Today, his group operates across multiple states, building new stores, buying portfolios, and driving more than $35–40 million in annual growth. He breaks down the numbers, the strategy, and the mindset it takes to play at this level.This episode dives into what it really takes to win in franchising: sharp site selection, patient capital, and powerful partnerships. Kal also calls out a coming shift in the fast-casual world — the return of true customer service — as brands rediscover that speed means nothing without hospitality.What You’ll Hear:How Kal built a 100+ unit, multi-brand portfolio in under a decadeWhy diversification saved his business modelThe real economics behind scaling franchisesWhy the next big franchise trend is a return to the human touchChapters00:00 – Meet Kal GullipaliFrom Wall Street to Main Street — how a former Merrill Lynch analyst became a franchise powerhouse.02:00 – The First Franchise BetWhy Kal’s first leap into Orange Theory Fitness changed everything.04:00 – From Two Gyms to a Hundred UnitsThe mindset, capital, and partnerships behind explosive growth.06:00 – Lessons from Selling and ScalingHow selling early wins funded a smarter, more diversified empire.07:45 – Enter the Pizza and Hot Chicken GameWhy COVID turned Kal into a believer in delivery-driven, resilient brands.09:30 – Building vs. BuyingThe strategy behind mixing acquisitions with ground-up new builds.10:30 – Why Dave’s Hot Chicken Took OffHigh AUVs, hot branding, and a cult following—Kal breaks down the magic formula.13:00 – The Numbers Behind the EmpireA candid look at performance, diversification, and what drives profitability.15:00 – The Power of People and ProcessInside Kal’s shared-services model and how he scales culture across brands.18:00 – The Franchise Trend No One’s Talking AboutWhy customer service—not tech—will define the next era of QSR success.

Is Foot Traffic the New Gold Standard of Retail Success?What happens when two of retail’s sharpest minds go head-to-head on the data behind the industry’s biggest shifts? You get this week’s episode of Retail Retold, where Chris Ressa sits down (again!) with Ethan Chernofsky, Chief Marketing Officer at Placer.ai.Ethan brings the receipts—billions of data points from Placer.ai’s location analytics—to unpack five retail trends that are redefining the way consumers shop and how retailers win. From Chili’s comeback and Trader Joe’s cult following to the rise of “dark stores” and the urbanization of suburbia, Chris and Ethan debate what’s driving foot traffic, loyalty, and value creation across retail. It’s part data, part strategy, and all energy.What You’ll Hear:The five retail trends shaping 2026 and beyondWhy simplicity (and knowing your “reason for being”) drives successHow loyalty and cross-visitation can rise togetherWhy the store is now a media channel, fulfillment hub, and brand platformHow suburban retail is stealing the showChapters00:00 – Welcome Back, Ethan ChernofskyChris and Ethan kick things off with their signature energy — a quick catch-up, a look inside Placer.ai’s marketing team, and how data storytelling is changing the game.02:30 – Trend #1: Know Your Reason for BeingThe biggest driver of retail success today? Focus. Ethan explains how Chili’s, Trader Joe’s, and Sprouts are winning by doubling down on what they do best.08:30 – Trend #2: The Battle for the BasketLoyalty is up — but so is cross-visitation. Chris and Ethan break down why shoppers are visiting more stores and what it means for retailers fighting for “share of list.”13:15 – Trend #3: The Middle Market MysteryCan the “middle” of retail survive? The duo debates whether flexibility, not price point, is the secret weapon for retailers stuck between luxury and value.18:10 – Trend #4: The Store as a PlatformFrom buy-online-pickup-in-store to dark stores and retail media, Ethan unpacks how brick-and-mortar is becoming retail’s most powerful ecosystem.22:45 – Trend #5: The Urbanization of the SuburbsThe suburbs are stealing the spotlight. Ethan and Chris discuss how urban concepts are moving into suburban centers—and what that means for open-air retail.29:00 – Final Thoughts: The Future of Retail is RealChris and Ethan wrap it up with what’s next for data, design, and human experience in the physical retail world.

Are we witnessing a reset in what “proven,” “scalable,” and “investable” mean in franchising?This is not the sugar-coated version of franchising. Patrick Buckley sits down with Chris Ressa to unpack what is actually happening behind the curtain of franchise growth, exits and unit-level profitability. He breaks down the split between legacy giants and scrappy emerging brands fighting for first-time operators, why once-hot home-service brands have cooled off, and why beverages and “drive-thru only” formats are the franchise sector’s new land rush.Patrick gets blunt about the math — labor, food inflation, beef shortages, construction costs and multiples that make zero sense on paper. He explains why Taco Bell can sell at 10X EBITDA while most operators are fighting to keep 10% margin, and why franchising is not a guaranteed “proven system” but a case-by-case knife fight. Health and wellness franchising is rising, the approval gate is tighter than people think, and the biggest risk is assuming the word “franchise” equals safe..What you'll hear: The collapse in home-services franchise buying after the 2020–24 gold rushThe beverage & drive-thru wave and why it's crowding capitalUnit-profit reality: labor > inflation, food > margin, construction > forecastWhy some brands trade at 9–10x EBITDA despite margin compressionHow first-time buyers actually get (or don’t get) approved to buy existing unitsWhy health & wellness may steal share from food over the next decadeThe warning most first-time buyers wish they heard soonerChapters00:00 Introduction to Fran Dogs and Patrick Buckley03:02 Current Trends in Franchising05:40 Challenges Faced by Franchisees08:59 Understanding Franchise Valuations11:44 The Rise of Taco Bell and Beverage Trends14:58 Navigating Franchise Purchases17:41 Emerging Categories Beyond Food and Beverage20:34 Final Insights and Industry Statistics

How Are Retailers Redefining Success Beyond Sales Per Square Foot?The metrics that define retail success are changing — fast. In this episode of What’s in Store, hosts Karly Iacono and Chris Ressa dive into the evolving ways retailers, investors, and developers are measuring performance in an era defined by data, analytics, and AI.From psychodemographics that reveal why consumers buy to macroeconomic drivers reshaping markets, Karly and Chris explore how retail site selection, investment decisions, and KPIs are being redefined. They discuss how new data tools are quantifying once-intangible factors — from population behavior to co-tenancy synergies — and how that data is changing the way we understand performance beyond traditional sales per square foot.The conversation also touches on the influence of political and labor factors, the rise of visits per square foot as a new benchmark, and how AI and predictive analytics may soon reshape everything from store openings to customer engagement.What you'll hear: How psychodemographics are reshaping site selectionWhy macroeconomic “anchors” like universities and studios drive retail growthThe impact of politics, regulation, and labor markets on expansionWhat “visits per square foot” really tells us about performanceHow AI is turning overwhelming data into actionable retail strategy

How did a former baseball player find his swing in commercial real estate? This week on Retail Retold, Chris Ressa welcomes Tyler Bindi, an investment sales broker with Marcus & Millichap, who has quickly risen through the ranks of the net-lease sector after entering commercial real estate in the middle of COVID-19. From his college baseball career at St. Mary's College of California, to selling season tickets for the Colorado Rockies, now to closing deals nationwide, Tyler shares how perseverance, cold-calling, and curiosity built his foundation during one of the toughest markets in recent history.Tyler reflects on the transformation of the net-lease landscape—from near-zero interest rates in 2021 to today’s higher-rate environment—and the resulting shift in buyer and seller psychology. He explains how many mom-and-pop landlords remain sidelined, while new, first-time investors are entering the space seeking stable, long-term income and tax advantages.Together, Chris and Tyler break down how pricing expectations are finally converging, why quick-service restaurants remain a market bellwether, and how opportunistic investors are finding value in short-term, low-rent assets with strong real-estate fundamentals. Tyler also reveals his team’s path to scaling from a one-man operation to a ten-person brokerage and why he believes Q4 2025 will mark a powerful resurgence in net-lease transaction volume.What you'll hear: How Tyler transitioned from sports sales to commercial real estate during COVIDWhat’s changed most in the net-lease market over the last five yearsWhy short-term leases in great locations are attracting investor demandHow buyer and seller expectations are finally coming back into alignmentWhy Q4 2025 could be a breakout quarter for transaction volume

How Did Foresight — and a Lot of Grit — Turn One Client into a Thriving Business?Can tenacity turn setbacks like the 2008 GFC into career breakthroughs?This week on Retail Retold, Chris Ressa sits down with Bethany Babcock, founder of Foresite Commercial Real Estate — and a mom of three who has built a thriving firm through sheer tenacity.Bethany’s journey is anything but conventional. Born in the U.S. but raised in Chile, she came to Texas at 18 with no financial support and worked her way through college while getting her start in real estate. When the 2008 financial crisis hit, she doubled down instead of walking away — jumping into commission-only investment sales and eventually founding her own firm in 2014 with a single client.Since then, Bethany has grown Foresite into a respected full-service company with offices in San Antonio, Austin, and Houston. Along the way she created the CRE Launch Program, an internship pipeline that’s bringing fresh talent into the industry. Her story blends personal grit with professional innovation, offering valuable lessons for anyone navigating today’s retail real estate market.From raising bilingual kids to raising capital, Bethany shows what it takes to persevere — and why “trust but verify” is more than just a business mantra.What you'll hear: How a mom of three turned setbacks into a thriving CRE businessWhy 2008’s downturn became a springboard, not a stumbling blockHow mentorship and grit fueled Bethany’s career shift into retailThe inside story of launching Foresite with one client and growing from thereThe birth of the CRE Launch Program and its role in shaping new talentMarket insights: San Antonio and Austin leasing strength, local buyers vs. international investorsA high-stakes deal that fell apart — and the hard lesson learnedChapters00:00 Introduction to Bethany Babcock02:43 Bethany's Journey into Commercial Real Estate06:05 Career Development and Starting Foresite08:52 Growth and Challenges in Business11:39 Current Market Insights and Trends14:53 Local vs. International Investors17:55 Lessons from a Challenging Deal21:40 The CRE Launch Program and Closing Thoughts

What Can 25 Years in Retail Real Estate Teach Us About Resilience and Growth?On this episode of Retail Retold, Chris Ressa welcomes longtime friend and industry leader Hue Chen, President of Saglo Companies, for a conversation packed with stories and lessons from 25 years in retail real estate.Hue reflects on starting his career in the trenches of the Great Recession, when lead-sharing boards and creativity kept deals alive. He shares how an unlikely sabbatical during that downturn reshaped his outlook, and why sometimes the “boring” tenants — daycares, laundromats, coin ops — deliver the biggest wins.From comparing ICSC attendee lists in 2018 vs. 2025 to unpacking why beverage brands like Dutch Bros and 7 Brew are exploding, Hue uses data and anecdotes to show how the retail landscape is constantly evolving. He and Chris also dive into deeper themes: what it takes to scale a company without being the bottleneck, how community-minded regional tenants often outperform nationals, and why consumer and retailer debt may be retail’s real risk today.It’s a conversation that blends history, humor, and hard truths — and proves that the best retail stories aren’t always about lollipops and rainbows, but about resilience, adaptability, and the unexpected deals that shape entire careers.What you'll hear: How the Great Recession forged Hue’s mindset — and why he never thought of leaving retailThe sabbatical that reset his career and gave him long-term perspectiveWhy “unsexy” tenants like daycares and laundromats can be the most profitable anchorsWhat ICSC attendee lists reveal about a generational shift in retail leadershipHow Saglo builds systems so the president isn’t the bottleneckWhy regional tenants with 2–20 stores often outperform big nationalsThe explosion of beverage concepts like Dutch Bros, 7 Brew, and Luckin Coffee — and what makes them different from StarbucksWhy community engagement is often the real driver of tenant successThe hidden risks: consumer debt and retailer leverage vs. the strength of retail real estate fundamentalsLessons on adaptability, resilience, and how a single deal can shape an entire careerChapters00:00 Navigating the Great Recession: A Shared Journey09:32 The Evolution of Retail Real Estate20:47 Current Market Dynamics and Future Outlook24:56 Retail Resilience and Market Dynamics28:22 Concerns in Retail: Debt and Consumer Behavior31:26 The Importance of Community Engagement in Retail34:24 The Rise of Coffee Concepts in Retail40:30 Defining the 'Third Place' in Today's Society

Why are institutions pouring billions into an asset class others are doubting?In this episode of What’s In Store, Chris Ressa and Karly Iacono break down one of the most resilient yet often misunderstood corners of commercial real estate: net lease. While headlines focus on retail closures or shifting tenant dynamics, the reality is that net lease portfolios are performing at an extraordinary level, with occupancy rates consistently between 98 and 99 percent. This asset class is attracting serious institutional capital, and its structure creates predictable long-term income streams, and replacement costs and tenant “stickiness” make these properties so durable.They also tackle misconceptions—explaining why recent cap rate movements and financing challenges haven’t diminished the underlying value of well-located, freestanding real estate. With creative financing and strategic positioning, today’s market offers investors a rare window to buy below replacement cost while securing stable returns. Whether you’re an active investor, a retail real estate professional, or simply curious about how “mailbox money” really works, this episode delivers a clear-eyed look at why net lease is a powerful and timely opportunity.What you'll hear: Why net lease portfolios are maintaining 98–99% occupancyHow long-term leases provide durability and predictable incomeThe role of replacement cost in strengthening asset valueWhy tenant “stickiness” adds security to investmentsThe growing appetite from institutional investorsHow rising cap rates and high financing costs create opportunityStrategies for investors navigating today’s marketChapters00:00 Introduction to Net Lease Opportunities03:01 Understanding Occupancy Rates in Net Lease REITs05:55 The Durability of Income in Net Lease Investments08:47 Institutional Interest in Net Lease Properties12:09 Market Trends and Future Predictions for Net Lease14:59 Investment Strategies in Net Lease Real Estate

Bryan Furze is buzzing with insights. In this episode of Retail Retold, Chris Ressa and Bryan, Senior Vice President at Charter Realty, talk about his bold move from landlord to broker after 25 years in retail real estate. Brian shares how his career has taken him from leading portfolios at major landlords to now building Charter’s Northern New England business, giving him a unique perspective on both sides of the deal. Together, Chris and Brian break down why retail real estate isn’t oversupplied but rather “under demolished,” how construction costs are reshaping small-shop leasing, and why secondary markets like New Hampshire and Maine are becoming hotbeds of growth. Brian also tells the story of a high-stakes Boston acquisition that tested his team but ultimately transformed a neighborhood. Plus, the conversation touches on sustainability, pollinator-friendly practices, and the personal side of balancing career, family, and passion projects.

What Do Cold Plunges, K-Pop, and Loyalty Clubs Tell Us About Consumer Behavior?Shifting the focus from real estate to consumer behavior, Chris Ressa and Natalie Chambers, Executive Creative Director at the Dealey Group, dive into the shifting landscape of what makes the consumer tick. Natalie shares three standout trends that you might not expect —ancient wellness rituals, pluralversal storylines, and the rise of social silos—and Chris debates her on what’s hype versus what’s here to stay.From cold plunges and sound baths to Korean corn dogs and Baseball Lifestyle 101, the conversation weaves together fun examples with deeper insights on belonging, loyalty, and retail programming. They also cover the balance between convenience and dwell time, debating how shopping centers should position themselves for consumers who want it all.Part debate, part discovery, this episode looks at how AI, culture, and community are reshaping what it means to shop—and what it means to connect.What you'll hear: How the rise of AI is pushing consumers toward both high-tech convenience and “ancient wellness” rituals like cold plunges and sound bathsWhy pluralversal storylines—from K-pop hits to unexpected food trends—are reshaping cultural consumptionThe growing power of social silos and loyalty clubs in making shoppers feel like they belongChris and Natalie’s spirited debate on convenience vs. dwell time and what it means for shopping centersReal-world examples of how retail can turn “points on a map” into places people loveChapters00:00 Understanding Consumer Behavior02:51 The Impact of AI on Consumer Trends05:58 Exploring Ancient Wellness Trends08:57 Plural-versal Design in Consumer Culture11:54 The Rise of Niche Markets and Social Silos17:55 Balancing Convenience and Dwell Time in Retail20:48 Implementing Insights in Real Estate Marketing23:46 The Future of Retail in an AI-Driven World