LAS VEGAS—2024 marks a pivotal year of re-evaluation and re-tooling for segments of the retail industry, as businesses closely monitor consumer spending and construction costs. Trent Rustan, VP of retail sales and leasing of Commercial Properties Inc./CORFAC International, and other sources, shed light on these shifts in anticipation of the ICSC Las Vegas retail event scheduled in the next month.
"Leasing activity has been incredibly strong while investment activity has slowed down significantly, largely impacted by rising interest rates (causing a disconnect in pricing between buyers and sellers)," Rustan explains. "Interest rates have definitely impacted the market, but there is still a lot of money looking for expansion opportunities. As the government (hopefully) begins to ease interest rates later this year, I expect retail development and investment to begin to accelerate again."
Jeff Axtell, EVP of development at Vestar, underscores the necessity for continual adaptation to evolving market dynamics to meet retail partners' needs and deliver the best onside shopping experience. "This year, we foresee an increase in EV charging stations, reflecting the industry-wide focus on sustainability, increased dedicated parking spaces for curbside pick-up, as well as retailers experimenting with augmented or virtual reality to enhance the customer shopping experience," he tells GlobeSt.com. "At Vestar's signature properties, both retailers and the consumer know they can expect expansive communal areas that will be used for events and experiential marketing purposes. As a company, our goal is always to provide the framework for businesses to come in and be successful."
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Reflecting on the upcoming ICSC event, Axtell expresses pride in Vestar's enduring relationships cultivated with leading retailers over three and a half decades. "ICSC affords us a unique platform for face-to-face interactions with partners nationwide," he notes. "Our leasing endeavors are in full swing across our portfolio, encompassing new ground-up developments and existing properties. Much of our success can be attributed to the substantive dialogues and deal-making that transpire during this event. We eagerly anticipate reconnecting with everyone in May!"
Check out related retail stories below that you might have missed and stay tuned for more trend coverage from other retail experts we spoke with as the ICSC approaches.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
