What happened at ICSC 2025?

As I write this, I’m still recovering from a week in the desert sun with tens of thousands of my closest retail real estate friends. Talk at the JLL booth with clients and co-workers was all about tariffs, consumer sentiment, investor activity and retailer expansion plans.

I was also lucky enough to record a conversation with four of the brightest minds in the industry for the latest episode of the Where We Buy podcast.

• Listen to the show here: Web | Spotify | Apple Podcasts | YouTube
   

This year, ICSC was all about cautious optimism tempered by a healthy dose of realism. I spoke with:
 

• Ana Leon, Director of Retail Research at Nuveen
• Laura Fullington, Vice President, Enterprise Insights & Analytics at Tanger Outlets
• David Spawn, Vice President of Research at Brixmor Property Group
• Mike Jordan, Director of Research at Big V Property Group

It’s no surprise that tariffs were a major topic of discussion. As Anna Leon pointed out, the "T word" came up in almost every conversation with investors and peers. While most people seemed to believe things would eventually "sort themselves out," the uncertainty makes planning difficult for both retailers and landlords. Laura Fullington highlighted the challenges in predicting pricing and inventory levels, emphasizing the need to understand how retailers and investors are reacting to these changes.

David Spawn noted a significant shift in the industry's attitude toward data. More than ever, retailers and brokers are interested in leveraging data-driven insights. This "acceptance of data" is a sea change, with industry players increasingly appreciating the value of data in making informed decisions.

With ongoing uncertainty, consumers are pulling forward major purchases to mitigate potential tariff impacts. Laura Fullington mentioned Tanger's decision to launch their back-to-school campaign early in June to encourage early shopping. Ana Leon added that this pull-forward effect is likely to be seen in bigger-ticket items like electronics, as well as daily luxuries like makeup and skincare.

Mike Jordan highlighted the continued interest in experiential retail, with cities and municipalities actively trying to attract unique retail experiences. He also noted the increasing presence of international retailers in the U.S. market, with Japanese retailer Daiso and European chains like Primark and Lidl expanding their footprints. David Spawn noted the continued expansion of grocery stores, particularly specialized and niche grocers, in open-air centers.

The conference buzz included many vendors touting AI-powered tools, particularly for lease abstraction and predictive modeling. However, there was a consensus that while AI holds promise, it requires careful verification. As Mike Jordan put it, "trust, but verify." 

• How will retailers effectively leverage new technologies like AI to enhance their operations and customer experiences?
• In light of economic uncertainties and evolving consumer behaviors, what strategies will landlords and retailers employ to stay competitive and attract shoppers to physical stores?
• Given the potential for increased development activity, how will municipalities balance economic growth with community needs and environmental concerns?
   

While I came out of ICSC 2025 with as many questions as I did answers, I also realized that the point of the event is as much to foster discussions, friendships and interactions as it is to gather insights.