Our experts regularly attend leading industry events like ICSC to capture emerging trends in real time. The Download translates those insights into clear, actionable perspectives for our clients and teams.
ICSC Las Vegas, one of commercial real estate’s largest retail events, brought together more than 200 Cushman & Wakefield retail professionals for a week of conversations and connection. More than just an industry gathering, the event continues to serve as a catalyst for activity across the retail sector, connecting our people, clients and partners to deepen relationships, exchange insights and move business forward.
Below you’ll discover this year’s conference key takeaways from Cushman & Wakefield’s retail experts on the ground.
Optimism Is Holding Strong
Despite ongoing macro uncertainty, the tone across ICSC was notably positive.
“Macro uncertainty is a risk, but it’s more of a temporary consideration rather than a dominant factor in real estate strategy,” said James Bohnaker, Principal Economist, Head of Macro Insights. “Retailers and landlords remain optimistic.”
That optimism is grounded in one key reality: a lack of quality space continues to constrain growth, shaping leasing strategy for both tenants and landlords. As Alanna Loeffler, Senior Managing Director and Americas Retail Platform Lead, highlighted in a recent CoStar interview External Link, competition for top-tier space remains intense, with limited availability concentrated among a small pool of high-quality locations.
This dynamic is shifting decision-making and placing greater emphasis on site selection, format and timing. Landlords remain in a position of strength, with greater ability to curate tenant mix and prioritize long-term positioning. At the same time, a divide is widening. High-quality assets remain competitive, while Class B and C properties face mounting pressure, often requiring complex and capital-intensive repositioning.
Capital Markets Are Re-Opening
Conversations with clients and investors pointed to a clear shift in investment momentum: capital is re-entering the retail sector, supported by strong fundamentals and improving liquidity.
“We’re seeing strong optimism from clients supported by resilient consumer demand and tenant interest,” said Rick Latella, Executive Managing Director, Valuation & Advisory. “At the same time, capital is re-entering the market, with financing available across a wider range of assets and increased competition driving pricing.”
This momentum reflects a broader shift in how retail is being viewed by investors.
“The conversation has clearly moved from ‘is retail investable’ to ‘where is the best risk-adjusted retail and how do we scale it,’” added Mark Gilbert, Vice Chair, Capital Markets.
Constraints remain, however. The gap between the cost to build and achievable market rents continues to limit new development, reinforcing the broader supply-demand imbalance across the sector.
The “Tenant Remix” Is Reshaping Centers
These conditions are accelerating a shift in how retail space is leased, programmed and experienced.
“We’re really focused on understanding the tenant remix,” said Loeffler in her interview with Commercial Observer. “It’s what we call everything under the umbrella of these new tenant categories and the shift taking place at shopping centers, lifestyle centers and neighborhood centers. Really understanding what that mix is made up of, and what centers are strong and why.”
Owners are moving from filling space to curating environments that create synergy. At the same time, retailers are rethinking the role of the store, using locations more strategically, including for fulfillment and logistics, to improve efficiency and maintain flexibility.
The Return of the Mall, Reimagined
A familiar headline returned at ICSC, but with a modern twist.
“Malls are back, but they’re more sophisticated than before,” said Kristen Pash, Senior Director of Shopping Center and Mall Leasing & Development. “This isn’t the mall of the 90s.”
Today’s shopping centers are being redefined by experience, design and intentional programming. The focus has shifted from transactional retail to environments that encourage people to stay, explore and engage.
- Elevated design and amenities
- Food and beverage as key traffic drivers
- Events and ongoing local programming
- Social, discovery-driven experiences
“Retailers and customers are gravitating toward centers that feel modern, safe and activated,” said Evan Walke, Managing Director, Retail Asset Services. “Amenities and programming are expected.”
Consumers are seeking newness, connection and reasons to return, with expectations for spaces that feel dynamic and curated.
Global Brands Are Expanding and Competition Is Rising
Global retail remained a key theme, reinforcing the market’s growing interconnectedness.
“It’s an exciting time for cross-border brands,” said Loeffler. “We’re seeing modern luxury, beauty and emerging concepts from Europe and APAC entering the U.S. market.”
This influx is raising expectations around design, experience and differentiation, while intensifying competition for prime locations. As a result:
- Prime locations are more competitive
- Landlords are prioritizing differentiated concepts
- Local market expertise is increasingly critical
The ability to translate global insights at the market level is becoming a key differentiator for clients navigating expansion.
The Headline Isn’t AI, It’s Insight
The conversation around AI has shifted from whether to use it to how to use it effectively alongside data and expertise.
“The focus was not on AI itself, as that’s already assumed,” said Jim Kierski, Executive Managing Director, Consulting. “Clients are seeking a trusted partner with proprietary data, differentiated insights, and the perspective to shape a cohesive, actionable strategy.”
AI is an enabler, not a differentiator on its own. Value comes from how it is paired with strong data and expertise to drive better decisions and more personalized experiences.
Looking Ahead
The takeaway from ICSC 2026 is clear. Retail is entering a new phase defined by constraint, creativity and curation. Success ultimately comes down to trust, paired with the right insights to help clients move forward with confidence.
“It’s an incredibly dynamic moment in retail real estate,” Loeffler said. “The fundamentals are solid, yet the strategies and how we execute them are changing faster than ever before."
