20 Jun 2023

Latest Findings: Insights From The 2023 ICSC Las Vegas

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Last month, our Retail-Commercial Development Manager, Daniel, had the pleasure of attending the annual ICSC Real Estate Convention in Las Vegas, representing our exceptional State and the ECG member communities. With an impressive attendance of over 25,000 participants, this three-day gathering offered valuable opportunities to engage with retailers, brokers, and developers hailing from various regions across the United States.

SAVE THE DATE! We are looking forward to seeing you at our booth at the highly anticipated 2023 ICSC SOUTHEAST Conference on October 17-18 in Atlanta. Stay tuned for more details about this upcoming conference.

Here are the top 5 key takeaways from the Las Vegas’ convention:

1. Express Car Washes are Hot!

A multitude of express car wash exhibitors was present on the convention floor, including Bliss, Hang 10, Mr. Clean, Quick Quack, Sonny’s, Super Star, Tommy’s, and Zips. Additionally, several other carwash retailers were not exhibiting but still actively participating.

These car wash concepts have experienced a growing trend in popularity, particularly within neighborhood shopping centers. Developers and landlords have discovered that they serve as a valuable addition to the tenant mix, especially for service-oriented centers

2. Retail Is Still Solid!

Occupancy is still at record levels, and many landlords have little to no vacancy. As a result, rents are still high and will remain that way for the foreseeable future.
When meeting with retailers, I consistently heard that Georgia was a demand market for their concept.

3. Big Demand For The Discounters.

In recent years, demand for discount retail has not eased up. Retailers such as Five Below, TJMaxx, Ross, DD’s, Ollie’s, and Roses are continually looking for opportunities.
Landlords with vacant anchor and junior anchor boxes have found these concepts to be good backfill of spaces.

4. Food/Fast Casual Is Very Popular.

Concepts such as Chipotle, Taco Bell, McAlister’s Deli, Jersey Mikes, Raising Canes, and Chick-Fil-A are continuing to develop a pipeline of new stores.
While sit-down restaurants remain crucial in shopping centers’ tenant mix, these concepts are not opening as many stores as they did two decades ago.

5. Alternative Uses of Space.

At this year’s convention, a notable observation was the abundance of distinctive retail/commercial concepts. From Surf Parks to Dog Wash Kiosks, there were quite a few unique concepts being promoted.
Did you know some Landlords have found Pickleball to be a good backfill for vacant Bed Bath & Beyond spaces?

Stay up to date with the latest news and trends in the world of retail-commercial development by visiting our blog at Locationgeorgia.com. Our blog is your go-to resource for valuable insights, expert analysis, and noteworthy updates in the retail industry, like our most recent “Georgia Retail Update” Report.

*ECG’s Retail-Commercial Development efforts are made available to subscribing ECG members.