Experts Talk ICSC Convention; Pent-Up Customer Demand
The 2021 edition of ICSC's colossal RECon convention is gearing up, and GlobeSt.com chats with a few expert sources on their expectations and predictions for this year’s in person show.
LAS VEGAS—Overall, the retail market is in a very healthy space as essential retailers have been thriving. So says Mike Sladich, regional director and partner of Stan Johnson. GlobeSt.com spoke with Sladich among a few other retail experts about all things retail in preparation for the upcoming ICSC – Here, We Go. 2021 convention. The event will be hosted this year on December 5-7 in Las Vegas.
According to Sladich, tenants who are susceptible to e-commerce, have effectively experienced the worst-case scenario for brick-and-mortar sales. But he says “these non-essential retailers can now better model their businesses moving forward and optimize their spaces as consumers return to stores.”
Additionally, he says, “as we review financials and sales data for sale-leaseback candidates in the retail sectors perceived to be hit hardest, like casual dining restaurants, family entertainment centers and fitness centers, we’re seeing that their business in recent months has surpassed pre-COVID-19 levels.”
According to Sladich, the pent-up consumer demand for these experiential retail tenants has been substantial and may be even more important moving forward as the population desires a return to routines.
Sandy Sigal, president and CEO of NewMark Merrill Cos., sees the state of retail as one of great promise, but also with cautionary signs. “Across our portfolio, which includes the west coast, Colorado, and the Midwest, we saw a very rapid increase in traffic and record sales for many of our tenants,” he says. “The consumer came back in droves, stayed longer, and spent more than they did pre-COVID. Leasing activity is incredibly strong, and we will have a record year of SF leased, even renewals are being done with reasonable increases.”
Barton Strawn, VP of marketing and research at Retailsphere is excited for this year’s event because her firm thinks it is a symbol of re-emergence and growth within the retail industry.
“For us personally, it’s an opportunity to put faces to names since Retailsphere launched and grew during the pandemic period,” Strawn tells GlobeSt.com. “We can’t wait to meet our customers and connect with more retailers in person for the first time in months.”
Check back with GlobeSt.com in the next month for more retail coverage as we continue to speak with attendees on their expectations of the upcoming event as well as trends they are seeing.