LAS VEGAS—As retail real estate professionals prepare to attend at ICSC Las Vegas in the next few weeks, market uncertainty is top of mind—particularly as global tariff policies and prolonged construction timelines continue to disrupt tenant expansion plans.
Matt Hammond, Principal of Brokerage at Coreland Companies, tells GlobeSt.com that the ripple effects of international trade policy are clearly being felt in the retail sector.
“We’re seeing a slight pause in tenant expansion given the uncertainty in the market associated with tariffs,” Hammond explains. “Retailers are unable to identify how these changes may affect their supply chain—related to increased costs of materials, finished goods, and logistics. It’s challenging to expand when a tenant can’t anticipate what the costs of opening a new store will be, from construction to operations.”
According to Hammond, the ICSC event presents an important opportunity for face-to-face dialogue. “Meeting tenants face-to-face allows us to better understand these concerns, which provides a path to help them continue to grow.”
Another key theme expected to dominate conversations at the Las Vegas gathering, according to Hammond, is the ongoing strain around construction timelines. Hammond tells GlobeSt.com that processes that once took four to six months now frequently stretch to six to twelve months or longer. The delays are driving strategic conversations among landlords, brokers, and municipalities.
“One of our goals at ICSC is to spend time discussing ways to expedite processes as we meet with tenants and landlords,” Hammond says. “We’re also looking forward to connecting with city officials to better understand their expectations. If we know a city’s ‘hot buttons’ in advance, we can address them in the first submittal, rather than be surprised on the second or third.”
As the retail sector continues to navigate post-pandemic recovery and macroeconomic pressure, the discussions in Las Vegas will help chart the course for the second half of 2025. Stay tuned for more previews and coverage from the upcoming event.
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