LAS VEGAS-As retail real estate leaders gather at ICSC Las Vegas, the prevailing theme on the show floor is one of transformation. Ron Goldstone, Executive Vice President at Farbman Group, emphasizes that the future of retail hinges on offering consumers a compelling reason to visit and linger.
“Retailers today face the challenge of enticing people to leave their homes and shop in person,” Goldstone tells GlobeSt.com. “It’s no longer just about the product- it’s about creating an experience.”
Goldstone highlights Dick’s Sporting Goods as a standout example of this shift. The company’s Dick’s House of Sport concept seamlessly combines shopping with entertainment, featuring attractions like climbing walls and batting cages. According to Goldstone, Dick’s plans to open another 15 House of Sport locations in 2025, with the goal of reaching 75 to 100 locations by 2027.
This approach reflects a broader industry trend toward immersive retail environments that encourage customers to stay longer, engage more deeply, and ultimately spend more. “Providing a memorable experience that keeps customers in the store and drives higher sales is a powerful long-term strategy for retailers,” Goldstone explains.
Looking ahead to the remainder of 2025, Goldstone foresees a divided landscape for malls. He observes that 60 to 70 percent of the stress in the retail sector is concentrated among older B and C class regional malls. Some of these properties may never reopen, while others are likely to be redeveloped into smaller-scale mixed-use destinations.
In contrast, the top-performing Class-A regional malls are thriving. Goldstone notes that these premier assets have become even more valuable, with valuations likely surpassing those seen before the pandemic.
Despite the challenges facing certain property types, Goldstone remains optimistic about local and need-based retail. He believes neighborhood and service-oriented retail will continue to perform well. Additionally, he sees opportunity in the growing inventory of vacant spaces resulting from drugstore closures. Goldstone points out that repurposing these former drugstore locations will provide expansion opportunities for need-based retailers looking to grow.
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