Camillo Spinoso, SVP Business Development, customized blazer collar, “Malls Aren’t Dead”
ICSC Vegas 2023 SREG Report
“This year was especially productive at ICSC. Last year (2022) saw our most productive leasing your ever. 2023 has started with exceptional productivity as our leasing rate is up approximately 23% over last year – and you could absolutely feel that at ICSC. As our industry continues to evolve, more and more people are realizing “Malls Aren’t Dead” and see the incredible opportunity in this once out-of-favor asset class. In hundreds of meetings at ICSC, we saw more tenant interest in opening new locations at well positioned mall properties than ever before. The investment community has also realized the latent value of these well-located assets and appreciate the real opportunity to unlock value stranded in underutilized property with the implementation of densification strategies and redevelopment opportunities that offer exceptional returns. I am both humbled and grateful to see all that our team has been able to achieve as we have grown to be recognized as the premier privately held enclosed mall operating platform and look forward to many years to come in attending the ICSC. As we continue to be focused on aggressive growth, we see our attendance at ICSC as an important way in which we operate in this industry.” Carmen D Spinoso Chairman, CEO — “Attending the ICSC event in Las Vegas is a game-changing experience for Spinoso Real Estate Group (SREG). It provides us with an unparalleled opportunity to engage with key industry stakeholders and delve into untapped potential within the mall investment market. With our team’s extensive expertise and a robust network of professionals, we stand uniquely positioned to evaluate and pursue exceptional mall investment opportunities. At SREG, we are thrilled by the prospects of acquiring these assets and unlocking their full potential. We bring to the table a proven track record of focused management, strategic leasing initiatives, and development expertise, which allows us to maximize the value of the properties we acquire. The sheer abundance of high-quality assets that align perfectly with SREG’s investment criteria is truly exhilarating. We are excited to leverage this opportunity, as it presents a unique chance for growth and expansion, bolstered by our dedication to excellence and commitment to delivering value to our investors and stakeholders. Camillo Spinoso SVP Business Development
“Attending the ICSC conference was an exhilarating experience for our team at Spinoso Real Estate Group (SREG), particularly at our bustling booth. In my eight years with Spinoso, I have never seen it as busy as it was this year. We brought our entire leasing team, and they were fully booked with back-to-back meetings, highlighting the tremendous interest and demand from tenants.
The ICSC convention provides us with a valuable platform to nurture our existing relationships with tenants across the industry while also forging new connections with emerging brands. Building upon the momentum generated at the convention, our leasing team is hitting the road, visiting tenants at their headquarters and our properties, to sustain the positive trajectory.
The overall sentiment of the show was incredibly positive, reflecting a renewed sense of optimism. Tenants who previously faced challenges and remained in a holding pattern are now actively engaging in new deals. National tenants, in addition to opening new stores, are reinvesting in their existing fleets through remodels and repositioning initiatives.
What’s particularly encouraging is the enthusiasm tenants expressed for the future of enclosed malls. They are not only opening new stores but also committing to longer-term renewals within mall properties. Traditional e-commerce tenants are also recognizing the value of brick-and-mortar stores and expanding their footprints.
These observations highlight the resilience and transformation of the retail landscape, with tenants embracing the potential and advantages offered by physical retail spaces. It reinforces our belief that enclosed malls continue to hold great promise and reaffirms our commitment at SREG to creating vibrant, thriving environments that meet the evolving needs of our tenants and customers.
Overall, the ICSC conference was a remarkable opportunity to connect with tenants, forge new relationships, and witness the positive momentum driving the industry forward. We are excited about the future and the possibilities that lie ahead as we continue to shape the success of our properties and support the growth of our tenants.”
Barbara Kelly
Director of Leasing
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“Attending the ICSC trade show as the Senior Vice President of Development & Construction at Spinoso Real Estate Group provided me with valuable insights and exciting opportunities for our company. Throughout the event, I observed several significant trends and had insightful discussions, reinforcing our commitment to staying ahead in the industry.
One notable trend I noticed was the increasing interest from former online-only retailers in establishing a physical presence within malls. These companies recognize the value of brick-and-mortar locations for enhancing their brand visibility and customer experience. It’s a testament to the enduring appeal and relevance of malls in today’s retail landscape.
In addition to online retailers, alternative uses are also embracing malls as attractive locations. Notably, I had the pleasure of meeting with representatives from leading hotel brands, who expressed enthusiasm for the synergy created by being located within our malls. They are actively seeking partnerships and deals, showcasing the potential for collaboration between hospitality and retail.
Furthermore, entertainment concepts are finding their place in malls, adding a new layer of excitement and engagement for visitors. During the trade show, I engaged with representatives from several large entertainment concepts, both actively looking for mall sites. Their interest highlights the evolving role of malls as not just retail centers but also as destinations for immersive experiences and leisure activities.
Perhaps most intriguingly, my discussions with representatives from a NY-based Real Estate Investment Management Firm with $50B+ in assets under management, revealed a shift in investment focus. Their value funds are now turning their attention from residential and industrial properties to malls as better investment alternatives. This shift in investment strategy reflects growing recognition of the potential and value in malls as promising long-term assets.
In conclusion, the ICSC trade show presented an array of opportunities and showcased the evolving landscape of mall development and investment. The interest from former online retailers, the appeal of alternative uses, the presence of entertainment concepts, and the shift in investment focus all contribute to the dynamic nature of malls as thriving spaces. At Spinoso Real Estate Group, we remain committed to leveraging these insights, adapting to market demands, and ensuring our malls continue to be vibrant destinations that meet the evolving needs of consumers and investors alike.
Bill Moston
SVP Development and Construction
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“As an attendee at the ICSC Vegas trade show specializing in shopping centers, I experienced the busiest and most productive show to date for SREG Specialty Leasing. Over the course of just 1.5 days, we managed to conduct over 30 meetings, which allowed us to uncover significant new opportunities across our portfolio. The high level of activity and engagement during the show showcased the immense potential for growth and expansion in the industry.
Additionally, it was an honor to attend the ISCSC Visual Victory awards held at Wynn on Sunday. It was a great experience to be a 1st time judge on the Visual Victory panel along with several of my industry peers. Our SPL team were thrilled to be part of the event and witness the recognition of outstanding achievements in the field. Congratulations to all the winners!
Overall, this trade show experience was incredibly fruitful and rewarding, providing us with valuable connections, fresh prospects, and the chance to celebrate excellence in our industry.
Bryan C. Calkin
Vice President of Specialty Leasing
