The International Council of Shopping Centers (ICSC) Las Vegas 2025 conference remains a cornerstone for retail and commercial real estate professionals to assess market conditions, foster relationships, and strategize for growth. In this episode of Capital Rivers Connect: California Edition, CEO Greg Aguirre and Executive Vice President Matthew Tate recap key insights from the event and provide a midyear market update. From shifting development trends to actionable advice for city leaders, the conversation highlights both opportunities and emerging challenges in the CRE landscape.
Key Takeaways from ICSC Las Vegas 2025
ICSC Las Vegas 2025 drew approximately 25,000 attendees, signaling ongoing vibrancy in the retail sector. According to Greg Aguirre, the event had a noticeably pragmatic tone this year. Industry professionals focused on the fundamentals: finding creative ways to close deals, navigating uncertainty, and recalibrating risk. Developers and retailers alike are increasingly factoring in external pressures like tariffs, interest rates, and rising construction costs. One noticeable trend is a shift toward ground leases and redevelopment projects as a way to mitigate risk while maintaining momentum.
Cities Lean Into Tourism, Lodging, and Identity Building
Matthew Tate emphasized that many cities are actively seeking to boost tourism and hotel development. However, the first step, he says, is clarity: “Who are you as a city?” Branding and identity are critical. Equally important is having the right documentation, such as hotel feasibility studies, to attract credible investors. Tate points out that proactive cities are best positioned to win hotel and tourism-related developments, especially when they present data-driven cases backed by well-articulated community goals.
The Role of Data and the Power of Human Expertise
Both Aguirre and Tate caution against over-reliance on data and AI-based tools without the context of experience. While data platforms are more prevalent and powerful than ever, successful site selection and development still depend heavily on human judgment. Stories of poorly placed retail sites, chosen solely through algorithms, underscore the need for experienced professionals who understand market dynamics on the ground.
Local Ownership, Experiential Retail, and CRE Adaptability
Emerging trends highlighted in the episode include a renewed emphasis on local franchise ownership and experiential retail. Cities are encouraged to inventory potential local franchisees and foster connections between talent and capital to accelerate growth. Additionally, second-generation retail space, often overlooked, is now seen as a strategic asset. Repurposing such properties is becoming a favored approach, particularly in California, where land and entitlement costs remain high.
Navigating Market Uncertainty with Strategic Action
Despite concerns over tariffs and the elevated 10-year treasury yields, Aguirre describes the market mood as “cautiously optimistic.” Retail remains a high-performing CRE sector, and developers are adjusting strategies rather than retreating. The importance of in-person connections and long-term relationship building is as strong as ever. Aguirre and Tate both agree: creativity, resilience, and fundamentals will define success for the remainder of the year.
Listen to the full episode of Capital Rivers Connect to learn more about ICSC Las Vegas 2025 takeaways, development trends, and city strategies for economic growth.
For partnership opportunities, visit Capital Rivers Connect and follow us on LinkedIn for updates.