What We Heard at ICSC 2026: Retail Expansion Is Still Moving Forward

NAI DESCO attended ICSC Las Vegas this spring to connect with retailers, developers, and industry leaders from across the country. One theme came through consistently: retail isn’t slowing down—it’s evolving.

For the past several years, commercial real estate conversations often started—and ended—with interest rates.

That’s changing.

NAI DESCO was represented at ICSC Las Vegas by members of our retail brokerage team including Michelle Goodwin, Peter Sheahan, Bill Barnes, Jeff Eisenberg, Corbin Cox, Meghan Donovan, and Clif Long. Across meetings and conversations throughout the conference, one theme came through consistently: retailers continue to expand, developers remain active, and the focus has shifted from waiting for ideal market conditions to finding ways to move projects forward in today’s environment.

1. Retail Growth Is Continuing Across Categories

The energy at ICSC reflected something many of us have been seeing locally: activity is still happening.

Retailers are opening locations, evaluating markets, and staying disciplined about where and how they grow—but growth remains on the table. Developers continue advancing projects and preparing for future demand.

For property owners and tenants, that means opportunity still exists for well-positioned sites and thoughtful market strategy.

2. The Conversation Has Shifted Beyond Interest Rates

One of the more interesting observations from the conference was what wasn’t dominating conversations.

Interest rates remain important—but there appears to be growing acceptance that today’s environment may be the environment for a while. Rather than delaying decisions indefinitely, many groups are adjusting underwriting, timelines, and capital strategies to make deals work now.

That doesn’t mean caution has disappeared. It means adaptation is becoming the competitive advantage.

3. Creativity and Certainty Matter More Than Ever

Developers and investors continue looking for ways to reduce friction and improve predictability.

Capital remains available—but selective. Teams that can move efficiently, align partners early, and structure projects creatively are finding ways to maintain momentum.

That trend reinforces something we believe strongly at NAI DESCO: local market knowledge, strong relationships, and execution matter more than ever.

4. What This Means for St. Louis

While national trends don’t always translate directly to local markets, the themes from ICSC align with what we continue to monitor across St. Louis.

Companies are still making decisions. Retailers are still expanding. Owners are still evaluating opportunities.

Success increasingly comes from understanding where demand is shifting and being prepared to act.

Final Takeaway

ICSC 2026 reinforced something we’ve been seeing firsthand:

Retail isn’t waiting for perfect conditions.

It’s moving forward—with discipline, creativity, and a focus on long-term opportunity.

If you’d like to discuss retail activity or market trends in St. Louis, connect with the NAI DESCO team.