Each May, the retail and real estate industry gathers in Las Vegas for ICSC’s flagship event: a three-day showcase of deal-making, market trends, and strategic networking. In 2025, more than 25,000 professionals filled the convention center, all seeking answers to the sector’s most pressing questions: Where is retail heading? How do we build resilience amid uncertainty? And what strategies will define the next chapter of growth?
This year’s ICSC Las Vegas was more than a reunion, it was a clear indicator of a sector in transformation. Here are the key takeaways:
Unified Strategy: Data, Deals, and Disciplined Growth
Retailers and landlords are expanding again, but with a focus on quality over quantity. Growth strategies are increasingly driven by data, with site selection, portfolio optimization, and risk management all informed by analytics and local market knowledge (art + science). The era of rapid, unplanned expansion has given way to more disciplined, data and insight-based decision making. De-risking investment is the name of the game.
The Experience Economy Takes Center Stage
Today, experience is as important as location. Brands are investing in creating engaging, in-person environments that build loyalty and drive traffic. Fitness, wellness, and interactive retail concepts are gaining momentum, and the most successful retailers are those that blend convenience with meaningful customer experiences, both offline and online.
Redevelopment Outpaces New Construction
With high construction costs and tight financing, ground-up development is limited. Instead, landlords are focusing on redeveloping and repositioning existing spaces, transforming vacant big-box stores and other retail properties into vibrant, highest and best use destinations that meet evolving consumer needs.
Landlords Benefit from Tight Supply
Retail vacancy rates remain low, giving landlords significant leverage. Competition for quality space is strong, and tenants are often willing to pay a premium for the right locations. Redevelopment opportunities are highly sought after, and even spaces vacated by bankrupt retailers are quickly being filled.
AI and the Importance of Clean Data
Artificial intelligence (AI) was “the” theme at this year’s event, but the consensus is clear: clean, reliable data is essential. From predictive modeling to customer analytics, technology is moving from theory to practical application. However, industry leaders emphasize the need to validate insights and avoid over-reliance on automation. In addition, the journey with AI takes time and everyone was having to battle the hype from those that want to implement solutions versus the reality of where companies are in the process.
Cautious Optimism Amid Uncertainty
Concerns about tariffs, interest rates, and consumer price sensitivity were common topics of discussion. Despite these headwinds, most industry leaders remain cautiously optimistic, focusing on transformation and long-term value creation.
Conclusion: Retail’s Next Chapter
ICSC Las Vegas 2025 made it clear that retail is not only surviving but evolving. The integration of data, technology, and customer-centric design is driving the industry forward. For landlords, retailers, and investors, the message is clear: stay adaptable, invest in data-driven strategies, and remain focused on delivering value and connection in an ever-changing landscape.
Next steps:
Interested how GIS is supporting Retail and Real Estate in private business? Check out the links below to see how they are used in your industry.
