Retail Retold Replay: One deal, 100 calls later

Persistence, scarce retail space and the fundamentals behind the right deal.This Retail Retold replay brings us back to a conversation with Kevin Nassimi, Vice President of Real Estate at Nassimi Realty, about a question that still matters: Does America actually have enough physical retail space?For years, the industry talked about the U.S. being over-stored. Chris Ressa and Kevin challenged that assumption, looking at the forces already reshaping retail supply, from intense demand for pad sites and limited big-box availability to former retail space being converted to multifamily, industrial, and self-storage.It’s a conversation worth revisiting because the fundamentals behind it go beyond one market cycle.Kevin shares what he was seeing across Nassimi Realty’s portfolio, including significant demand for freestanding pad sites and fewer available big-box spaces. Chris digs into why. Former 100,000-square-foot boxes have increasingly been divided among multiple tenants, expanding the pool of potential users while reducing the amount of true large-format space available.They also discuss how limited new construction and the repurposing of obsolete retail have further constrained supply. As former retail properties are converted to multifamily, industrial, self-storage, and other uses, that square footage leaves the retail market altogether.But the conversation isn’t only about supply and demand. Kevin shares the story behind bringing Burlington to a former Kmart space in Clifton, New Jersey, after reaching out close to 100 times over four years. The deal is a reminder that persistence matters, but so does knowing your asset, understanding the trade area, and recognizing when the right tenant belongs at the right property.From changing store formats and limited supply to retailer demand and the fundamentals of dealmaking, this replay takes another look at a question retail real estate is still navigating: How much physical retail space do we actually need?What You’ll HearWhy demand for retail pad sites has become so intenseHow big-box availability reached levels Kevin hasn’t seen in his careerWhy splitting former Kmart-sized boxes is changing retail supplyHow conversions to multifamily, industrial, and self-storage are removing retail space from the marketWhy high construction costs are making new retail supply even harder to deliverWhat nearly 100 calls over four years taught Kevin about persistence in leasingWhy knowing the asset and trade area matters more than accepting a retailer’s first “no”How a major wave of store closures could temporarily disrupt today’s fast leasing environmentWhy retailer optimism remains high despite broader economic uncertaintyChapters0:00 — Meet Kevin NassimiKevin shares his role at Nassimi Realty and the family-owned company’s approach to suburban shopping centers.4:53 — Clear the AirA difficult residential conversion, construction blind spots, and Kevin’s surprisingly generous philosophy on broker commissions.9:12 — 100 calls later: the Burlington dealKevin explains why he kept pursuing Burlington for years—and what finally changed.12:27 — Persistence only works if you know the real estateChris breaks down the fundamentals behind the Clifton deal, from trade-area knowledge to tenant critical mass.15:27 — What’s happening in retail right now?Kevin shares what he’s seeing across markets after reconnecting with retailers and brokers at ICSC.15:59 — Why pad sites are kingDemand for freestanding buildings and drive-thru opportunities is creating fierce competition for limited space.18:50 — Where did all the big boxes go?Chris and Kevin examine why large-format availability has tightened and how former boxes are being divided among multiple tenants.22:09 — Retail supply is disappearingConversions to industrial, multifamily, and self-storage are taking former retail square footage permanently out of the market.22:35 — Is America under-stored?Chris challenges the old assumption that the U.S. has too much physical retail.23:00 — Smaller boxes, more tenants, less riskWhy breaking up former Kmart-sized spaces has expanded the tenant pool and diversified landlord exposure.25:39 — The impact of the next major store closureChris and Kevin discuss why a large bankruptcy or closure wave could slow leasing activity far beyond the affected properties.27:07 — Retailer optimism is still highDespite economic uncertainty, Chris says the confidence among physical retailers at ICSC was hard to miss.27:51 — RadioShack, Bloomingdale’s and a serious salt toothKevin closes with the retailers he misses, how he shops, and the Target aisle