Last Updated on August 30, 2022 by Neil Patel Accel
We’re back from the ICSC 2022 in Las Vegas, NV and we are sharing our top 3 takeaways!
For those of you who haven’t heard, ICSC (Innovating Commerce Serving Communities) is a member organization for the advancement of the retail real estate industry. ICSC promotes and elevates the marketplaces and spaces where people shop, dine, work, play, and gather as foundational and vital ingredients of communities and economies.
ICSC brought together commercial real estate (CRE) professionals from across the country to connect and collaborate from May 22 – 24. Their conference was buzzing with 22,000 attendees who were ready to expand their network and spur innovation. It was great to see everyone again in-person and hear about all the exciting projects going on.
Now that we’re settled back in at our desks, we’re happy to share our key takeaways from this exciting event.
1. Brick-and-mortar Powers Retail Sales
It’s clear that in-person shopping and dining are here to stay, even with the evolution of ecommerce and quick-delivery. Retail consumption was up by 2.7% in Q1 of 2022, according to CBRE.
Further proof of brick-and-mortar’s command is highlighted in a recent finding by ICSC and PNC Bank; there were more announced retail store openings in 2021 than any other year since 2015. This total of 5,200+ store openings is about the same number of total store openings announced for 2019 and 2020 combined.
A new wave of technology will impact the customer journey in-person and change the way we shop, design retail spaces, and more. Ulta’s shop-in-shop concept, as seen in Target locations across the country, is a perfect example of the way retail spaces are elevating to transform the in-person experience for consumers.
Yet, the age-old commercial real estate challenge presents itself: How do we find accurate real estate information, communicate with our team, and make decisions in a timely manner?
This ever persistent question leads us to the next key takeaway we heard at ICSC.
2. Commercial Real Estate is Focused on Innovation
Proptech is elevating the tech stacks for CRE professionals. Yet, many real estate, finance and broker teams are using legacy tools and outdated strategies.
There is a growing need for commercial real estate professionals to adopt new proptech solutions, especially as retailers open more storefronts and finance teams work to gain lease accounting compliance. CRE software aids teams in lease management and reduces financial risks.
Spreadsheets and disjointed methods of communication are not cutting it anymore. Brokers need to be able to pull timely and accurate information that their tenants need. Meanwhile, tenants need to align their stakeholders to make decisions that impact their business’ compliance with new lease accounting standards. Modern times call for modern solutions. Solutions that bring key players together in a single-source-of-truth.
Word on the ICSC street is that modern tech stacks aren’t just for marketing, sales, and HR teams. Real estate and finance teams deserve technology specifically built for their lease management and lease accounting needs.
Occupier allows real estate teams, finance teams, and brokers to take control of the entire lease lifecycle. From Lease Administration, Transaction Management, Lease Accounting, and Broker’s CRM, Occupier offers the solutions teams need to work together, ensure complete transparency into complex lease details, and become compliant with new lease accounting standards like ASC 842 (learn more here).
3. ICSC Offers Networking at its Finest
Commercial real estate leaders showed up in full-force to reconnect with others in the industry and share valuable insights revolutionizing the industry. In fact, we heard from several commercial real estate leaders, dealmakers and brokers on:
- Lessons learned and strategies to get deals done during this time of uncertainty
- How to use analytics to optimize locations and increase revenue
- Success Stories of Mall Revitalization
So whether you are looking to network or stay up-to-date with industry happenings — there has never been a better time to become a member of ICSC than now!
ICSC 2022 Learnings
If there is one ICSC 2022 learning to hold onto, it is this: The evolution of retail real estate strategy is upon us. Those who innovate, adapt, and create exceptional in-person shopping experiences will thrive. Technology will play a critical role in the path forward for retailers and CRE professionals. We are invigorated by our time at ICSC 2022. It was inspiring to hear from so many great speakers and to connect with CRE leaders and brokers. Retail real estate innovations and tech are top of mind for us at Occupier. We hope that you’ve enjoyed these takeaways and hope to see you next time!
Until then, we invite you to explore Occupier’s suite of solutions for the entire lease lifecycle and see how we help businesses:
- Review proposals and LOIs in order in seamless collaboration with their team
- Track critical dates and clauses in their lease portfolio
- Achieve mandatory ASC 842 and IFRS 16 lease accounting compliance