Speaker Spotlight: Jonathan Adelsberg of Herrick

Elevated interest rates and unclear trade policy are impacting decision-makers. 

Every day the parameters are changing, so my answers to these questions today would likely be different tomorrow. That being said, as we move into Q2 2025, retailers are facing a complex real estate environment shaped by current events. Notwithstanding, I have been involved with more shopping center transactions in the past year, including acquisitions, sales, development, joint ventures, financing and big anchor leasing, than I have in the past several years.  

Where are you seeing the greatest opportunity for growth and investment potential? (luxury, shopping centers, mixed-use, etc.)

Right now, the greatest opportunity for growth and investment lies in mixed-use developments, particularly those that blend experiential retail with residential, dining and entertainment spaces. We’re seeing success with environments that mimic the feel of a traditional “small town” or “downtown,” in places where people can live, shop, eat and socialize all in one place.

What’s really driving this is the shift in consumer preference toward experiences over transactions. It’s not just about buying products anymore; it’s about engagement and lifestyle. That’s where concepts like what Dick’s Sporting Goods is doing—integrating full-scale sports centers with retail—are really gaining traction. These hybrid formats invite people to linger, participate and build brand loyalty in a way that traditional retail simply can’t replicate.

How has experiential retail evolved over recent years? Is it still a critical component of attracting consumers?

Experiential retail is one of the most dynamic areas in the retail landscape right now. What makes it so compelling is that both retailers and real estate professionals are getting incredibly creative. There’s no one-size-fits-all formula, and that openness is driving innovation across the U.S.

We’re seeing real investment flow into reactivating venues and spaces that have been underutilized or dormant. These aren’t just stores, they’re becoming destinations. Whether it’s integrating food, fitness, entertainment or art, the goal is to create places where people want to spend time—not just money.

And that’s the key. Online shopping is convenient, but it can’t replicate the sensation of being out in the world where people are browsing, people-watching, grabbing a bite and discovering something unexpected in a physical space. People still crave that connection and spontaneity, and experiential retail taps directly into it.

What role are retail and hospitality playing in driving up foot traffic and supporting return to office?

Retail and hospitality are playing a critical, symbiotic role in supporting the return to office, but interestingly, it may be the office return itself that’s the catalyst for broader neighborhood revitalization. Once people are back to the office, even part-time, everything else begins to reactivate around it.

It’s a holistic ecosystem: each element feeds the other. When people go into the office, they’re not just working; they’re grabbing coffee in the morning, meeting colleagues for lunch, hitting the gym after work or going out for drinks with clients. That means retail, fitness and hospitality venues in close proximity to office hubs are benefiting from renewed foot traffic and energy.