ICSC shows retail tenant mix shifting

ICSC LAS VEGAS 2026, held May 18-20 at the Las Vegas Convention Center, offered a clearer view of what retail landlords are leasing for now. Executives and brokers at the conference described a market where tenant demand is broad, but the mix is changing. Commercial Observer reported that conversations at the event centered less on bringing back old anchors than on managing inflation, using AI and filling space with newer categories such as trampoline parks and other experiential operators. ICSC said more than 25,000 decisionmakers attended the three-day event. ### If retail is “back,” what does that actually look like on the ground? Commercial Observer reported on May 22 that the mood in Las Vegas was upbeat, with JLL’s Naveen Jaggi telling reporters, “Every single REIT is having their best year ever from a leasing perspective.” That framing matters because the conference discussion was not about a simple return to the pre-pandemic mall formula. It was about what kinds of tenants are taking space now and what landlords think will keep shoppers coming. (icsc.com) Crexi, in a separate post-event roundup published May 21, said the strongest themes at ICSC included active dealmaking, technology adoption and shifts in grocery and retail formats. Commercial Property Executive also reported that industry participants pointed to changing consumer preferences and tenant demand as central to the sector’s current momentum. ### Why were trampoline parks and family entertainment suddenly part of the conversation? (commercialobserver.com) ICSC said on May 19 that JLL has identified roughly 16.5 million square feet of location-based entertainment concepts planned across the United States and Canada. The trade group said the pipeline reflects demand for closer-to-home leisure options and a market shaped by tight supply, investor interest and shifting tenant demand. (crexi.com) Commercial Observer separately reported on May 19 that trampoline parks and similar concepts had become a visible sign of the moment. The publication tied that growth to economic pressure, with analysts saying consumers were trading down from bigger-ticket leisure spending while still seeking in-person activities. That helps explain why family entertainment, specialty fitness and other experience-led operators are gaining attention from landlords. (icsc.com) ### What kinds of tenants are landlords trying to add? ICSC’s May 19 coverage said experiential retail is expanding as supply stays tight and investors keep looking at the category. The report described a market where landlords are pursuing tenants that can generate repeat visits and longer dwell times, rather than relying only on traditional apparel or department-store draws. (commercialobserver.com) Commercial Observer’s conference dispatch said the tenant mix now includes more non-traditional users, and Commercial Property Executive wrote that leasing conversations reflected a broader evolution in tenant demand. Taken together, those reports point to a retail floor that is increasingly shared by entertainment concepts, service businesses and hybrid operators that combine merchandise with an activity or appointment. That reading is an inference from the conference coverage and trade reporting. (icsc.com) ### Where does AI fit into a retail leasing story? Commercial Observer reported that AI was one of the themes shaping conference discussions alongside inflation and luxury demand. The article did not present AI as a standalone tenant category so much as part of the operating environment landlords, brokers and retailers now expect to manage. Commercial Observer also reported on May 18 that proptech companies were using ICSC to pitch AI tools for retail portfolios, including security and monitoring systems. (commercialobserver.com) That suggests the conference’s retail story was not only about who fills space, but also about how owners run centers and evaluate traffic, safety and operations. ### Why does this matter for businesses that market to shoppers? (commercialobserver.com) The tenant categories highlighted at ICSC rely on showing an experience, not just displaying inventory. A trampoline park, boutique fitness operator, beauty-service tenant or hybrid retail-and-service concept has to persuade a customer to visit a physical location. That follows directly from the tenant mix described in ICSC and conference coverage. (commercialobserver.com) ICSC’s next public readouts, along with follow-up reporting from JLL and conference publications, are likely to show which named operators and landlords convert that conference talk into signed leases. The event has passed, but ICSC’s event page, post-event coverage and exhibitor records remain the clearest source trail for what came next. (icsc.com 1) (icsc.com 2)