This year, our members navigated rising interest rates, strain on regional banks and a challenging capital markets environment with a disciplined approach to growth, space and tenant curation. The increase in retailers using stores for alternative purposes such as click and collect and as mini-fulfillment centers has continued and, in some cases, accelerated post-pandemic, keeping demand for physical space high. This, coupled with relatively strong retail sales this year and virtually no new net supply built for the past 15 years, has resulted in the continued health of the Marketplaces Industry.

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Similar to our members, ICSC has managed the challenges of 2023 and maintained momentum. Our new pricing structure encouraged retailers and Next Generation professionals to become members and attend our events, and they now account for 15% and over 40% of new-member joins in 2023, respectively. Our legacy-member-appreciation and event-enthusiasts programs recognized our long-tenured members and those who frequently attend events, and we celebrated other members’ impact on their communities through our “I am ICSC” social media campaign and with numerous stories in Commerce + Communities Today. We also introduced ICSC MARKETPLACES IQ, a game-changing prop tech tool to conduct trade area analyses, perform market research and search commercial and retail properties.

I visited many members in their offices across the country this year and truly appreciate the opportunity to hear what’s on the minds of these leaders and their teams. I learned that most feel the core of their business is strong and the industry is healthy, but concern over macro-economic conditions and geopolitical events is felt by all. None of us are immune to these challenges, and this includes ICSC. However, with the progress we have made over the past few years, we are well-positioned to serve our members in 2024 and for many years to come.