On the eve of ICSC LAS VEGAS in May, TSCG named Nichole Popovics president to lead the company and maintain its momentum in a dynamic and evolving industry. Popovics joined the retail real estate services firm in 2021 as managing director of national tenant advisory services, and her promotion follows other strategic moves that the company, formerly known as The Shopping Center Group, began in late 2024. In addition to the name change, the Atlanta-based company integrated its tenant services, landlord services, data intelligence and investment management divisions. TSCG currently operates out of 20 offices in 10 states — from New York to Florida — as well as Washington, D.C.
Over a roughly 20-year career, Popovics has held several leasing positions for private developers and publicly traded REITs. In mid-June, she took time out in the middle of moving from Tampa, Florida, to Atlanta to discuss the Marketplaces Industry with C+CT contributing editor Joe Gose.
Nichole Popovics became president of TSCG in May. Photo above and at top courtesy of TSCG
May was an eventful month with your promotion and signing a contract to sell your Tampa home. And of course, TSCG had a big presence at ICSC LAS VEGAS. What is your impression of the retail real estate environment following the show?
I went into the conference thinking that I might be more skeptical coming out of it. All of our retail clients are expanding, and our landlord clients are executing leases and want to buy properties. I was optimistic but cautious, wondering if the other shoe was going to drop. But I agreed with almost everything I heard in Las Vegas. Retailers are still growing, and owners still want to place capital. Rents are still growing. I think we need more development to come online, but I don’t think we’ll see much for 24 to 36 months.
In the press release announcing your promotion, TSCG co-CEO Sam Latone praised your ability to build connections and to see the industry differently. What do you think he meant by that?
We’re a relationship business, and I don’t see that changing. There is still an art to making a deal, where a local broker with boots on the ground understands how people shop and eat and what they do on the weekend versus the weekday. But we’re seeing some changes as technology, AI and analytics become a bigger part of our business. We’re seeing it in a few different forms, including in creating efficiencies within our processes internally. And we’ve always had a robust [geographic information system] and analytics team, but with AI, we’re looking at things a little bit differently. We’re using it when a real estate committee or private equity may be looking at a concept that is, say, coming from Europe. How does the U.S. customer compare or relate to the European customer, for example? AI is going to allow us to dive deeper and deeper into analytics.
What are landlords looking for today? That obviously depends on the property type and surrounding demographics, but how are consumer preferences or behaviors shaping demand?
There are a few trends we’re tracking. Thrifting is a big one because if you look at spending in terms of what generations behind me and you are doing, it’s a little bit different. I think that’s also driving a potential resurgence in concepts like Chili’s. My kids ask if we can go to Chili’s, and it reminds me of what I said to my parents 20-plus years ago. I think that Pizza Hut being acquired [by LongRange Capital from Yum Brands for $2.7 billion] will be interesting. They’re bringing back their old-school red cups and decor, so will it have a new heyday? Looking at what these brands were when we were younger and what they may be going forward, I think the question is whether their social media presence is grabbing the attention of the younger generation. We’ve seen it happen with concepts like PopUp Bagels and Dave’s Hot Chicken that have huge followings online, and those brands continue to grow.
Many retailers that would like to expand are having difficulty finding space. How is TSCG getting creative to solve that challenge?
I was having a conversation recently with some retailers about the Main and Main corners, whether it be in cities like Tampa or Orlando, where they would obviously like to locate. But with space limited, they’re starting to look at smaller submarkets that are on the outskirts of these cities that are seeing some housing growth, and the price they’re paying for space is a little bit less than Main and Main. Or maybe they’re looking at a space that’s a different size than what they would normally occupy. We’re also looking at upcoming lease expirations to see if there’s an opportunity to combine space to meet a client’s needs.
The good news is: We’re starting to see some new development in certain markets. We don’t operate in Texas, but I was there a few weeks ago and there is a large amount of development occurring; cranes were everywhere. And now we’re starting to see names like Walmart, Target, Publix and other grocers on site plans in the Carolinas, Alabama and other states. Some municipalities are providing incentives that are helping to fuel development, which is a welcome trend.
TSCG does not currently operate in Texas. How are you thinking about expansion into that state or other markets outside your current footprint?
We definitely have a goal to expand in both our existing markets and in potentially new markets down the road. We’ll have to see where those opportunities present themselves. But “growth” is not a scary word to me. It’s absolutely on the forefront of our minds.
What are other, more immediate goals?
We are going to make sure that we’re offering best-in-class service in all of our business lines: property management, leasing, tenant representation and market intelligence. We’re investing in training to make sure our teams understand how to use new technologies we’re bringing in and the efficiencies they provide. I’ll also be on a road show over the next few months to visit all of the markets to dive into what’s going on and then collaboratively determine what else we can do.
Upon graduating from Florida State University, you shifted from commercial lending to retail real estate. How do opportunities for young people entering the industry compare to those available 20 years ago?
The [Florida State] business school didn’t have much of a focus on retail real estate when I went through, so I didn’t know what to expect. Today, I spend time at different universities mentoring students interested in the industry. It’s not an easy business to get into, but we help young people get a toehold and work with senior partners to understand how to do the work, get new clients and continue to grow.