What if one real estate decision changed the trajectory of an entire company?

Back in 2021, the retail industry was navigating supply chain disruptions, soaring construction costs, and an uncertain recovery. Today, this conversation with Five Below Vice President of Real Estate Zach Minteer feels less like a snapshot in time and more like a masterclass in building a resilient retail business.

This replay features Chris and Zach discussing one of retail's most remarkable growth stories. Before Five Below became a national retailer with thousands of locations, it was a startup learning hard lessons about growth, operations, and disciplined decision-making. Zach shares how one store in Downingtown, Pennsylvania became the turning point that helped shape the company's future.

The conversation explores why Five Below intentionally slowed its expansion after growing too quickly, completely reimagined its store prototype, and took a calculated risk on a larger format that ultimately became the blueprint for the brand's explosive growth. Zach walks through the real estate strategy, landlord negotiations, site selection process, and partnership required to make that first prototype store a reality.

It's also fascinating to revisit the industry's perspective on post-pandemic consumer demand, construction costs, supply chain disruptions, leasing momentum, and the rapid acceleration of omnichannel retail. Some challenges have evolved, while others remain just as relevant for retailers, owners, and investors.

Beyond the market discussion, Zach shares what it was like joining Five Below as one of the company's earliest employees, helping scale the business from just a few dozen stores to a publicly traded retailer, and why preserving company culture matters as much as opening new locations.

More than a time capsule, this conversation is a reminder that while retail continues to evolve, disciplined growth, strong partnerships, and thoughtful real estate decisions never go out of style.

What You’ll Hear

• Why Five Below paused its growth to build a stronger foundation
• The story behind the prototype store that changed the company's future
• Lessons on scaling a retailer from startup to public company
• How landlords and retailers partnered through uncertain market conditions
• Why company culture becomes even more important as organizations grow
• Timeless real estate and leadership lessons that still apply today

Chapters

00:00 – Welcome to Zach Mintier

Chris welcomes the Five Below real estate leader and longtime industry friend.

09:20 – Retail's post-pandemic comeback

A look back at the surprisingly strong recovery, leasing activity, and consumer demand.

18:30 – Construction costs and supply chain challenges

Why retailers and landlords had to collaborate to keep deals moving.

27:45 – The story of Downingtown begins

How one Pennsylvania store became a defining moment for Five Below.

31:20 – Pressing pause to rethink growth

Why Five Below halted expansion, redesigned its stores, and changed course.

35:30 – Negotiating the impossible deal

Finding the right site, convincing leadership, and partnering with the landlord.

45:30 – Opening day changes everything

The launch of the first larger-format Five Below and the customer response.

48:45 – From startup to retail powerhouse

Zach reflects on scaling Five Below while preserving the culture that fueled its success.

51:30 – Retail wisdom

Favorite retailers, grilling, Target aisles, and Chris' signature rapid-fire qu

The consumer behaviors behind today's strongest retail trends and what they mean for retailers, landlords, and shopping centers.

Retail traffic is telling a very different story than most headlines suggest.

According to Ethan Chernofsky, Chief Marketing Officer at Placer.ai, consumers aren't abandoning stores. They're redefining how they use them.

One of the biggest shifts is happening inside everyday shopping trips. Consumers are visiting more retailers within the same category, particularly grocery, while spending less time in each store. Instead of trying to be everything to everyone, retailers with a clearly defined value proposition are winning over today's more intentional shopper.

Chris Ressa and Ethan explore why physical retail has become more valuable, not less. While ecommerce remains an essential part of the customer journey, stores are becoming even more important as fulfillment hubs, discovery engines, and places where brands can build lasting customer relationships. Stores remain the most profitable channel for many retailers while often delivering the best value for consumers. That alignment creates a powerful long term advantage that extends well beyond convenience.

Even mall traffic continues to surprise analysts, especially among younger shoppers. Gen Z is proving that physical retail still serves an important social function, reinforcing the growing importance of placemaking and creating destinations people actually want to visit.

Whether it's Starbucks extending pumpkin spice season, Dairy Queen creating a spring traffic surge with Free Cone Day, or retailers capitalizing on major cultural moments, the lesson is clear: great operators don't simply react to consumer behavior, they influence it.

For retailers, landlords, and anyone watching the future of physical commerce, the message is simple: stores matter more than ever. The retailers and shopping centers that understand changing consumer behavior, and respond with intentional experiences, convenience, and operational excellence, will be the ones that continue to outperform.

What You’ll Hear

• Why the smartest retailers create demand instead of waiting for it
• The surprising shift in how consumers are shopping today
• Why physical stores are becoming more valuable, not less
• How Starbucks and Dairy Queen turn ordinary days into traffic drivers
• Why Gen Z is spending more time at malls
• The comeback stories proving great brands are hard to beat

Chapters

00:00 – Meet Ethan Chernofsky

How Placer.ai uses location data to understand consumer behavior.

01:08 – The new rules of retail traffic

Why shoppers are making more trips while spending less time in stores.

04:58 – Why physical stores keep winning

The overlooked value physical retail creates for retailers and consumers alike.

09:41 – Discovery still happens in stores

Why the in-store experience continues to drive purchases and loyalty.

12:13 – Gen Z is bringing malls back

What younger shoppers reveal about the future of placemaking.

13:42 – Convenience vs. placemaking

When retailers should prioritize speed—and when they should encourage longer visits.

17:19 – Retail lessons from around the world

How culture shapes shopping behavior across global markets.

18:45 – Back-to-school traffic winners

The retailers and brands positioned to benefit this season.

20:48 – How great retailers create demand

What Starbucks, Dairy Queen, and other brands can teach every retailer.

23:24 – The traffic stories nobody saw coming

Unexpected trends shaping home improvement and retail performance.

26:12 – Never count out great brands

Why Target, Starbucks, and other leaders continue to find their way back.

27:23 – Looking ahead

What today's traffic trends could mean for the holiday shopping season.

The questions everyone new to retail real estate needs to ask.

Sometimes the best conversations start with someone willing to ask questions.

That's exactly what happened when Chris Ressa handed the microphone to DLC Marketing Coordinator Jordyn Levine.

Retail Retold usually features founders, CEOs, and industry leaders. This time, the conversation turned inward. Drawing on conversations with Chris, producing the podcast each week, and experiencing retail real estate through fresh eyes, Jordyn asked the questions many people outside the industry are curious about. Why do people think online shopping dominates retail? What actually creates value? Why do physical stores still matter? And how will AI reshape retail real estate?

The conversation is about more than the answers. It's a reflection of a culture where curiosity is encouraged, ideas can come from anywhere, and asking thoughtful questions is just as important as having the answers. That mindset leads to better conversations, stronger teams, and ultimately, better business.

Chris shares why physical retail continues to outperform common perception, why shopping centers are intentionally built as ecosystems rather than collections of stores, and why technology should enhance, not replace, human judgment. From social media and site selection to omnichannel retail and digitally native brands opening stores, the discussion explores the forces shaping retail today while keeping people at the center of every decision.

The conversation also offers advice for anyone entering retail real estate. Chris explains why understanding trade areas, developing strong people skills, and staying intellectually curious are more valuable than trying to have all the answers. His closing thought captures the spirit of both the discussion and the culture behind it: be curious before you're certain.

This isn't just a conversation about the future of retail. It's a reminder that the best ideas often begin with someone curious enough to ask the next question.

What You’ll Hear

• Why people overestimate the impact of e-commerce on retail
• Whether social media is changing where retailers choose to open
• What physical stores still offer that technology can't replace
• How landlords build shopping centers that work as complete ecosystems
• Where AI fits into the future of retail real estate
• Chris's predictions for the next decade of retail

Chapters

00:00 — A different kind of Retail Retold

Chris hands the microphone to DLC Marketing Coordinator Jordyn Levine for a conversation driven by curiosity.

02:08 — Why retail is more misunderstood than ever

Jordyn kicks off the conversation by exploring why consumers continue to overestimate the impact of e-commerce on physical retail.

08:34 — Is social media shaping the future of retail?

A discussion on how digital discovery is influencing consumer behavior and retail strategy.

15:16 — Why physical stores still matter

Chris explains what brick-and-mortar offers that technology can't replace.

22:48 — Building shopping centers that actually work

Jordyn shifts the conversation to what makes a shopping center successful and how landlords build complementary tenant mixes.

30:15 — Can AI pick the next great retail location?

Chris discusses where AI is transforming site selection and where human judgment still leads.

37:42 — Looking ahead

Chris shares the trends he believes will shape the next decade of retail.

44:50 — Closing thoughts

A conversation about curiosity, continuous learning, and the value of fresh perspectives.