EP80 - Why “hometown” markets are delivering real returns in retail



09 Oct 2025

Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets.

From positive leverage dynamics to the structural limits on new supply, Andy explains how disciplined operators are capturing double-digit yields while strengthening the communities they invest in. For investors, developers, and lenders, it’s a revealing look at where the next durable returns may come from


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Key moments

  • 01:34 Meet Andy Wiener of Rock Step Capital

  • 03:38 The birth of Rock Step Capital

  • 05:21 Retail strategy and store metrics

  • 07:29 Improving communities through retail

  • 10:39 The Rock Steps: Company culture and values

  • 16:51 Evolution of Rock Step Capital

  • 20:52 Hometown focus and investment strategy

  • 22:21 Community involvement and local partnerships

  • 24:55 Investment strategies and fund structure

  • 27:00 Retail Renaissance and e-commerce integration

  • 30:24 Supply and demand dynamics in retail

  • 41:38 Public-private partnerships and redevelopment

  • 45:37 Exit strategies and market insights

  • 46:44 Chick-fil-A fandom and personal insights


Our guest and hosts

andy-weiner-500x500's Profile
Andy Weiner

President

RockStep Capital

People - Omar Eltorai's Profile
Omar Eltorai

Director of Research

Altus Group

Cole Perry's Profile
Cole Perry

Associate Director of Research

Altus Group

Resources

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