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
Resources mentioned:
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
President
RockStep Capital
Omar Eltorai
Senior Director of Research
Altus Group
Cole Perry
Associate Director of Research
Altus Group
Resources
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