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ICSC & UNC Retail Real Estate Case Competition

ICSC Foundation

ICSC & UNC Retail Real Estate Case Competition

The Leonard W. Wood Center for Real Estate Studies at UNC Kenan-Flagler Business School was asked to partner with the International Council of Shopping Centers to co-host the 2023 Retail Real Estate Case Competition at ICSC Las Vegas. This invitation-only case competition is held annually and was held this year during ICSC Las Vegas 2023 from May 21-23. Each team was made up of up to four undergraduate students from real estate programs across the U.S. and Canada. Students were given five days to tackle the case and prepare their presentation before traveling to Las Vegas to present to an esteemed panel of real estate judges and compete for $20,000 in prize money.

Congratulations to the top team from Kelley School of Business at Indiana University – Bloomington!

The 2024 Retail Real Estate Case Competition is scheduled for May 19-21. More information is forthcoming.

The 2023 Case


The case for the 2023 ICSC and UNC Retail Real Estate Case Competition was based off of Stirling Properties’ Premier Centre, an approximately 270,00 square foot retail center in Mandeville, Louisiana. In the case, students were presented with a stabilized and 98% occupied shopping center called “Wonderful Center” in “Nicetown, USA,” which has experienced tremendous population growth since the 1990s when the center was completed. Wonderful Center is anchored by an Albertson’s grocery store and a Planet Fitness and includes a Bed, Bath and Beyond and a TJ Maxx. Case competitors were faced with multiple options, including the possibility of replacing Albertson’s with a Whole Foods and the introduction of a new small Target concept. Students were asked to come up with a plan that maximized the long-term value of the center, including a financial analysis on each option and the pros and cons of each option before making a recommendation to the owners on which option to pursue.


First Place – Kelley School of Business at Indiana University – Bloomington
Second Place – UNC Kenan-Flagler Business School
Third Place – Villanova University

Participating Schools 

  • University of Alabama | Culverhouse College of Business
  • University of British Columbia | Sauder School of Business
  • California State University – Northridge
  • University of Colorado – Boulder | Leeds School of Business
  • University of Texas at Austin | McCombs School of Business
  • Indiana University – Bloomington | Kelley School of Business
  • Indiana University – Indianapolis | Kelley School of Business
  • University of Mississippi
  • University of North Carolina | Kenan-Flagler Business School
  • Tulane University
  • Villanova University


  • Rod Castan – Metro Commercial
  • Janine Christian – JLL
  • Bob Dake – Sterling Organization
  • Ivy Greaner – Bedrock Detroit
  • Dave Henry – Peaceable Street Capital
  • Ken Lamy – The Lamy Grroup, Ltd.
  • Mikayla Lynch – RPT
  • Terrence Maiden – Russell Glen Company
  • Kristin Mueller – JLL
  • Jared Nutt – Citi
  • Gary Rappaport – Rappaport
  • Angele Robinson-Gaylord – Rite Aid
  • Brian Ross – Starwood
  • Matthew Ryan – Brixmor
  • Dexter Warrior – T. Dallas Smith & Company