The Fort #360 - Andy Weiner - President @ RockStep Capital - Investing in Shopping Malls in Secondary / Tertiary Markets at 15-25% Cap Rates
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Jul 23, 2024 
Andy Weiner, President of RockStep Capital, shares his mall thesis and deals in small-town America. He discusses deal killers, capitalizing deals, zombie malls, and battling Amazon. Also, alternative ways to monetize mall assets and implementing a successful company culture via Rocksteps are explored.
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Weiner's Retail Background
- Andy Weiner grew up in the retail business, managing 159 Wiener's stores.
- The chain's high-low pricing and poor inventory management led to its closure.
Retail Pricing Strategies
- High-low pricing, like Kohl's, involves marking up prices then promoting sales, while everyday low pricing (EDLP), like Walmart, maintains fixed prices.
- Off-price retailers like TJ Maxx strategically use discounted name brands to attract customers and sell other merchandise.
Small-Town America
- Weiner's early work with Tractor Supply in small towns exposed him to the benefits of secondary and tertiary markets.
- His first shopping center deal in Vicksburg, Mississippi, involved local investors and a community bank, a model he continues to use.