No Space, No Problem: Building When the Map Looks Full

A disciplined pipeline and strategic site selection approach are enabling growth despite limited supply Retail real estate didn’t change as much as people thought. The fundamentals never left. What changed is how precisely you have to execute them. Jim Lampassi, Senior Vice President of Real Estate & Construction at Academy Sports + Outdoors, has spent 45 years in site selection and development, helping build brands across Marshalls, Petco, and now one of the fastest-growing sporting goods retailers in the country. Today, Academy has grown to a wide network of 300+ stores across 21 states, with a clear path for continued expansion. What stands out isn’t just the scale. It’s the discipline behind how that growth happens. This market is defined by constraint. High occupancy. Limited new development. Fewer deals to chase. That pressure is forcing better decision-making. For Academy, growth isn’t about finding opportunities. It’s about building them. That means creating a pipeline larger than the goal, leaning into relationships with boutique developers, and being willing to do deals that require more effort to get across the finish line. There’s also a shift that’s no longer up for debate. E-commerce didn’t replace stores. It made them more important. Physical locations drive awareness, influence customer behavior, and increase digital demand. When stores close, online sales don’t fill the gap. They drop. The strongest retailers understand the connection and build around it. At the center of it all is a simple idea. Value wins. In an inflationary environment, customers are more selective. Retailers that consistently deliver accessible price points without sacrificing quality are the ones that keep traffic and loyalty. It’s not a trend. It’s a requirement. For owners and operators, the takeaway is clear. The easy deals are gone. Growth now depends on discipline, relationships, and long-term thinking. This isn’t about finding space. It’s about earning it. What You’ll Hear Why retail fundamentals still matter after 45 years How Academy Sports is growing in a high-occupancy market Why building a bigger pipeline is critical to hitting targets How boutique developers are unlocking new deals Why retailers are creating sites instead of finding them How stores are driving e-commerce, not competing with it Why value remains core to Academy’s strategy How retail real estate creates jobs at scale Why industry relationships still drive opportunity What it takes to expand with discipline today Chapters 00:01 – Jim Lampassi’s 45-Year Retail Journey A 45-year career across major retail brands and what shaped it. 02:27 – Why Retail Fundamentals Still Hold The fundamentals that still determine whether a deal works. 03:03 – Inside Academy’s Expansion Story From tire shop to 300+ stores and expanding footprint. 04:21 – Why Value Drives Retail Success How pricing strategy defines long-term success. 05:40 – Retail as a Job Creation Engine Retail as a job creation engine across industries. 08:16 – The Role of Industry Relationships Why being active in ICSC changes careers and outcomes. 10:27 – Retail’s High-Occupancy Reality 95% occupancy and what it means for landlords and tenants. 12:12 – Finding Deals in a Constrained Market Boutique developers, incentives, and building your own pipeline. 15:09 – Developing the Next Generation How the next generation is entering the industry. 18:02 – Rethinking Real Estate Team Structure In-house vs. brokers and what actually works. 20:06 – Why Stores Still Drive Demand Why physical retail is still driving digital demand. 22:31 – Building Marshalls in Puerto Rico Opening 11 stores in one day and what it took to get there. 26:56 – Academy’s Disciplined Growth Plan White space, expansion plans, and long-term positioning. 29:14 – The Future of Retail Supply Why retail supply constraints may stick longer than expected.