What Does It Take to Scale from Two Gyms to 100+ Stores Across America?

n this episode of Retail Retold, Chris Ressa welcomes franchise powerhouse Kal Gullipali — the man who turned two Orange Theory studios into a 100-unit empire spanning Marco’s Pizza, Dave’s Hot Chicken, European Wax Center, and more. From Wall Street to wellness centers to hot chicken, Kal’s story is a masterclass in bold moves, smart capital, and relentless growth.

Kal reveals how selling his first franchise lit the spark for scale — and how COVID became the ultimate wake-up call to diversify. Today, his group operates across multiple states, building new stores, buying portfolios, and driving more than $35–40 million in annual growth. He breaks down the numbers, the strategy, and the mindset it takes to play at this level.

This episode dives into what it really takes to win in franchising: sharp site selection, patient capital, and powerful partnerships. Kal also calls out a coming shift in the fast-casual world — the return of true customer service — as brands rediscover that speed means nothing without hospitality.

What You’ll Hear:

• How Kal built a 100+ unit, multi-brand portfolio in under a decade
• Why diversification saved his business model
• The real economics behind scaling franchises
• Why the next big franchise trend is a return to the human touch

Chapters

00:00 – Meet Kal Gullipali

From Wall Street to Main Street — how a former Merrill Lynch analyst became a franchise powerhouse.

02:00 – The First Franchise Bet

Why Kal’s first leap into Orange Theory Fitness changed everything.

04:00 – From Two Gyms to a Hundred Units

The mindset, capital, and partnerships behind explosive growth.

06:00 – Lessons from Selling and Scaling

How selling early wins funded a smarter, more diversified empire.

07:45 – Enter the Pizza and Hot Chicken Game

Why COVID turned Kal into a believer in delivery-driven, resilient brands.

09:30 – Building vs. Buying

The strategy behind mixing acquisitions with ground-up new builds.

10:30 – Why Dave’s Hot Chicken Took Off

High AUVs, hot branding, and a cult following—Kal breaks down the magic formula.

13:00 – The Numbers Behind the Empire

A candid look at performance, diversification, and what drives profitability.

15:00 – The Power of People and Process

Inside Kal’s shared-services model and how he scales culture across brands.

18:00 – The Franchise Trend No One’s Talking About

Why customer service—not tech—will define the next era of QSR success.

What happens when two of retail’s sharpest minds go head-to-head on the data behind the industry’s biggest shifts? You get this week’s episode of Retail Retold, where Chris Ressa sits down (again!) with Ethan Chernofsky, Chief Marketing Officer at Placer.ai.

Ethan brings the receipts—billions of data points from Placer.ai’s location analytics—to unpack five retail trends that are redefining the way consumers shop and how retailers win. From Chili’s comeback and Trader Joe’s cult following to the rise of “dark stores” and the urbanization of suburbia, Chris and Ethan debate what’s driving foot traffic, loyalty, and value creation across retail. It’s part data, part strategy, and all energy.

What You’ll Hear:

• The five retail trends shaping 2026 and beyond
• Why simplicity (and knowing your “reason for being”) drives success
• How loyalty and cross-visitation can rise together
• Why the store is now a media channel, fulfillment hub, and brand platform
• How suburban retail is stealing the show

Chapters

00:00 – Welcome Back, Ethan Chernofsky

Chris and Ethan kick things off with their signature energy — a quick catch-up, a look inside Placer.ai’s marketing team, and how data storytelling is changing the game.

02:30 – Trend #1: Know Your Reason for Being

The biggest driver of retail success today? Focus. Ethan explains how Chili’s, Trader Joe’s, and Sprouts are winning by doubling down on what they do best.

08:30 – Trend #2: The Battle for the Basket

Loyalty is up — but so is cross-visitation. Chris and Ethan break down why shoppers are visiting more stores and what it means for retailers fighting for “share of list.”

13:15 – Trend #3: The Middle Market Mystery

Can the “middle” of retail survive? The duo debates whether flexibility, not price point, is the secret weapon for retailers stuck between luxury and value.

18:10 – Trend #4: The Store as a Platform

From buy-online-pickup-in-store to dark stores and retail media, Ethan unpacks how brick-and-mortar is becoming retail’s most powerful ecosystem.

22:45 – Trend #5: The Urbanization of the Suburbs

The suburbs are stealing the spotlight. Ethan and Chris discuss how urban concepts are moving into suburban centers—and what that means for open-air retail.

29:00 – Final Thoughts: The Future of Retail is Real

Chris and Ethan wrap it up with what’s next for data, design, and human experience in the physical retail world.

This is not the sugar-coated version of franchising. Patrick Buckley sits down with Chris Ressa to unpack what is actually happening behind the curtain of franchise growth, exits and unit-level profitability. He breaks down the split between legacy giants and scrappy emerging brands fighting for first-time operators, why once-hot home-service brands have cooled off, and why beverages and “drive-thru only” formats are the franchise sector’s new land rush.

Patrick gets blunt about the math — labor, food inflation, beef shortages, construction costs and multiples that make zero sense on paper. He explains why Taco Bell can sell at 10X EBITDA while most operators are fighting to keep 10% margin, and why franchising is not a guaranteed “proven system” but a case-by-case knife fight. Health and wellness franchising is rising, the approval gate is tighter than people think, and the biggest risk is assuming the word “franchise” equals safe..

What you'll hear:

• The collapse in home-services franchise buying after the 2020–24 gold rush
• The beverage & drive-thru wave and why it's crowding capital
• Unit-profit reality: labor > inflation, food > margin, construction > forecast
• Why some brands trade at 9–10x EBITDA despite margin compression
• How first-time buyers actually get (or don’t get) approved to buy existing units
• Why health & wellness may steal share from food over the next decade
• The warning most first-time buyers wish they heard sooner

Chapters

00:00 Introduction to Fran Dogs and Patrick Buckley

03:02 Current Trends in Franchising

05:40 Challenges Faced by Franchisees

08:59 Understanding Franchise Valuations

11:44 The Rise of Taco Bell and Beverage Trends

14:58 Navigating Franchise Purchases

17:41 Emerging Categories Beyond Food and Beverage

20:34 Final Insights and Industry Statistics

How Are Retailers Redefining Success Beyond Sales Per Square Foot?

The metrics that define retail success are changing — fast. In this episode of What’s in Store, hosts Karly Iacono and Chris Ressa dive into the evolving ways retailers, investors, and developers are measuring performance in an era defined by data, analytics, and AI.

From psychodemographics that reveal why consumers buy to macroeconomic drivers reshaping markets, Karly and Chris explore how retail site selection, investment decisions, and KPIs are being redefined. They discuss how new data tools are quantifying once-intangible factors — from population behavior to co-tenancy synergies — and how that data is changing the way we understand performance beyond traditional sales per square foot.

The conversation also touches on the influence of political and labor factors, the rise of visits per square foot as a new benchmark, and how AI and predictive analytics may soon reshape everything from store openings to customer engagement.

What you'll hear:

• How psychodemographics are reshaping site selection
• Why macroeconomic “anchors” like universities and studios drive retail growth
• The impact of politics, regulation, and labor markets on expansion
• What “visits per square foot” really tells us about performance
• How AI is turning overwhelming data into actionable retail strategy

This week on Retail Retold, Chris Ressa welcomes Tyler Bindi, an investment sales broker with Marcus & Millichap, who has quickly risen through the ranks of the net-lease sector after entering commercial real estate in the middle of COVID-19. From his college baseball career at St. Mary's College of California, to selling season tickets for the Colorado Rockies, now to closing deals nationwide, Tyler shares how perseverance, cold-calling, and curiosity built his foundation during one of the toughest markets in recent history.

Tyler reflects on the transformation of the net-lease landscape—from near-zero interest rates in 2021 to today’s higher-rate environment—and the resulting shift in buyer and seller psychology. He explains how many mom-and-pop landlords remain sidelined, while new, first-time investors are entering the space seeking stable, long-term income and tax advantages.

Together, Chris and Tyler break down how pricing expectations are finally converging, why quick-service restaurants remain a market bellwether, and how opportunistic investors are finding value in short-term, low-rent assets with strong real-estate fundamentals. Tyler also reveals his team’s path to scaling from a one-man operation to a ten-person brokerage and why he believes Q4 2025 will mark a powerful resurgence in net-lease transaction volume.

What you'll hear:

• How Tyler transitioned from sports sales to commercial real estate during COVID
• What’s changed most in the net-lease market over the last five years
• Why short-term leases in great locations are attracting investor demand
• How buyer and seller expectations are finally coming back into alignment
• Why Q4 2025 could be a breakout quarter for transaction volume

Can tenacity turn setbacks like the 2008 GFC into career breakthroughs?

This week on Retail Retold, Chris Ressa sits down with Bethany Babcock, founder of Foresite Commercial Real Estate — and a mom of three who has built a thriving firm through sheer tenacity.

Bethany’s journey is anything but conventional. Born in the U.S. but raised in Chile, she came to Texas at 18 with no financial support and worked her way through college while getting her start in real estate. When the 2008 financial crisis hit, she doubled down instead of walking away — jumping into commission-only investment sales and eventually founding her own firm in 2014 with a single client.

Since then, Bethany has grown Foresite into a respected full-service company with offices in San Antonio, Austin, and Houston. Along the way she created the CRE Launch Program, an internship pipeline that’s bringing fresh talent into the industry. Her story blends personal grit with professional innovation, offering valuable lessons for anyone navigating today’s retail real estate market.

From raising bilingual kids to raising capital, Bethany shows what it takes to persevere — and why “trust but verify” is more than just a business mantra.

What you'll hear:

• How a mom of three turned setbacks into a thriving CRE business
• Why 2008’s downturn became a springboard, not a stumbling block
• How mentorship and grit fueled Bethany’s career shift into retail
• The inside story of launching Foresite with one client and growing from there
• The birth of the CRE Launch Program and its role in shaping new talent
• Market insights: San Antonio and Austin leasing strength, local buyers vs. international investors
• A high-stakes deal that fell apart — and the hard lesson learned

Chapters

00:00 Introduction to Bethany Babcock

02:43 Bethany's Journey into Commercial Real Estate

06:05 Career Development and Starting Foresite

08:52 Growth and Challenges in Business

11:39 Current Market Insights and Trends

14:53 Local vs. International Investors

17:55 Lessons from a Challenging Deal

21:40 The CRE Launch Program and Closing Thoughts

On this episode of Retail Retold, Chris Ressa welcomes longtime friend and industry leader Hue Chen, President of Saglo Companies, for a conversation packed with stories and lessons from 25 years in retail real estate.

Hue reflects on starting his career in the trenches of the Great Recession, when lead-sharing boards and creativity kept deals alive. He shares how an unlikely sabbatical during that downturn reshaped his outlook, and why sometimes the “boring” tenants — daycares, laundromats, coin ops — deliver the biggest wins.

From comparing ICSC attendee lists in 2018 vs. 2025 to unpacking why beverage brands like Dutch Bros and 7 Brew are exploding, Hue uses data and anecdotes to show how the retail landscape is constantly evolving. He and Chris also dive into deeper themes: what it takes to scale a company without being the bottleneck, how community-minded regional tenants often outperform nationals, and why consumer and retailer debt may be retail’s real risk today.

It’s a conversation that blends history, humor, and hard truths — and proves that the best retail stories aren’t always about lollipops and rainbows, but about resilience, adaptability, and the unexpected deals that shape entire careers.

What you'll hear:

• How the Great Recession forged Hue’s mindset — and why he never thought of leaving retail
• The sabbatical that reset his career and gave him long-term perspective
• Why “unsexy” tenants like daycares and laundromats can be the most profitable anchors
• What ICSC attendee lists reveal about a generational shift in retail leadership
• How Saglo builds systems so the president isn’t the bottleneck
• Why regional tenants with 2–20 stores often outperform big nationals
• The explosion of beverage concepts like Dutch Bros, 7 Brew, and Luckin Coffee — and what makes them different from Starbucks
• Why community engagement is often the real driver of tenant success
• The hidden risks: consumer debt and retailer leverage vs. the strength of retail real estate fundamentals
• Lessons on adaptability, resilience, and how a single deal can shape an entire career

Chapters

00:00 Navigating the Great Recession: A Shared Journey

09:32 The Evolution of Retail Real Estate

20:47 Current Market Dynamics and Future Outlook

24:56 Retail Resilience and Market Dynamics

28:22 Concerns in Retail: Debt and Consumer Behavior

31:26 The Importance of Community Engagement in Retail

34:24 The Rise of Coffee Concepts in Retail

40:30 Defining the 'Third Place' in Today's Society

Why are institutions pouring billions into an asset class others are doubting?

In this episode of What’s In Store, Chris Ressa and Karly Iacono break down one of the most resilient yet often misunderstood corners of commercial real estate: net lease. While headlines focus on retail closures or shifting tenant dynamics, the reality is that net lease portfolios are performing at an extraordinary level, with occupancy rates consistently between 98 and 99 percent. This asset class is attracting serious institutional capital, and its structure creates predictable long-term income streams, and replacement costs and tenant “stickiness” make these properties so durable.

They also tackle misconceptions—explaining why recent cap rate movements and financing challenges haven’t diminished the underlying value of well-located, freestanding real estate. With creative financing and strategic positioning, today’s market offers investors a rare window to buy below replacement cost while securing stable returns. Whether you’re an active investor, a retail real estate professional, or simply curious about how “mailbox money” really works, this episode delivers a clear-eyed look at why net lease is a powerful and timely opportunity.

What you'll hear:

• Why net lease portfolios are maintaining 98–99% occupancy
• How long-term leases provide durability and predictable income
• The role of replacement cost in strengthening asset value
• Why tenant “stickiness” adds security to investments
• The growing appetite from institutional investors
• How rising cap rates and high financing costs create opportunity
• Strategies for investors navigating today’s market

Chapters

00:00 Introduction to Net Lease Opportunities

03:01 Understanding Occupancy Rates in Net Lease REITs

05:55 The Durability of Income in Net Lease Investments

08:47 Institutional Interest in Net Lease Properties

12:09 Market Trends and Future Predictions for Net Lease

14:59 Investment Strategies in Net Lease Real Estate