NEW YORK (TheStreet) --Kimco Realty (KIM) - Get Report is a NYC-based real estate investment trust (REIT) and the largest publicly traded owner and operator of open-air shopping centers.

With just 33 days left until Christmas, Kimco CEO Connor Flynn discussed the current state of retailers and expectations for the holiday season on CNBC.

"There are a few [stores] that have a smaller footprint these days, but they want to be nimbler in getting into urban areas," Flynn said on Monday's "Power Lunch."

To that effect, when retailers opt out of the big-box store footprint (one superstore location) they can pivot to a flex footprint, allowing them to open stores in places with limited real estate.

Moreover, because supply and demand levels are currently in-balance, with demand remaining "healthy" among consumers, smaller retailers can opt to co-locate with a larger retailer like Ross Stores (ROST), Flynn noted.

Regarding the holiday shopping season, Flynn has a positive outlook and believes that consumer sentiment driving increased spending could result from the incoming presidential administration.