Conversion rate of topical Retinol to Retinoic Acid (Tretinoin)?
My guess is that the effect you describe is due to compartmentalisation: both retinol and retinoate are practically lipophils and so will localize in membranes and other lipid "pools", while both human retinal dehydrogenase enzymes are cytosolic. Probably the only occasion they have to get at their substrate is when it's bound to RBP. This however introduces another factor complicating the simple model.