WMT - A Disappointing Start To Holiday Shopping

• The extra-early start to the holiday promotions at leading retailers has done little to shore up retail spending. Retail sales are faltering, reversing promising rebounds this summer.
• Consumers are pulling back on retail spending as the jobs recovery is stalling and unemployment benefits expire. Surging COVID cases are forcing more retailers to close, many permanently.
• While grocers, discounters, and online retailers thrive, apparel stores, restaurants, and department stores—and their landlords—face a very challenging outlook.
• Expect retail REITs tosee elevated vacancies and depressed rent collections through next year andinto 2022.

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