DG - More Retail Pain Before Real Gains

• In-store holiday sales were the weakest in over a decade as consumers avoided physical stores and services, compounding retailers' financial woes.
• The latest COVID relief bill and the likely next round of funding from the Biden Administration will help cushion the retail distress, but many more store closures and retailer bankruptcies.
• Pent up retail demand—when finally realized—will provide a welcome boost for the sector but will recoup only a small share of the sales foregone in 2020, particularly for service-based retailers.
• Today's vacancies will present tomorrow's opportunities for enterprising retailers and strong landlords. But rebuilding will take time.

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