The Death Of Retail Stores

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Here's a great quick pair of charts from Jefferies.

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Jefferies

It's a great demonstration of a cyclical decline vs. a secular decline. Offices aren't going anywhere, and so with the economic recovery, the cost of rents have bounced back nicely.

Retail is getting gobbled up by various trends, including e-commerce (the hollowing out of malls and department stores is well established. So there's no rental recovery at all. The distinction couldn't be more clear.