After years of disruption, the sector settled into a defensive equilibrium. Availability stabilized, rents edged higher, absorption turned positive, and new construction stayed near cyclical lows. Grocery-anchored centers, necessity retail, and experiential formats carried the market, while obsolete retail continued to exit the system through redevelopment and adaptive reuse.

In this episode, we break down what actually defined retail performance in 2025 and what that tells us about 2026. Where capital is flowing, which formats are holding pricing power, and why retail has shifted from a growth play to a durability play.

This is a clear-eyed look at retail fundamentals — no hype, no nostalgia, just structure, signals, and what matters going forward.