Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • November 28, 2025
A banner for weekly commercial real estate news recap
A blurred image of a city street with people walking down it.

US cancels release of CPI report for October because of government shutdown

WASHINGTON, Nov 21 (Reuters) - The U.S. Bureau of Labor Statistics said on Friday it had canceled the release of October's consumer price report because the recently ended government shutdown had prevented the collection of data.

"BLS is unable to retroactively collect these data. For a few indexes, BLS uses nonsurvey data sources instead of survey data to make the index calculations," the BLS said in a statement...

A blurry picture of a clothing store with clothes on display.

Figs opens new physical location in NYC

A popular healthcare apparel brand has opened its third brick-and-mortar location.

Figs opened its newest store, which the brand calls Community Hubs, in New York City’s Upper East Side on Nov. 15. Figs says the new store is designed to provide shoppers with an immersive experience, including a Color Clinic and a Customization Station. The store features pill chandeliers, seating areas, and “modern-meets-medical” inspired fixtures...

A car is parked in front of a sign that says 223

Dick’s turnaround at Foot Locker includes store closures, inventory reset

Dick’s is already testing improvements at 11 Foot Locker stores and named a new head of international for the business.


In its first quarter reporting as a combined business, Dick’s Sporting Goods Executive Chairman Ed Stack said it was time to “clean out the garage” at Foot Locker in an effort that will span stores, inventory and other assets.

For starters, the company is focused on clearing out unproductive inventory across Foot Locker’s business and will close an unspecified number of stores. The company will also rightsize assets “that don’t align with our go-forward vision,” per a release...



The front of an aldi store with a sign in front of it.

T&T Supermarket grows California expansion plans

T&T Supermarket is adding another California location to its 2026 roster.


Canada’s largest Asian grocery chain will open a 52,000-sq.-ft. store in Millbrae at Friendship Plaza in winter 2026. Located in the southern portion of the San Francisco Peninsula, the store will serve several communities in the Bay Area.

Looking ahead to 2026, T&T has several California stores underway including in San Jose, San Francisco, Irvine and Chino Hills. The retailer currently operates two U.S. stores in Bellevue and Lynnwood, Wash. It entered the U.S. market in December 2024...

People walk past a Gap store located at the corner of Sixth Avenue and Broadway on a sunny day.

Gap beats Street as same-store sales surge in Q3


Gap Inc. is crediting a viral campaign for driving revenue at its namesake brand and contributing to its strongest same-store sales in years. 

The specialty apparel retailer reported third quarter net income of $236 million, down roughly 14% from $274 million during the same period last year. Diluted earnings fell to $0.62 from $0.72, but beat Wall Street estimates of $0.59. CNBC reports that Gap CFO Katrina O’Connell attributed declining profits to the impact of tariffs, which the retailer previously warned about in its first-quarter fiscal 2025 earnings release...

The exterior entrance of a Belk department store at sunset with a blue curved canopy and modern stone facade.

Belk to open new store concept — here are the locations

Belk Inc. is going smaller.



The 136-year-old regional department store retailer will unveil a new store concept in December in two locations: The Grove at Wesley Chapel in Wesley Chapel, Fla., and The Centre at Preston Ridge in Frisco, Texas. The new Belk Market stores will offer a curated assortment of top national and private label brands in a smaller footprint of 25,000 to 30,000 sq. ft. The company is working on additonal locations to open in 2026...

A cream-colored Hollister California logo centered on a dark grey storefront sign.

Abercrombie & Fitch Q3 tops estimates, fueled by strong growth at Hollister

Abercrombie & Fitch Co. reported a better-than-expected third quarter as surging sales for its Hollister brand offset continuing softening sales at its namesake division.


Net income totaled $113 million, or $2.36 per share, for the quarter ended Nov. 2, compared with $131.98 million, or $2.50 per share, a year earlier. Analysts had expected earnings of $2.16 per share...


The exterior facade of a Kirkland's home decor store with large black lettering and warm accent lighting.

Bed, Bath & Buy to acquire Brand House Collective; will close 40-plus stores

Bed, Bath & Buy Inc. has entered into a merger deal that will see it acquire The Brand House Collective (formerly Kirkland’s) for $26.8 million in a move to create an “everything home” company.



The deal, which has been unanimously approved by boards of both companies, is expected to close in the first quarter of 2026 pending shareholder approval and the consent of lender Bank of America. The two companies have been working together since September 2024, when Kirkland’s entered into a deal that would result in the return of Bed Bath & Beyond brick-and-mortar stores to the U.S. retail landscape...

Shoppers walk past a large, decorated Christmas tree in a brightly lit, multistory shopping mall.

As holiday shopping gets underway, here are 10 features that make malls successful


This year's holiday season is expected to be a shopping record breaker.


For the first time ever, spending is projected to surpass $1 trillion, according to the National Retail Federation. And 186.9 million people are planning to shop during the upcoming Black Friday weekend, another high point.



Malls that have kept up with the times are likely to attract healthy foot traffic and revenue for the holidays, just as they do during other times of the year, according to retail analysts...

Weekly Perl: A Commercial Real Estate News Recap

By Marc Perlof • October 30, 2026
Tractor Supply Q3 sales rise 5.1%; to moderate new store openings Tractor Supply Company delivered third-quarter earnings and sales that beat analyst expectations and said it was gaining share against most categories and metrics even as its customers remain cautious. On the company’s earnings call, CEO Hal Lawton said that elevated interest rates and reduced housing mobility are weighing on property improvements and larger projects. Pet ownership headwinds, particularly new pet acquisition, continue to affect demand in certain categories...

AB 1693: Can California AB 1693 Help Retail Tenants Open Faster?

By Marc Perlof • October 28, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 26, 2026 If you own retail real estate, here’s what just changed for you. A lease guaranty can become less useful if the tenant changes entities, the guaranty expires, or a later agreement releases a guarantor. That can affect your income security, refinancing options, and property value. The main owner decision is whether the guaranty still supports your planned hold, refinance, renewal, or sale. Why Should You Review a Lease Guarantee Every Few Years? Many owners review the lease when they buy the property and do not examine the guaranty again until there is a tenant problem or planned sale. During that time, the tenant may be acquired, reorganized, assigned to another entity, or operating under a guaranty that is capped, reduced, or approaching expiration. A review every few years can help you identify those issues while you still have time to respond. Annual Lease Guarantee Review Checklist 1. Confirm the Current Tenant and Every Guarantor Start with the exact legal name of the tenant currently responsible for the lease. Then identify every company or individual that signed a guaranty. Do not rely on the brand name displayed at the property. The company on the sign may not be the legal tenant or the entity supporting the rent. Confirm whether the guaranty comes from the national parent ompany, a subsidiary, an affiliate, a franchise operator, a location-specific LLC, an individual, or more than one guarantor. 2. Check What the Guaranty Covers and When It Ends A signed guaranty may not cover every lease obligation for the entire lease term. Determine whether it is full, capped, reduced over time, limited to certain lease years, or restricted to specific obligations. It may cover base rent but exclude additional rent, property expenses, repair obligations, or legal costs. Compare the guaranty term with the remaining lease term. Do not assume that a lease extension automatically extends the guaranty. 3. Review Later Documents and Ownership Changes The original lease and guaranty may have been changed by later documents. Review amendments, extensions, assignments, assumption agreements, landlord consents, estoppel certificates, ownership change notices, and any guarantor releases or replacements. A tenant may continue using the same brand while the legal tenant, ownership structure, or guarantor changes behind the scenes. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. The chart can explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. Qualified legal counsel should confirm unclear obligations. 4. Review the Guarantor’s Current Financial Support A guaranty is only as useful as the company or person behind it. Depending on your lease rights and the information available, review current financial information, rent payment history, operating locations, recent closures, ownership changes, and whether the guarantor still appears to own meaningful assets. The goal is not to complete a full credit analysis. It is to determine whether the support behind your rent is still consistent with what you believed when you bought the property or negotiated the lease. 5. Compare the Guaranty with Your Ownership Plan The value of a guaranty depends partly on what you plan to do with the property. If you expect to hold for several years, determine whether the guaranty lasts through your planned ownership period. If you think you are going to refinance, renew, or sell, consider whether the guaranty will still provide meaningful support at that time. You should also consider what happens if the tenant leaves. Contract rent, market rent, vacancy downtime, leasing commissions, tenant improvement costs, repairs, and replacement demand can all affect NOI, capital needs, and net sale proceeds. The central question is whether the guaranty, the underlying real estate, or both support your next major ownership decision. Owner Self Assessment Could you clearly explain who guarantees your largest tenant’s rent, what the guaranty covers, when it ends, and whether it still supports your ownership plan? Reviewing your lease guaranty every few years can help you identify income, financing, vacancy, and value risks before they limit your options. Contact me for the expanded Retail Lease Guarantee Review Checklist . It includes a more detailed document list, guarantor review questions, financial and ownership checks, vacancy and replacement cost considerations, and a one page owner summary you can use before a refinance, renewal, hold, or sale decision. Are you relying on a guaranty that will still provide meaningful support when you refinance, renew the lease, or sell the property? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #PropertyValue #RetailInvesting #InvestmentSales #MarcRetailGuy #MarcPerlof

What Retail Property Owners Should Review Before Relying on a Lease Guarantee

By Marc Perlof • October 26, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 October 26, 2026 If you own retail real estate, here’s what just changed for you. A lease guaranty can become less useful if the tenant changes entities, the guaranty expires, or a later agreement releases a guarantor. That can affect your income security, refinancing options, and property value. The main owner decision is whether the guaranty still supports your planned hold, refinance, renewal, or sale. Why Should You Review a Lease Guarantee Every Few Years? Many owners review the lease when they buy the property and do not examine the guaranty again until there is a tenant problem or planned sale. During that time, the tenant may be acquired, reorganized, assigned to another entity, or operating under a guaranty that is capped, reduced, or approaching expiration. A review every few years can help you identify those issues while you still have time to respond. Annual Lease Guarantee Review Checklist 1. Confirm the Current Tenant and Every Guarantor Start with the exact legal name of the tenant currently responsible for the lease. Then identify every company or individual that signed a guaranty. Do not rely on the brand name displayed at the property. The company on the sign may not be the legal tenant or the entity supporting the rent. Confirm whether the guaranty comes from the national parent ompany, a subsidiary, an affiliate, a franchise operator, a location-specific LLC, an individual, or more than one guarantor. 2. Check What the Guaranty Covers and When It Ends A signed guaranty may not cover every lease obligation for the entire lease term. Determine whether it is full, capped, reduced over time, limited to certain lease years, or restricted to specific obligations. It may cover base rent but exclude additional rent, property expenses, repair obligations, or legal costs. Compare the guaranty term with the remaining lease term. Do not assume that a lease extension automatically extends the guaranty. 3. Review Later Documents and Ownership Changes The original lease and guaranty may have been changed by later documents. Review amendments, extensions, assignments, assumption agreements, landlord consents, estoppel certificates, ownership change notices, and any guarantor releases or replacements. A tenant may continue using the same brand while the legal tenant, ownership structure, or guarantor changes behind the scenes. When the relationship among the tenant, guarantor, parent company, and affiliates is unclear, request an organizational chart or entity structure. The chart can explain how the companies are connected, but the lease and guaranty documents still determine who is legally responsible. Qualified legal counsel should confirm unclear obligations. 4. Review the Guarantor’s Current Financial Support A guaranty is only as useful as the company or person behind it. Depending on your lease rights and the information available, review current financial information, rent payment history, operating locations, recent closures, ownership changes, and whether the guarantor still appears to own meaningful assets. The goal is not to complete a full credit analysis. It is to determine whether the support behind your rent is still consistent with what you believed when you bought the property or negotiated the lease. 5. Compare the Guaranty with Your Ownership Plan The value of a guaranty depends partly on what you plan to do with the property. If you expect to hold for several years, determine whether the guaranty lasts through your planned ownership period. If you think you are going to refinance, renew, or sell, consider whether the guaranty will still provide meaningful support at that time. You should also consider what happens if the tenant leaves. Contract rent, market rent, vacancy downtime, leasing commissions, tenant improvement costs, repairs, and replacement demand can all affect NOI, capital needs, and net sale proceeds. The central question is whether the guaranty, the underlying real estate, or both support your next major ownership decision. Owner Self Assessment Could you clearly explain who guarantees your largest tenant’s rent, what the guaranty covers, when it ends, and whether it still supports your ownership plan? Reviewing your lease guaranty every few years can help you identify income, financing, vacancy, and value risks before they limit your options. Contact me for the expanded Retail Lease Guarantee Review Checklist . It includes a more detailed document list, guarantor review questions, financial and ownership checks, vacancy and replacement cost considerations, and a one page owner summary you can use before a refinance, renewal, hold, or sale decision. Are you relying on a guaranty that will still provide meaningful support when you refinance, renew the lease, or sell the property? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #NetLease #LeaseGuarantee #CorporateGuarantee #TenantCredit #PropertyValue #RetailInvesting #InvestmentSales #MarcRetailGuy #MarcPerlof
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