Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • February 20, 2026
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This Signal Triggered Before the Last 4 Recessions. It Just Happened Again.


The question of whether the U.S. economy is heading toward recession is a polarizing one.


On one hand, GDP grew at a 4.4% annualized clip in the third quarter. The unemployment rate is still in the 4% to 5% range. Inflation is still well above the Federal Reserve's target but it's also sustainably below the 3% level...

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

Report: Aritzia sees potential for 180 to 200-plus U.S. stores


Aritzia Inc. has big ambitions when it comes to the United States. 



The Canadian fashion retailer sees the long-term potential for 180 to 200-plus U.S. locations, according to a report by WWD. Aritzia currently operates approximately 140 stores in North America, including 72 in the U.S...

A Burger King restaurant at night, featuring a modern, glass-fronted design with warm lighting and wooden accents.

Beef Costs Bite into Burger King’s Profits, but Turnaround Plan Presses On

Burger King’s “Reclaim the Flame” turnaround plan ran into some roadblocks last year because of the macroeconomic environment.


Average profitability per unit was about $185,000 last year, down from $205,000 in 2024. The chain attributed the dip to higher beef costs—the brand’s largest commodity—which increased more than 20 percent year-over-year. CEO Josh Kobza said that if beef prices remained what they were in 2024, then average profitability would’ve been about flat year-over-year...

Four friends laughing and eating pizza together at a cafe table with coffee cups.

Restaurant industry to see sales rise, jobs added in 2026


Despite increasing operating costs and economic pressures impacting consumers, the National Restaurant Association is bullish on the dining sector for 2026.


According to the group’s State of the Restaurant Industry 2026 report, consumer spending is expected to push restaurant industry sales to a projected $1.55 trillion nationwide, with real (inflation-adjusted) sales gains of 1.3% projected. The report added that restaurant operators are expected to add approximately 100,000 jobs in 2026, bringing total industry employment to 15.8 million...

A Dutch Bros coffee stand with blue walls, signage, and an outdoor service window under a sunny sky.

Dutch Bros to open ‘at least’ 180 sites in 2026 on heels of ‘record-breaking’ year

Dutch Bros delivered its 19th consecutive year of positive same-store sales growth and reported fourth-quarter revenue and earnings that easily topped expectations. 


The fast-growing drive-thru coffee chain continued its expansion during the quarter, opening 55 locations. For the full year, Dutch Bros opened 154 new shops across 22 states, giving it a total of 1,136 locations across 25 states...

The Ace Hardware store logo sign with bold red lettering against a dark vertical wooden panel under a building overhang.

Ace Hardware ends year on upbeat note


Ace Hardware Corp. reported record revenue for its fourth quarter and full year.


The hardware cooperative’s consolidated revenues rose 9.9% to $2.5 billion for the three months ended Jan. 3. Total wholesale revenues were $2.3 billion, an increase of 10.0% compared to the prior year fourth quarter...

Exterior view of a brick Trader Joe's grocery store with a red promotional tent set up in front on a sunny day.

Trader Joe’s releases latest ‘coming soon’ list of stores


Trader Joe’s will open eight locations in the coming months, the grocery retailer announced Tuesday.


Two new stores will open in Louisiana—New Orleans and Mandeville—and two will open in the Southeast—Johns Creek, Georgia, and West Palm Beach, Florida.


The company plans to open additional stores in Merriam, Kansas; Tucson, Arizona; Woodinville, Washington; and McKinney, Texas...

A person shops for fresh produce in a grocery store, holding a head of cabbage and reaching for green vegetables on a shelf.

Consumers continue shifting to mass-channel retailers for groceries


Mass retailers and dollar stores are gaining ground with consumers as financial insecurity continues to affect grocery purchasing decisions, with one chain clearly in the lead.


Walmart’s grocery penetration has reached a record-breaking 72%, according to Dunnhumby's latest Consumer Trends Tracker (CTT) report, which analyzes the grocery spending habits and choices of consumers on a quarterly basis...

A wide-angle, exterior view of a large blue and yellow IKEA store under a blue sky with scattered clouds.

Ikea adds four more stores to its 2026 US growth push

Global furniture retailer Ikea has bumped up the number of U.S. stores it plans to open this year, adding four more for a total of 10 locations.


The Swedish company — whose hallmark is selling affordable ready-to-assemble furniture in big-box stores — said it now will be opening new stores in Culver City, Los Angeles’ first city-center store; Tulsa, the first Ikea store in Oklahoma; Gurnee in the Chicago area; and Fort Collins, joining Ikea Centennial and Ikea Colorado Springs in Colorado...

Two mannequins in athletic poses on a platform in a clothing store with shoppers browsing racks in the background.

Gym apparel retailer makes brick-and-mortar entry in Los Angeles


A bright orange Lamborghini at the entrance of the newest store at one of Los Angeles' most upscale malls isn't just décor — it's a symbol of a digital brand shifting gears into the physical world.



Youngla, pronounced YUHN-guh-lay, is a fast-growing apparel company born on social media and fueled by fitness influencers. It has opened its first brick-and-mortar store at Westfield Topanga in Canoga Park, about 25 miles northwest of downtown Los Angeles...


The Wendy's logo with the signature red-haired girl mascot mounted on a gray building exterior under a blue sky.

Wendy’s Calls 2026 a Rebuilding Year as Sales Slide and Closures Accelerate

Wendy’s interim CEO Ken Cook made it clear to investors Friday that 2026 will be a rebuilding year for the burger giant.


U.S. same-store sales fell 11.3 percent in Q4, driven by a decrease in traffic, partially offset by a higher average check. The brand attributed downward sales to significantly less marketing spend, a tough lap against the chain’s SpongeBob SquarePants collaboration in Q4 2024, and a decision to move its chicken sandwich launch into 2026. One positive was the rollout of chicken tenders and sauces, which led to high customer satisfaction scores...

Weekly Perl: A Commercial Real Estate News Recap

By Marc Perlof • October 2, 2026
The 2026 QSR® Drive-Thru Report For years, a 5% yield on the Treasury looked like a relic from another interest-rate era—where borrowers faced soaring loan rates. Now it's back, capping a six-year surge from pandemic-era lows near 0.5%. The benchmark yield crossed 5% this month for the first time since 2007, but this appears different than the eve of the Great Recession: the Fed is staring down a lose-lose situation combining high inflation and weak economic growth, a catch 22 that economists termed "stagflation" in the 1970s and long feared through the 10-year's climb upward since the pandemic...

Can ADA Risk Hurt Your Sale Price?

By Marc Perlof • September 28, 2026
By Marc Perlof | @MarcRetailGuy CA #01489206 September 28, 2026 If you own retail real estate, here’s what just changed for you. Americans with Disabilities Act (ADA) risk is not just a legal issue. It can become a pricing issue, a leasing issue, a buyer confidence issue, and a closing issue. For California retail property owners, accessibility concerns can affect value because buyers, tenants, lenders, and attorneys do not only look at income. They also look at risk. If that risk is unclear, they may ask for credits, repairs, holdbacks, price reductions, or stronger lease protections. That is the real “so what” for the owner. ADA issues do not always destroy value. But unmanaged ADA risk can reduce leverage. Reduced leverage can reduce value. Why ADA Risk Becomes a Value Issue Retail property value is usually based on income, lease quality, tenant strength, location, condition, and risk. ADA risk fits into several of those categories. If a property has unresolved accessibility issues, the buyer may not know the true cost. The issue may be small. It may be large. It may involve the tenant. It may involve common areas. It may require permits. It may delay leasing. It may create future claims. When buyers do not know the answer, they usually protect themselves. That protection may come in the form of a lower offer, a repair credit, a price reduction, an escrow holdback, a longer due diligence period, or stronger seller representations. That is how ADA risk moves from a legal issue to a value issue. The cost of the repair may be one number. The buyer’s fear may be a much larger number. How Buyer Uncertainty Can Reduce Price Buyers do not like unknown problems. A buyer may accept a known issue if the cost is clear and the path forward is reasonable. For example, if an accessibility repair is estimated at $20,000, the buyer and seller can discuss that number directly. But if the buyer sees unresolved ADA concerns with no report, no plan, no cost estimate, and no explanation, the buyer may assume the issue is worse. That can hurt the seller. A $20,000 issue can become a $75,000 pricing discussion if the buyer believes there may be hidden risk, future claims, tenant disputes, or closing delays. This does not mean every buyer is right. It means uncertainty gives the buyer leverage. The seller’s job is to reduce uncertainty before the buyer uses it. How ADA Risk Can Affect NOI ADA risk can affect NOI when it changes the economics of a lease or ownership decision. If a tenant requests landlord work, more tenant improvement money, free rent, rent reduction, delayed rent commencement, or repair obligations because of accessibility concerns, the financial impact may show up in the income stream. Lower income can mean lower value. For example, if an owner gives extra free rent or absorbs improvement costs to address accessibility issues, that cost may not appear as a simple repair line item. It may show up as reduced NOI, lower effective rent, or weaker lease economics. That matters because buyers underwrite actual income, future income, and risk. An ADA issue that affects lease terms can affect value even if there is no lawsuit. How ADA Risk Can Affect Leasing ADA risk can also affect tenant negotiations. Restaurants, medical tenants, dental tenants, franchise operators, service tenants, fitness users, coffee shops, and other public facing tenants may care about access before they open. They may review parking, paths of travel, entrances, restrooms, counters, seating areas, signage, and common areas. If the tenant sees a problem, the tenant may ask the landlord to solve it before rent starts. That may lead to landlord work, more TI money, free rent, lease contingencies, delayed opening, or stronger tenant protections. This does not mean the owner should reject the tenant. It means the owner should understand the issue before negotiating. When the owner understands the risk, the owner can decide what is reasonable, what is the tenant’s responsibility, what belongs to the landlord, and what should be addressed in the lease. When the owner does not understand the risk, the tenant may control the conversation. How ADA Risk Can Affect a Sale ADA risk can show up quickly during a sale. A buyer may review leases, property condition, prior claims, CASp reports, settlement history, repair records, tenant complaints, and disclosure materials. If the buyer sees an unresolved issue, the buyer may pause. That pause can become expensive. The buyer may ask for more due diligence time. The lender may ask questions. The buyer’s attorney may request more documents. The buyer may ask for a price credit or holdback. The seller may lose momentum. This is why sellers should not wait until escrow to understand obvious accessibility issues. If an owner plans to sell, the owner should evaluate the property early enough to understand what may come up. The owner does not need to promise perfection. But the owner should know the facts. A seller with facts has more control. A seller without facts gets negotiated against. How Disclosure and Documentation Matter Documentation matters because buyers want to know what happened, what was corrected, and what remains. If there was an ADA claim, settlement, CASp report, or repair plan, the owner should speak with counsel about what should be disclosed and how it should be presented. This is not something owners should handle casually. Poor communication can create more problems. Overstating compliance can create risk. Hiding known issues can create risk. Sharing reports without context can create risk. The better approach is controlled disclosure with proper legal guidance. The owner should understand the facts, the lease responsibilities, the completed repairs, the remaining issues, and the plan before responding to buyers, tenants, lenders, or attorneys. What Retail Property Owners Should Do Before Selling or Leasing Retail owners should prepare before the issue becomes leverage. Review the customer facing parts of the property. Parking, access aisles, signage, entrances, paths of travel, restrooms, counters, and common areas are often important. Review the lease. Understand what belongs to the landlord, what belongs to the tenant, and what may be shared. Consider whether a CASp review or accessibility review makes sense before a sale, refinance, major lease negotiation, or tenant turnover. Speak with an ADA attorney before ordering reports, making written statements, sharing information, or starting repairs. Create a plan. The plan may include repairs, budgeting, tenant coordination, lease language, disclosure strategy, or timing decisions. The goal is not to eliminate every possible risk. The goal is to reduce surprises and protect leverage. Common Questions Retail Owners Ask Can ADA issues lower the value of a retail property? Yes. ADA issues can lower value if they create repair costs, buyer uncertainty, tenant demands, sale delays, credits, or price reductions. Is the repair cost the only value impact? No. The bigger impact may come from uncertainty, lost leverage, weaker lease economics, or buyer fear. Should owners fix every issue before selling? Not always. Owners should get legal and accessibility guidance, understand the cost, and decide whether to repair, disclose, budget, or negotiate around the issue. Final Thought ADA risk affects value when it creates uncertainty. For retail property owners, the issue is not only whether the property has accessibility concerns. The issue is whether the owner understands them before a tenant, buyer, lender, plaintiff, or attorney uses them as leverage. Known risk can be managed. Unknown risk usually gets priced against the owner. That is why ADA risk should be part of an owner’s leasing, sale, and value strategy. If the owner understands the issue early, the owner can plan, budget, negotiate, disclose, repair, or price the risk with more control. If the owner waits, someone else may control the conversation. If you are planning to sell, lease, refinance, or deal with an ADA issue, review it before it becomes leverage against you. This concludes the ADA Risk and Retail Property Value series. Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #CaliforniaRealEstate #RetailPropertyOwners #ADACompliance #CASp #PropertyValue #CommercialProperty #MarcRetailGuy

Weekly Perl: A Commercial Real Estate News Recap

By Marc Perlof • September 25, 2026
The 10-year Treasury yield just hit 5% for the first time since 2007 — is a 1970s-style ‘stagflation’ on the return? For years, a 5% yield on the Treasury looked like a relic from another interest-rate era—where borrowers faced soaring loan rates. Now it's back, capping a six-year surge from pandemic-era lows near 0.5%. The benchmark yield crossed 5% this month for the first time since 2007, but this appears different than the eve of the Great Recession: the Fed is staring down a lose-lose situation combining high inflation and weak economic growth, a catch 22 that economists termed "stagflation" in the 1970s and long feared through the 10-year's climb upward since the pandemic...
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