What is happening now in retail will determine the rules of the “New Normal.” Perhaps more than any other segment, retail brands came into the COVID-19 crisis in a particularly difficult position. Despite a decade-long economic surge in the U.S. and across the globe, retail has been contracting. We see challenges such as changing consumer habits, growth of e-commerce and direct-to-consumer brands, rising commercial rents, and a tightening of the labor market. Retail balance....

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