What I’m Reading
Turnaround? Retail store openings in 2021 will exceed closings for the first time since 2017. Department stores and specialty retailers are still closing faster than they are opening but even closings in that segment have slowed. The key here is integration between ecommerce and brick and mortar. Stores have become integral in fulfilling e-commerce orders. They serve as distribution hubs and convenient places for shoppers to pick up and return online purchases while also sporting lower customer acquisition costs than ecommerce. Wall Street Journal
Here We Go Again: A new, apparently more transmissible COVID 19 variant that has been detected in South Africa, leading to an emergency WHO meeting has financial markets shook. Associated Press
Backlash: The COVID pandemic and subsequent rent spike have prompted states and cities to pass dozens of renter friendly laws. CNBC If history is any guide, pretty much all of this will result in less supply and more expensive housing for the majority of residents.
Big Target: Institutional investors are upping their allocations into affordable housing to hit ESG targets. Bisnow
Rise of the Machines: Walmart is opening drone delivery operations at three stores in Arkansas and aiming to deliver goods to customers in as little as 20 minutes. Chain Store Age
Chart of the Day
It’s very difficult to make a credible argument that the US housing market is overleveraged.
Source: Urban Institute
WTF
Lots to Unpack Here: An end-times preacher claims that an alien imitated her husband to try to have sex with her but went away once she was able to “verbalise the name of Jesus” Indy100
If This Cars a Rockin…: A couple was arrested for having sex in the back of a police cruiser and videoing it to post on Only Fans because Florida. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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