keeping pace with disruption: retail and real estate in ......keeping pace with disruption: retail...

Keeping pace with disruption: retail and real estate in the digital age

June 19, 2018

Presented by:

S&P Global Market Intelligence

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Today’s Speakers

Permission to reprint or distribute any content from this presentation requires the prior written

approval of S&P Global Market Intelligence. Not for distribution to the public.2

Alyssa Le-Sayone

Director, Consumer/Retail

S&P Global Market

Intelligence

John Collins

Co-Founder, Chief

Product Officer

Thasos Group

James Elder

Director, Risk Services

S&P Global Market

Intelligence

Ana Lai, CFA

Senior Director

S&P Global Ratings

Robert Schulz, CFA

Managing Director

S&P Global Ratings


The Current State of the Retail Industry




Our View of the U.S. Retail Landscape

Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P

Global Market Intelligence. Not for distribution to the public. 4

Macro

• Consumer remains very value focused since the financial crisis

• Wage growth has been limited – that’s changing?

• Share of wallet battle: Retail competing with autos, rent, healthcare, tech, “experiences”

Industry

• Risks and opportunities of shifting preferences.

• E-Commerce disintermediation (Wholesalers go direct); Millennials; Activists/Financial policies; International competitors with far better supply chains

• Severe pressure in apparel continues.

• Many other sectors “merely” challenged.

• Discounters good to go!

Ratings

• Past the tipping point, but not at the bottom…

• 75 downgrades in 2017. Negative Outlooks: 36% Negative

• ~17% of ratings are CCC+ or lower.

• Eleven defaults in 2017, six in 2016, and three in 2015


Retail downgrades: Over 100 downgrades since Jan. 2017



Month Company Sub-Sector Downgraded To Month Company Sub-Sector Downgraded To

February Payless Inc. Apparel CCC/Negative October CEC Entertainment Non-Apparel B-/Negative

February Charlotte Russe Inc. Apparel CCC+/Negative October Sears Holdings Corp. Dept. Stores CCC/Negative

February TGI Fridays Inc. Restaurants B/Stable November Starbucks Corp. Restaurants A-/Stable

February Neiman Marcus Group Inc. Dept. Store CCC+/Negative November 99 Cents Only Stores Discounter SD

February Charming Charlie LLC Apparel CCC+/Negative November GNC Holdings, Inc. Non-Apparel B/Negative

February Evergreen AcqCo1 LP d/b/a Savers Discounter CCC+/Negative November Carrols Restaurant Group, Inc. Restaurants B-/Stable

February Bluestem Brands Inc. Non-Apparel B/Negative November Evergreen AcqCo1 LP d/b/a Savers Discounter CCC/Negative

February Rent-A-Center Inc. Non-Apparel B-/CW Negative November SAL Acquisition Corp. Grocery B-/Stable

February Macy's Inc. Dept. Store BBB-/Negative November Bon-Ton Stores Inc. Dept. Store CCC/Negative

March GNC Holdings Non-Apparel BB-/Negative November Guitar Center Holdings Inc. Non-Apparel CCC-/Negative

March Everest Holdings LLC Apparel CCC+/Negative December Dillard’s Inc. Dept. Store BB+/Stable

March BI-LO LLC Grocery CCC+/Negative December GNC Holdings, Inc. Non-Apparel CCC+/CW Negative

March David's Bridal Inc. Apparel CCC+/Negative December Charming Charlie Apparel D

April Payless Inc. Apparel D December HT Intermediate Holdings Corp. Apparel CCC/Negative

April Smart & Final Stores Inc. Grocery B/Stable December Charlotte Russe, Inc. Apparel CC/Negative

April Rue 21 Inc. Apparel CC/Negative December The Bon-Ton Stores, Inc. Apparel SD

April Ruby Tuesday Inc. Restaurants CCC+/Negative December PetSmart, Inc. Non-Apparel CCC+/Negative

May Guitar Center Holdings, Inc. Non-Apparel CCC+/Negative December BKH Acquisition Corp. Restaurants CCC-/Negative

May Rue 21 Inc. Apparel D December GNC Holdings, Inc. Non-Apparel CC/CW Negative

May Tops Holding LLC Grocery CCC+/Negative December GNC Holdings, Inc. Non-Apparel SD

May FullBeauty Brands Holdings Corp Non-Apparel CCC+/Negative January Petco Holdings Inc. Non-Apparel B-/Negative

May Fresh Market Inc. Grocery B-/Negative January David's Bridal Inc. Apparel CCC/Negative

May SSH Holdings d/b/a Spencer Spirit Non-Apparel B-/Negative January Sear's Holding Corp. Dept. Store CCC-/Negative

June The Gymboree Corp. Apparel D January Tops Holding LLC Grocery CCC/Negative

June J. Crew Group Apparel CC/Negative January Sear's Holding Corp. Dept.Store CC/Negative

June Neiman Marcus Group Apparel CCC/Negative January Steak N Shake Inc. Restaurant CCC+/Negative

July True Religion Apparel Inc. Apparel D January Albertson's Cos. LLC Grocery B/Stable

July Bluestem Brands Inc. Non-Apparel CCC+/Negative February Charlotte Russe Inc. Apparel SD

July J. Crew Group Apparel SD February The Bon-Ton Stores Inc. Dept. Store D

August SSH Holdings d/b/a Spencer Spirit Non-Apparel CCC+/Negative February Payless Inc. Apparel CCC/Negative

August Tops Holding II Corp. Grocery CC/Negative February Tops Holding LLC Grocery D

August Staples Inc. Non-Apparel B+/Stable March CVS Health Corp. C-Store BBB/Stable

August CNT Holdings III Corp. Non-Apparel B-/Stable March Guitar Center Holdings Non-Apparel CC/Negative

August Tops Holding LLC Grocery SD March Ascena Retail Group Inc. Apparel B/Negative

September Toys “R” Us Inc. Non-Apparel CCC+/CW Negative March Claire's Stores Inc. Apparel D

September New Academy Holding Co. Limited Non-Apparel CCC+/Negative March Rent-A-Center Inc. Non-Apparel CCC+/Negative

September BI-LO LLC Grocery CCC-/Negative March PF Chang's China Bistro Inc. Restaurant CCC+/Negative

September Toys “R” Us Inc. Non-Apparel CCC-/CW Negative March BI-LO Holding Finance LLC Grocery CC/Negative

September PetSmart Inc. Non-Apparel B/Negative March Signet Jewelers Ltd. Non-Apparel BB+/Negative

September Belk Inc. Dept. Store B-/Stable March Sears Holding Corp. Dept. Store SD

September Toys “R” Us Inc. Non-Apparel D March BI-LO Holding Finance LLC Non-Apparel D

September Charlotte Russe Inc. Apparel CCC-/Negative April Petco Holdings Inc. Non-Apparel CCC+/Negative

September GNC Holdings, Inc. Non-Apparel B+/Negative April Guitar Center Inc. Non-Apparel SD

September HT Intermediate Holdings Corp Apparel B-/Negative April Bed Bath and Beyond Non-Apparel BBB-/Negative

September Ascena Retail Group, Inc. Apparel B+/Negative May FullBeauty Brands Holdings Corp. Non-Apparel CCC-/Negative

September Fresh Market Inc. Grocery CCC-/Negative May O’Reilly Automotive, Inc. Non-Apparel BBB/Stable

September 99 Cents Only Stores Discounter CC/Negative May Sally Beauty Holdings, Inc. Non-Apparel BB-/Negative

October Bed Bath & Beyond Inc. Non-Apparel BBB/Negative May Pier 1 Imports, Inc. Non-Apparel B-/Negative

October Charming Charlie Apparel CCC/Negative May J.C. Penney Co. Inc. Dept. Store B/Negative


Issuers CC+ to CC



7.3% 5.6% 4.7% 2.9% 4.4% 2.6% 5.6% 6.8% 17.0% 17.2%

New Academy

Holding Co.

LLC

HT

Intermediate

Holding Corp.

The Neiman

Marcus Group

LLC

Petco

Holdings,

Inc.

The Fresh

Market, Inc..

Guitar Center

Holdings Inc. J. Crew Group

Inc.

Charlotte

Russe Inc.

Barneys

New York

Inc.

99 Cents

Only Stores

Neiman

MarcusPetSmart Inc.

SSH

Holdings.

Brookstone

Inc.

Bon-Ton

Stores Inc.

99 Cents

Only StoresBI-LO LLC

Ruby

Tuesday Inc.Payless Inc.

FULLBEAUTY

Brands

Holdings Corp.

Harry & David

Operations

Corp.

Barneys

New York

Inc.

Claire's

Stores Inc.

Bon-Ton

Stores Inc.

BKH

Acquisition

Corp.

J. Crew

Group Inc. P.F. Chang’s

China Bistro

Evergreen

AcqCo1 LP

d/b/a/ Savers

Loehmann's

Holdings

Inc.

El Pollo

Loco Inc.

Barneys New

York Inc.

BCBG Max

Azria Group

Inc.

Fairway Group

Holdings Corp.

Claire's

Stores Inc.

Charlotte

Russe Inc.

FULLBEAUTY

Brands

Holdings Inc.

99 cents only

stores LLC

Bluestem

Brands Inc.

Mastro's

Restaurants

LLC

Harry & David

Operations

Corp.

Buffets Inc.Radioshack

Corp.

Guitar Center

Holdings

Inc.

Gymboree

Corp.

Gymboree

Corp.

Petsmart,

Inc.

Tops

Holdings

LLC

Rent-A-Center

Inc.

HT

Intermediate

Holdings Corp.

Oriental

Trading

Co. Inc.

Keystone

Automotive

Operations Inc.

Caribbean

Restaurants

LLC

BCBG Max

Azria Group

Inc.

New

Albertson's

Inc.

Gymboree

Corp.

Logan's

Roadhouse

Inc.

J. Crew

Group Inc.

Claire's

Stores Inc.

Sears

Holdings

Corp.

David’s Bridal

Inc.

New Academy

Holding Co.

LLC

Perkins &

Marie

Callender's Inc.

Mastro's

Restaurants

LLC

DirectBuy

Holdings Inc.

Jill Holdings

LLC

Sbarro

LLC

Penney

(J.C.)

Co. Inc.

Penney

(J.C.)

Co. Inc.

Rue 21

Inc.

David's

Bridal Inc.

Steak ‘n

Shake Inc. Guitar Center

Holdings Inc.

Everest

Holdings LLC

Sagittarius

Restaurants

LLC

Perkins &

Marie

Callender's Inc.

Jill Holdings

LLC

Orchard Supply

Hardware

LLC

Sears

Holdings

Corp

RadioShack

Corp.

Sears

Holdings

Corp.

Sears

Holdings

Corp.

Everest

Holdings LLC

d/b/a Eddie

Bauer

Bluestem

Brands

Inc.

GNC Holdings

Inc.

BKH

Acquisition

Corp.

Sbarro Inc. Sbarro Inc.

Mastro's

Restaurants

LLC

Sears

Holdings

Corp.

The Great

Atlantic &

Pacific Tea Co.

Inc.

Sears

Holdings

Corp.

True Religion

Apparel, Inc.

True

Religion

Apparel, Inc.

Evergreen

AcqCo1 LP

d/b/a Savers

SSH

Holdings

Steak n

Shake Inc.

The Fresh

Market

Sears

Holdings

Corp.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

9 Issuers 7 Issuers 6 Issuers 5 Issuers 6 Issuers 4 Issuers 8 Issuers 8 Issuers 22 Issuers 23 Issuers




Retail and Restaurant Default HistoryGNC

Holdings, Inc.

The Bon-Ton

Stores, Inc.

Charming

Charlie LLC

99 Cents

Only Stores

Toys “R” Us

Inc.

BI-LO

LLC

Loehmann’s

Holdings

Co.

Fairway

Group

Holdings

Corp.

Tops

Holding

II Corp.

Guitar Center

Inc.

BCBG

Max Azria

Blockbuster

Inc.

Claire’s

Stores Inc.

J. Crew

GroupBI-LO LLC

Finlay Fine

Jewelry

Corp.

Eddie

Bauer

Oriental

Trading

Co. Inc.

Claire’s

Stores Inc.

True Religion

Apparel Inc.

Sears

Holdings

Corp.

Buffets

Holdings

Inc.

Finlay Fine

Jewelry

Corp.

The Great

Atlantic and

Pacific Tea Co.

Inc.

Harry &

David

Operations

Corp.

The Great

Atlantic &

Pacific Tea

Co. Inc.

The

Gymboree

Corp.

The

Gymboree

Corp.

Tops Holding

LLC

Mrs. Fields

Famous

Brands

Pier 1

Imports Inc.

Sagittarius

Restaurants

LLC

Perkins

& Marie

Callender's

Inc.

Barneys

New

York Inc.

Orchard

Supply

Hardware

LLC

Guitar

Center

Holdings

Inc.

RadioShack

Corp.

Sports

Authority

Rue 21

Inc.

Charlotte

Russe Inc.

Movie

Gallery

Vicorp

Restaurant's

Inc.

Duane

Reade

Uno

Restaurant

Holdings

Co.

Sbarro Inc. Buffets Inc.

Mastro’s

Restaurants

LLC

Sbarro LLC

Logan’s

Roadhouse

Inc.

Logan’s

Roadhouse

Inc.

Payless

Inc.

The

Bon-Ton

Stores Inc.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018


Credit Spectrum

8Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P

Global Market Intelligence. Not for distribution to the public.

Credit Ratings

Financial and Qualitative

Factors

Complete Global and

Sector Coverage

CreditModel

Quantitative: Calibrated on

Ratings

Private and Public

Corporates and FI’s

PD Model Fundamentals

Quantitative: Calibrated on

Defaults

Private and Public

Corporates and Banks

PD Model Market Signals

Quantitative: Based on

Stock Price Volatility

Public Companies

Increased Stability Early Warning


Unrated Companies are Typically Riskier…

9

Source: S&P Capital IQ Platform, as of June 4, 2018.Credit quality of unrated firms (“Credit Score”) is determined by converting PD Fundamental One-Year Probability of Default to historical default rates of rated companies. Chart depicts 50,000 companies within the Retailing Industry. S&P Global Ratings does not contribute to or participate in the creation of credit scores generated by S&P Global Market Intelligence. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence PD credit model scores from the credit ratings issued by S&P Global Ratings.

Distributions of Credit Quality in the Retail Industry, by Company Type


Global Market Intelligence. Not for distribution to the public.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Rated Unrated

% o

f C

om

pa

nie

s


Fundamental Risk Escalating



Source: S&P Global Market Intelligence as of June 15, 2018.CQ = Calendar Quarter S&P Global Ratings does not contribute to or participate in the creation of credit scores generated by S&P Global Market Intelligence. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence PD credit model scores from the credit ratings issued by S&P Global Ratings.

Average One-Year Fundamental Probability of Default

CQ12016 CQ22016 CQ32016 CQ42016 CQ12017 CQ22017 CQ32017 CQ42017

Average

Credit Score

CQ42017

U.S. - Apparel Retail 7.47% 9.14% 8.92% 7.02% 7.22% 9.54% 13.95% 14.52% ccc+

U.S. - Specialty Stores 6.49% 6.30% 6.87% 6.27% 6.20% 5.84% 12.85% 14.11% ccc+

U.S. - General Merchandise Stores 6.79% 5.20% 5.48% 6.30% 6.20% 2.70% 12.11% 13.34% ccc+

U.S. - Department Stores 5.53% 6.23% 5.77% 5.77% 6.32% 5.43% 5.23% 11.00% ccc+

U.S. - Computer & Electronics Retail 7.98% 8.50% 5.89% 6.00% 5.86% 5.58% 10.15% 10.67% ccc+

U.S. - Internet & Direct Marketing Retail 7.28% 7.29% 7.26% 7.18% 7.88% 7.69% 10.10% 10.44% ccc+

U.S. - Distributors 6.62% 6.61% 6.47% 6.24% 6.19% 5.78% 7.16% 7.66% b-

U.S. - Automotive Retail 6.64% 6.82% 6.67% 6.60% 6.35% 6.17% 6.67% 7.65% b-

U.S. - Homefurnishing Retail 4.98% 4.83% 4.87% 4.48% 4.63% 5.93% 7.39% 6.98% b-

U.S. - Home Improvement Retail 4.83% 4.75% 4.58% 4.45% 4.58% 3.67% 3.67% 3.87% b


Riskiest Public Unrated Apparel Retailers & Department Stores

Company (ticker-exchange) Retail focus 1-year PD (%) Implied credit score

Destination Maternity Corp. (DEST) Apparel retail (primary) 10.23 ccc+

Destination XL Group Inc. (DXLG) Apparel retail (primary) 8.98 ccc+

Christopher & Banks Corp. (CBK) Apparel retail (primary) 8.03 b-

Vince Holding Corp. (VNCE)

Apparel, accessories and luxury goods

(primary); apparel retail 7.91 b-

Stein Mart Inc. (SMRT) Apparel retail (primary) 7.88 b-

Stage Stores Inc. (SSI) Apparel retail (primary); department stores 4.72 b

New York & Co. Inc. (NWY) Apparel retail (primary) 3.83 b

DGSE Cos. Inc. (DGSE) Apparel retail (primary) 3.46 b

Differential Brands Group Inc. (DFBG)

Apparel, accessories and luxury goods

(primary); apparel retail 3.38 b

Delta Apparel Inc. (AMEX:DLA)

Apparel, Accessories and Luxury Goods

(primary) 1.76 bb-



PD Model Fundamentals

Data compiled June 11, 2018.Includes currently operating S&P Capital IQ-covered publicly traded U.S. companies with a primary industry classification of apparel retail, department stores, or textiles, apparel and luxury goods and a secondary industry classification of department stores or apparel retail.Ranking based on 1-year fundamental probability of default with a score date of Jan. 1, 2017 or later. Implied credit score reflective of probability of default.


Mall and Strip Center REITS - Sector Comments and Themes


approval of S&P Global Market Intelligence. Not for distribution to the public. 12

A21%

BBB72%

BB7%

Rating Distribution by Issuer

Negative 7%

Stable93%

Outlook Distribution by Issuer

• Retail REITs operating metrics are decelerating, sector facing secular shift in retailing with

ongoing store rationalization

• Strip-center fundamentals remain stable as low supply has kept markets in balance, however,

future shadow supply could tip the scale

• High quality mall fundamentals expected to hold up well against a more challenging retail

environment. Lower quality malls feeling more pressure

• Bankruptcies and widespread store closures remain headwinds. Leasing and occupancy

pressure more evident for weaker mall assets


REITs Non-Stable Outlooks



BBB+

• Realty Income Corp.

BBB

• Alexandria Real Estate Equities Inc.

• Digital Realty Trust Inc.

• HCP Inc.

BBB-

• SL Green Realty Corp.

BB

• CyrusOne Inc.

Positive

BBB+

• Tanger Factory Outlet Centers Inc.

BBB-

• Government Properties Income Trust

• Washington Prime Group Inc.

BB+

• CBL & Associates Properties Inc.

• Medical Properties Trust Inc.

BB

• Mack-Cali Realty Corp.

Negative

BBB

• DCT Industrial Trust Inc.

CCC

• Quality Care Properties, Inc.

Watch Pos.


Market Disruptors




Disruption – A key theme in 2018



• Tech Disruption: U.S. Healthcare is “Prime” for Change by Amazon (and Others)

• Healthcare Disruption Update: Thinking About the Current Retail – Insurance – Healthcare

Mega Deals

• Tech Disruption: Amazon Drive (And Flies) into the Delivery Business – Not So Fast

• Disruption: U.S. Grocers Must Stay Fresh to Meet Customer Demands


Key Takeaways: Grocery



Spending on Food At Home vs. Away From Home

($1,572)

($2,072)

($5,680)

($11,063)

Target

Kroger

Costco

Wal-Mart

Select Grocers Market Capitalization Loss On Announcement

80%

85%

90%

95%

100%

105%

6/15/2017 6/22/2017 6/29/2017 7/7/2017 7/14/2017 7/21/2017 7/28/2017 8/4/2017

Combined Grocery Market Capitalization - Time to Recovery

Includes Wal-Mart, Costco, Kroger, and Target

Combined Grocery Market Capitalization SPX

AMZN’s Impact on Grocery – WFM Announcement


Ecommerce – Most and Least Disrupted



Highly

Disrupted

Already

Trend

Evident

Little Hint

of Shift

Everyday Low Price/Discounter Full Price/Full Service

Conventional

Grocery

Off-Price

Retailers

Dollar Store

Segment

Restaurants

Specialty

Grocery

Office

Supplies

Pet Stores

Specialty

Apparel

Home

Furnishing

Drug Stores

Home

Improvement

Department

Stores

Big Box

Discounter

Electronics


Whole Foods Acquisition Impact On Market Perceived Credit Risk



Source: S&P Global Market Intelligence as of June 26, 2017.

0%

1%

2%

3%

4%

5%

6%

6/15/2017 6/16/2017 6/17/2017 6/18/2017 6/19/2017 6/20/2017 6/21/2017 6/22/2017 6/23/2017

Pro

babili

ty o

f D

efa

ult

U.S. + Food Retail Median Probability of Default


Whole Foods Acquisition Had The Strongest Impact On The Industry



Source: S&P Global Market Intelligence, 'Death by Amazon': Should You Believe the Hype? as published on May 23, 2018


Resiliency of REIT Ratings

• A well-diversified tenant base

• A concentration of high-quality assets. Locations in desirable and affluent markets can be repositioned or repurposed to attract a diverse mix of tenants;

• REITs’ supporting their tenants’ multi-channel distribution strategies. For specialty retailers, space attracting high traffic in city centers has become an essential platform to advertise and display products

• Active management of asset portfolio. The “non-recourse” nature of secured property-level debt gives REITs the ability to walk away from underperforming assets and hand these properties to lenders.




Mall and Strip Center REITs



-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

88%

89%

90%

91%

92%

93%

94%

95%

96%

97%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

SS NOIOccupancy Historical Occupancy and SS NOI

Mall - Occupancy Strip Center- Occupancy Mall - SS NOI Strip Center - SS NOI


YoY Change in Customer Visitation at Whole Foods




New and Regular Customers at Whole Foods




New Customer Attribution




Net Defection




Whole Foods Quarterly Store Traffic



https://www.wsj.com/articles/a-year-after-amazon-devoured-whole-foods-rivals-

are-cooking-up-countermoves-1528628400

• Whole Foods store traffic is currently

up approximately 3% year over year

after 8 consecutive quarters of

negative growth.

• Thasos data as reported by the Wall

Street Journal


Foot traffic, the rise of e-commerce, and decline of malls




Mall and Strip Center REITs



-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

88%

89%

90%

91%

92%

93%

94%

95%

96%

97%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

SS NOIOccupancy Historical Occupancy and SS NOI

Mall - Occupancy Strip Center- Occupancy Mall - SS NOI Strip Center - SS NOI


Disruption in Retail Weigh on Malls



• We expect continued headwinds of e-commerce, bankruptcies, and store

rationalization, to exert some pressure on occupancy in 2018, and rent growth could

feel some pressure.

• Retail REITs operating metrics are decelerating, sector facing secular shift in retailing

with ongoing store rationalization

• Across the globe, there is a big disparity in retail real estate per capita. The U.S. is

"overstored", while other regions are expanding or enhancing their physical footprints.

• Excess capacity, shifting consumer preferences and accelerating growth of e-

commerce is pressuring US retailers more than other regions resulting in record

downgrades and defaults.

• REIT landlords ratings have been more resilient as they have been actively

redeveloping their assets to lure new retail tenants to malls to drive foot traffic. But

negative rating bias growing for US mall REITs holding weaker assets


YoY Change in Visitation Across Mall Types




YoY Change in Visitation at CBL, GGP, and SPG




Analysis of Individual Properties for CBL and GGP




Q&A



Alyssa Le-Sayone

Director

S&P Global Market

Intelligence

John Collins

Co-Founder, Chief

Product Officer

Thasos Group

James Elder

Director, Risk Services

S&P Global Market

Intelligence

Robert Schulz, CFA

Managing Director

S&P Global Ratings

Ana Lai, CFA

Senior Director

S&P Global Ratings


Thank you!






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keeping pace with disruption: retail and real estate in ......keeping pace with disruption: retail...

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