Tenant demand for office space took a sharp downturn in April 2025, echoing the steep declines seen during the 2023 banking crisis, according to VTS Data. Leasing activity dropped in 17 of 19 major markets, with a 23.2% fall in tenant inquiries and a 26.4% plunge in square footage — the steepest since 2021. Analysts link this slowdown to economic uncertainty following new U.S. tariff policies. While some markets like Austin and suburban Maryland showed resilience, others, including Boston and Silicon Valley, were hit hard. Despite the grim numbers, history offers hope: office demand rebounded quickly in 2023, suggesting a similar recovery could be on the horizon — if policy conditions stabilize.

Franchise Group has officially emerged from bankruptcy as a leaner, debt-restructured company focused solely on two core brands: Pet Supplies Plus and Buddy’s Home Furnishings. After selling The Vitamin Shoppe and shuttering American Freight, the company has rebranded under a new parent entity, Fusion Parent, with the same leadership team in place. This streamlined structure allows the company to refocus on growth, with over 200 new franchise agreements already signed. While the path forward looks more stable, experts note that both remaining banners must sharpen their competitive edge to thrive in a challenging economy.

Tariffs be damned — retail is moving full steam ahead. Despite all the buzz about tariffs at this year’s ICSC Las Vegas, developers and retailers are largely shrugging off the uncertainty. Industry leaders say retailers simply can’t afford to pause expansion, with store openings planned years in advance. The consensus? Tariffs are just another hurdle, not a deal-breaker. Strong sales, aging store fleets, and limited high-quality retail space are driving urgency. Retailers with diversified supply chains are best positioned to weather the storm, and investor appetite remains strong as lenders return to the sector. As one exec put it: “We need 50 new stores — let’s go.”

South Florida developers are navigating a perfect storm of uncertainty, driven by unpredictable tariffs, soaring construction costs, and volatile interest rates. At a recent industry event, top players shared how sudden tariff hikes—like Related Group’s surprise 25% duty on tile imports—can derail project budgets overnight. With banks cautious and international investors hitting pause, developers are turning to private lenders while bracing for slowdowns. Retailers and foreign condo buyers are also staying on the sidelines, wary of unclear economic and political signals. As one expert put it, “Everybody is waiting for something—and nobody knows what we’re waiting for.”

Malls are evolving—and it’s not just about department stores anymore. While Macy’s and JCPenney still draw shoppers, new anchor tenants like Barnes & Noble, fitness centers, and popular food spots are stealing the spotlight. Once thought to be fading, Barnes & Noble has made a comeback by creating smaller, community-focused stores that now outperform traditional anchors at some locations. Food-and-beverage giants like Porto’s Bakery and In-N-Out Burger are also becoming top traffic drivers, outpacing big-box stores. Even gyms, once avoided by malls, are now key players in boosting foot traffic, especially in early hours, reshaping the mall experience from dawn to dusk.

Macy’s delivered a better-than-expected Q1, with solid performance from Bloomingdale’s and Bluemercury offsetting declines at its namesake stores due to closures and tariff pressures. While net income dropped nearly 39%, credit card and media revenues helped cushion the blow. CEO Tony Spring remains cautiously optimistic, navigating tariffs and shifting consumer behavior with tight inventory control and vendor negotiations. Though its “Reimagine” store concept has yet to show strong results, Macy’s sees room to grow market share by staying flexible, pricing smartly, and continuing to refine its reinvention strategy—one careful step at a time.

Dick’s Sporting Goods just posted its fifth straight quarter of strong sales growth—up 5.2% to nearly $3.2 billion—despite a dip in profits and looming tariff concerns. While analysts pressed the company on its bold move to acquire Foot Locker, Dick’s leadership doubled down, calling it a long-term play to expand market share, strengthen brand partnerships, and gain access to urban customers. CEO Lauren Hobart and Executive Chairman Ed Stack emphasized that the merger is about building for the future—not just chasing short-term gains. With only 8% of the sportswear market, Dick’s sees massive growth potential, and it's betting big to stay ahead of rivals like JD Sports.