5 at 5: Your Daily Digest for Real Estate Investing, 10/23/2020
More bad news for the beleaguered brick-and-mortar crowd as Gap (NYSE: GPS) announces plans to close 350 Gap and Banana Republic stores, including about 225 in the next year. Why it matters: Wall Street loved the news, driving up the company's stock, but retail REITs, and those who own them, may not feel the same about the coming gap in those portfolios if these stores are currently their tenants. Why it matters: This GlobeSt.com piece focuses on the Los Angeles market, but I know of at least two such conversions here in little Columbia, South Carolina and can imagine it might look like an attractive repurposing elsewhere.
