It is the 21st of September 2019

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Which States Have Suffered The Biggest Retail Losses

With the great retail bankruptcy tsunami claiming its latest victim on Thursday, when Gymboree announced it wouldn't make its June 1 interest payment guaranteeing a Chapter 11 bankruptcy filing in the next month, the signs continue to mount that the next "big short" - either in the form of REITs, CMBS, CMBX, or single name stocks as discussed here - is shorting America's bloated retail sector in general, and that staple of US "bricks and mortar" retailers in particular, the mall.

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"Something Snapped": US Department Store Sales Crash Most On Record

As we first documented last week in "Mega-Bears Smell Blood As Mall REITs Tumble" and as Bloomberg followed up yesterday, looking at CMBS on the Mall REIT space, many have set their sights on mall REITs as the "next big short." However, an obvious question that has emerged is whether it is too late to go all in on this particular short, or whether as some have suggested, the bottom is in.  “The short feels crowded to us,” said Matthew Weinstein, principal at Axonic Capital, a hedge fund that specializes in structured products. “If these defaults start happening soon, the short will work, but if the defaults do not occur quickly, the first guy out could drive the market meaningfully higher.”

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Meet The "Gardening Blogger" Who May Have Overcharged Americans Billions For Supermarket Chicken

Billions of dollars worth of chicken are sold in the United States each year through various supermarket chains.  Given the shear volume of chicken sales, most Americans simply take for granted that the prices are set based a transparent, competitive marketplace of buyers and sellers.  Certainly, before now, not many would have guessed that their grocery bills for poultry were being determined by a single, self-described "gardening blogger" from the Georgia Department of Agriculture.  Unfortunately, it's looking increasingly like that is exactly what happened and it likely resulted in Americans being overcharged billions of dollars for chicken purchased in supermarkets.

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