The retail sector's well-publicised woes are affecting both primary and secondary CMBS. While the high retail concentration in outstanding US CMBS continues to concern the market, the retreat of lenders from the retail space means that now even healthy malls are struggling to attract financing.
Large-scale store closures by retailers such as JC Penney, Macy's and Sears have become a familiar story, with varying impacts on outstanding CMBS (SCI passim).
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