Amazon’s in-line results were marked by management signaling that the company was entering another large multi-faceted investment cycle and that the P&L efficiencies that the retail business has enjoyed over the past two years has come to a close. Amazon’s grocery business gained meaningful market share in 2025. Share gains will continue in 2026 and Amazon expects to open 100 new Whole Foods locations in the coming years. This added competitive intensity will further pressure conventional grocers and survival will be dependent on the incumbents delivering exceptional store locations, standards, and service levels, and differentiated on-target merchandise assortments.

Coach (Tapestry) and Ralph Lauren had a very successful holiday quarter in both sales and profit growth. Their ongoing success stems from elevating their brand and using the proceeds to increase top-of-the-funnel marketing and presence in key influential (cer) cities such as Miami, Los Angeles, and New York. It’s a playbook that European luxury brands are also employing. As such, for the right trade areas, demand for real estate is hot and will remain so.

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· Chipotle once again reported soft comp-store sales and guided for more of that in 2026. · While consumer aversion to Chipotle’s higher menu prices may be one factor for the deterioration in sales growth, Advan’s data and Chipotle’s actions (in terms of menu innovation) suggest that the rapid update of GLP-1 drugs by more affluent households (which Chipotle’s out-indexes in) looks to be the larger driver, i.e. changing consumer needs in how much and what they want to eat.

January retail sales should be strong when they are reported. Broadly speaking, the retailers that were strong in FQ3 and for the holidays, continued to do well in January. Target is an exception with stronger observed results for FQ4 vs. FQ3, by contrast, Best Buy is worse. Within the context that January is a light month for retail, and often a payback period following ebullient holiday periods (see our review here ), we often make light of the month.

Disney reported stronger domestic park results for the December quarter, despite Universal also reporting stronger results in Orlando. Attendance for Disney increased +1%, along with growth in average admission price, per-cap spending, and hotel occupancy, led by Orlando and despite a material decline in international visitation to Disney World and Disneyland. Given the large size of Disney World and Universal Orlando, that both simultaneously grew rate and attendance demonstrates that the new Epic Universe park grew the overall Orlando market.

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Comcast’s Q4 results showed strong gains at its domestic parks. Advan estimates that Orlando was up at the legacy parks and that the new Epic Universe was up QoQ in attendance (despite what is a slower season period). Universal’s Halloween event was particularly successful, both CA and FL. The success at Universal was not a detriment to Disney’s attendance and Advan estimates that Disney’s attendance also strengthened from Q3’s pace.

Apple won the Holiday in consumer electronics due to compelling new products (largely the iPhone) and a highly competitive US wireless industry. The industry’s strong offers on handsets to subscribers (subsidies), is putting more money into Apple’s coffer. Given the high spend on Apple’s products this holiday season and the vast number of retail brands that sell the iPhone, that crowded out consumer spending in consumer electronics and at Best Buy.