(https://www.cnbc.com/2026/08/27/august-apartment-rents-turn-positive-for-the-first-time-in-four-years.html) — vacancies are finally tightening after years of oversupply. This sounds bullish for landlords, but the macro signal cuts against retail. When shelter costs normalize upward, middle-income households (the growth engine for $WMT, $KR, $NKE) reallocate: groceries hold, discretionary craters.

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