Today’s chart highlights a victim caught in the downward spiral of the retail bust…
As regular readers know, the brick-and-mortar retail sector has been struggling as more consumers turn to online shopping. Retailers are regularly reporting sinking sales as their foot traffic wanes. Many are filing for bankruptcy.
But the company is highly dependent on failing tenants, especially the faltering department stores that serve as “anchors” in most malls.
This year, JC Penney (JCP), Macy’s (M), and Sears (SHLD) are closing nearly 600 stores combined.
That means GGP will get stuck with a lot of vacant space – and no rent…
We last checked in on GGP in August.
As you can see below, GGP shares have plunged further since then. They just marked a new multiyear low. Last September, Porter’s team recommended shorting the stock in his Stansberry’s Investment Advisory newsletter. Readers who followed that advice are sitting on gains of nearly 30%. Congratulations to Porter on another great call…
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Source: Daily Wealth’s Market Notes