A&G Strategy Consultant Calls for 'New Playbook' for Retailers and Landlords

-- Earlier engagement can help both sides thrive despite worrying trend toward chainwide liquidations, advises A&G's Doug Greenspan.

NEW YORK, Oct. 30, 2025 /PRNewswire/ -- Landlords and tenants need a new playbook given the recent trend toward chainwide retail liquidations, advised a veteran strategy consultant and analyst from A&G Real Estate Partners.

Over the past year or two, the likes of Conn's, Joann Fabrics, Forever 21, Big Lots, Rue 21, Bargain Hunt, Party City, and Rite Aid, to name a few, have all ceased operations—in some cases after long struggles that included prior bankruptcies and attempted reorganizations, observes A&G Senior Managing Director Doug Greenspan in an advisory column for Shopping Center Business (SCB).

"The old playbook of waiting to address leases in bankruptcy is over," Greenspan writes. "Landlords cannot afford to be passive. It is crucial to proactively engage with tenants, understand their financial health, and be prepared to negotiate and adapt lease terms to help them avoid bankruptcy court."

In the column on P. 42 of SCB's October issue ("Getting Ahead of Trouble: Landlords need to take an active role as troubled retailers face bankruptcy"), Greenspan encourages earlier interventions that allow troubled operators to make strategic adjustments out-of-court. Such decisive actions can help retailers retain enough capital and stakeholder goodwill to right the ship.

"Mere cost-cutting is not enough," Greenspan writes. "It takes a holistic and realistic reexamination of the retailer's brand, promotions, back-of-house operations, customer experience, inventory dynamics and store and non-store real estate."

He points to Dick's Sporting Goods, Chili's and Barnes & Noble as evidence that smart strategy and great execution translate into vibrant, go-forward businesses even in today's challenging retail environment.

But Greenspan, who provides strategic consulting for both healthy and distressed companies, notes that operators across all sectors must walk a tightrope to stay competitive.

"When people can afford to eat out just once a month, they will look for a place that is on trend and that offers both value and a nice experience," he writes. "Instead of ordering cheap apparel willy-nilly online, discerning consumers will favor stores that they truly enjoy shopping and where they can buy clothing that fits well, looks good and will last. This 'strategy and execution gap' helps explain why we are seeing such a barbell effect, with some operators thriving even as others in their category falter."

Challenged and healthy operators alike stand to benefit in this environment by collaborating with a multidisciplinary team of real estate advisors focused on the go-forward strategy. "Weak operators and dark spaces benefit no one," Greenspan writes.

This sharper focus on strategy and execution should include weighing options for refinancing or bringing in additional capital and carefully reevaluating whether real estate holdings are aligned with the company's strategy and financial realities. In particular, occupancy cost calculations need to cover both store and non-store locations, such as offices, showrooms and distribution centers.

Concludes Greenspan: "The right approach can give valued tenants enough runway to regain their competitiveness, bolster traffic and sales—and keep paying rent and renewing leases over the long term."

Read the full article at: https://editions.mydigitalpublication.com/publication/?i=853719&p=44&view=issueViewer

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SOURCE A&G Real Estate