The first half of 2025 has delivered a wave of retail deal-making, with five standout transactions setting the tone for the rest of the year. From high-profile brand sales to aggressive acquisition strategies, these moves are redefining competitive landscapes and creating ripple effects across store portfolios. For commercial real estate professionals, staying ahead of these shifts isn’t just smart – it’s essential for anticipating tenant needs, spotting growth-minded operators, and positioning properties for emerging demand. In a recent article by RetailDive.com, the five most impactful moves were examined.
Skechers Goes Private
In May, Skechers sold itself to investment firm 3G Capital for $9.4 billion, marking one of the largest privatizations in the softlines sector in years. While the deal faced legal challenges from shareholders, a recent court ruling allowed it to proceed. Skechers will retain its current leadership team and continue operations, but going private could free the brand to make bolder retail moves without quarterly earnings pressure – potentially including store growth or strategic relocations.
Dick’s Sporting Goods Acquires Foot Locker
A $2.4 billion agreement announced in May will see Dick’s Sporting Goods acquire Foot Locker, which will operate as a stand-alone brand. Combined, the companies will control over 3,200 stores in 26 countries, generating $21 billion in annual revenue. For landlords, this pairing signals potential for cross-brand synergies in both suburban and urban environments, and possibly fresh leasing activity as Dick’s taps into Foot Locker’s strong presence in city centers.
E.l.f. Beauty Buys Rhode
E.l.f. Beauty’s $1 billion purchase of Hailey Bieber’s Rhode brand reflects the growing influence of celebrity-driven labels and direct-to-consumer strategies. While not a traditional anchor tenant story, beauty brands have been expanding physical footprints through pop-ups, specialty stores, and strategic wholesale partnerships – opportunities savvy property owners can capture in high-traffic lifestyle and retail centers.
Michaels Acquires Joann’s Intellectual Property
After Joann filed for bankruptcy and closed all stores, Michaels purchased its intellectual property and private labels. While Michaels did not assume Joann’s leases, this move effectively removes a major competitor, opening the door for Michaels and similar chains to capture displaced craft shoppers. In markets where Joann once occupied prime retail space, landlords could court Michaels, Hobby Lobby, or other craft and hobby operators ready to expand.
Beyond Inc. Extends Its Acquisition Spree
Beyond Inc. – parent of Bed Bath & Beyond – added Kirkland’s intellectual property to its portfolio for $5 million, licensing it back to the retailer. This builds on Beyond’s investment and store revival efforts, including reopening small-format Bed Bath & Beyond locations. Such aggressive portfolio building suggests the company is positioning for physical retail growth, potentially seeking flexible, neighborhood-sized spaces.
For the commercial real estate sector, these five deals underscore the link between corporate strategy and property-level opportunity. M&A activity can create both risk and reward – sometimes resulting in store closures, but often sparking brand expansions, relocations, or entirely new concepts. Those watching the retail deal landscape closely will be best positioned to match evolving brand strategies with the right space, in the right location, at the right time.
📌 Key CRE Takeaways
- Watch for expansion plays: M&A often leads to growth in strong markets, even if closures happen elsewhere.
- Track displaced shoppers: Store closures can create immediate opportunities for competitor tenants to capture market share.
- Urban vs. suburban strategies matter: Some deals, like Dick’s and Foot Locker, open new location types for brands.
- Brand identity shifts can impact leasing: Changes in ownership may alter store formats, square footage needs, and site selection.
- Stay close to decision-makers post-acquisition: Many location changes happen quietly in the months after a deal closes.
