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Early yield correction gives retail an advantage

A fall in consumption this year will weigh on the retail sector, but an earlier correction in yields and rents mean it is less vulnerable to the recession. Indeed, it was the only sector to see a fall in yields in Q1. While some further rise in yields this year is possible, rental growth will beat offices and decent income returns means total returns will outperform other sectors this year and over the 2023-27 period.

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