2026 Retail Benchmark Report

Q4 2025 Earnings Recap and Strategic Priorities

The retail industry enters 2026 at a structural inflection point. Holiday 2025 spending surpassed $1 trillion for the first time, growing 4.1% year over year - yet the S&P Retail Index trailed the S&P 500 by 9.4%, signaling that capital markets are rewarding disciplined operators and punishing laggards. Deloitte's 2026 Retail Industry Outlook found that 96% expect industry revenues to grow and 81% foresee margin expansion - but only for those who act with urgency.

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