Latest news with #retailgrowth
Yahoo
2 days ago
- Business
- Yahoo
FEMSA Announces Second Quarter 2025 Results
MONTERREY, Mexico, July 28, 2025 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. ('FEMSA') (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the second quarter of 2025. FEMSA: Total Consolidated Revenues grew 6.3% and Income from Operations increased 1.2% compared to 2Q24. FEMSA Retail1: Proximity Americas total Revenues grew 6.9% and Income from operations decreased 2.8% versus 2Q24. SPIN: Spin by OXXO had 9.4 million active users2 representing 18.8% growth compared to 2Q24 while Spin Premia had 26.6 million active loyalty users2 representing 16.9% growth compared to 2Q24, and an average tender3 at OXXO Mexico of 45.8% which increased from 36.1% tender in 2Q24. COCA-COLA FEMSA: Total Revenues and Income from Operations grew 5.0% and 0.2%, respectively against 2Q24. Financial Summary for the Second Quarter 2025Change vs. comparable period Total Revenues Gross Profit Income fromOperations Same-Store Sales As Reported 2Q25 YTD25 2Q25 YTD25 2Q25 YTD25 2Q25 YTD25 FEMSA Consolidated 6.3% 8.3% 4.2% 9.2% 1.2% 2.6% Proximity Americas 6.9% 6.9% 6.9% 8.3% (2.8%) (6.3%) (0.4%) (1.1) Proximity Europe 31.4% 24.9% 25.6% 20.3% 54.4% 22.3% N.A. N.A. Health 15.6% 18.3% 13.6% 18.3% 5.7% 15.2% 13.1% 14.3% Fuel 0.6% 1.2% 6.6% 5.6% 13.6% 1.8% 4.9% 5.2% Coca-Cola FEMSA 5.0% 6.7% 3.4% 6.9% 0.2% 3.3% Comparable(A) FEMSA Consolidated 2.2% 2.7% 0.0% 4.5% (1.5%) (3.9%) Proximity Americas 2.0% 1.7% 4.3% 5.7% (3.1%) (10.8%) (0.6%) N.A. Proximity Europe 5.9% 3.5% 1.2% (0.3%) 24.0% 0.6% N.A. N.A. Health 6.7% 6.8% 4.5% 6.5% (5.2%) 2.2% 4.8% N.A. Fuel 0.6% 1.2% 6.6% 5.6% 13.6% 1.8% 4.9% N.A. Coca-Cola FEMSA 2.4% 3.3% 0.9% 3.5% (2.6%) 0.3% José Antonio Fernandez Carbajal, FEMSA's Chief Executive Officer, commented: 'During the second quarter, we delivered a mixed set of results. In our core operations in Mexico, we faced a challenging combination of a soft consumer environment and very adverse weather that put pressure on retail operations and beverage volumes. On the positive side, several of our proximity and beverage operations outside of Mexico delivered strong results, which combined with currency tailwinds, helped to mitigate the impact. The retail operations outside of Mexico provided encouraging signs that they are firing on all cylinders as they fine-tune their value propositions and increase their scale. At Proximity Americas Mexico, weak traffic numbers stood out against an otherwise largely positive set of trends outside of Mexico, reflecting an environment in which convenience categories such as soft drinks, beer and tobacco underperformed other categories across channels. We are working hard together with our supplier partners to ensure we can adjust our assortment and price-package architecture to remain competitive in addressing our customers' needs as we advance through the summer and approach the key selling season in the fourth quarter. For its part, Valora delivered a solid result, as did our Health operations outside of Mexico. Finally, Coca-Cola FEMSA navigated the same challenging environment in Mexico which it is aggressively addressing with highly targeted and segmented packaging strategies, promotional activity, and expense control. Outside of Mexico, KOF continued to improve its competitive position and delivered strong results, particularly led by certain markets in South America, further reinforced by currency tailwinds. We remain confident of the initiatives being implemented across businesses, and we are focused on reversing the traffic and volume trends and on managing costs and expenses in the second half of the year. Our businesses have repeatedly proven their resilience, and we believe we have the right strategy and team for the task.' To obtain the full text of this earnings release, please visit our Investor Relations website athttps:// under the Financial Reports sectionCONFERENCE CALL INFORMATION Our Second quarter 2025 Conference Call will be held on: Monday, July 28, 2025, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be webcast live through streaming audio. Telephone: Toll Free US:International: (866) 580 3963+1 (786) 697 3501 Webcast: Conference ID: FEMSA If you are unable to participate live, the conference call audio will be available on ABOUT FEMSAFEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates through a Health Division, which includes drugstores and related activities and Spin, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes. ____________________________ (A) Please refer to page 13 for our definition of 'comparable' and a description of the factors affecting the comparability of our financial and operating performance.1 FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.2 Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days. Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.3 Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period. CONTACT: Investor Contact (52) 818-328-6000 investor@ Media Contact (52) 555-249-6843 comunicacion@ 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Globe and Mail
21-07-2025
- Business
- Globe and Mail
Back to Basics or Back to Growth? Inside Dollar General's 2025 Plan
Dollar General Corporation 's DG first-quarter fiscal 2025 performance suggests a strong emphasis on "Back to Basics," laying the groundwork for a renewed path to growth. Net sales rose 5.3%, and same-store sales climbed 2.4%, driven by improved store standards, stronger customer service, better inventory control and meaningful progress on shrink mitigation, which lifted the gross margin. Merchandising initiatives, particularly SKU rationalization, are streamlining assortments to focus on high-velocity items, contributing to sales momentum. This effort aligns with improving execution in seasonal and non-consumable categories. Additionally, Dollar General continues to attract higher-income 'trade-in' customers seeking value, supported by its commitment to maintaining more than 2,000 items priced at or below $1. Furthermore, the significant investment in Project Elevate and Project Renovate remodels — targeting 20% of the store base annually — aims to bolster performance in mature stores. These remodels are expected to drive comp growth. Dollar General's goal for Project Elevate stores is to achieve first-year annualized comparable sales lifts ranging from 3% to 5%. On the digital front, Dollar General is ramping up delivery capabilities through its exclusive partnership with DoorDash and a growing in-house same-day service, now active in 3,000-plus locations. With SNAP and EBT now integrated into online orders, the retailer is broadening access and tapping into new customer segments. Overall, Dollar General's disciplined focus on operations, combined with its value proposition and strategic growth initiatives, positions it to convert 'Back to Basics' into sustainable growth. DG expects 3.7%-4.7% net sales growth, with 1.5%-2.5% same-store sales growth for fiscal 2025. Dollar General's Price Performance, Valuation and Estimates Dollar General stock has rallied 55.7% over the past six months against the industry 's decline of 0.1%. The company has also comfortably outperformed key peers such as Target Corporation TGT and Costco Wholesale Corporation COST. During the same period, Target shares have tumbled 23.8%, while Costco has posted a modest gain of 0.7%. Dollar General's forward 12-month price-to-earnings ratio of 18.21 reflects a lower valuation compared to the industry's average of 31.61. DG carries a Value Score of B. DG is trading at a premium to Target (with a forward 12-month P/E ratio of 13.21) but at a discount to Costco (48.26). The Zacks Consensus Estimate for Dollar General's current financial-year sales suggests year-over-year growth of 4.4%, while estimates for earnings per share imply a decline of 2.7%. Dollar General currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. One Big Gain, Every Trading Day To help you take full advantage of this market, you're invited to access every stock recommendation in all our private portfolios - for just $1. Zacks private portfolio services that closed 256 double and triple-digit winners in 2024 alone. That's about one big gain every day the market was open. Of course, not all our picks are winners, but members have seen recent gains as high as +627% +1,340%, and +1,708%. Imagine how much you could profit with a steady stream of real-time picks from all our services that cover a number of strategies to suit a variety of investing and trading styles. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Target Corporation (TGT): Free Stock Analysis Report Dollar General Corporation (DG): Free Stock Analysis Report Costco Wholesale Corporation (COST): Free Stock Analysis Report
Yahoo
21-07-2025
- Business
- Yahoo
Sprouts Farmers' New Stores Power Impressive Comparable Sales Growth
Sprouts Farmers Market, Inc. SFM is demonstrating robust performance from its new store openings. In the first quarter of 2025, the company reported impressive 19% net sales growth and 11.7% comparable store sales growth. Management attributed this solid performance directly to the success of new stores, which are entering the comparable store base with strong focuses on accelerating the performance of new locations, targeting an average of $13 million in annual sales in the first year, with expectations for 20% to 25% growth over the following four years. This expansion strategy is supported by a more efficient, smaller box format that reduces risk while enhancing profitability. With plans to open at least 35 new stores in 2025 and ample "white space" identified for future growth, the strong initial comparable sales from these new openings point to a promising trajectory for Sprouts company's revamped site selection model focuses on optimizing convenience for health-conscious shoppers, while its differentiated offering of fresh, attribute-driven products continues to resonate. New stores are opening with healthy sales volumes and ramping up quickly, making meaningful contributions to overall comparable sales consistent strength in comps from new stores highlights that these openings are more than just incremental additions. They are positioning SFM to capture a greater share of the fast-growing $290 billion health-focused grocery market. Beyond driving sales, these newer locations are expected to support long-term EBIT margin stability through fixed cost leverage and ongoing supply-chain optimization. How Do DG and TGT Stack Up Against SFM's Sales Surge? Dollar General Corporation DG reported a 2.4% increase in first-quarter fiscal 2025 same-store sales, driven by a 2.7% rise in the average transaction amount, though partially offset by a 0.3% decline in customer traffic. Dollar General saw growth across all key product categories, including consumables, seasonal, home products and apparel. Dollar General now expects same-store sales to rise between 1.5% and 2.5% compared to its prior forecast of 1.2% to 2.2%.Target Corporation TGT experienced a 3.8% decline in comparable sales, following a 1.5% increase in the preceding quarter. This drop was attributed to a 5.7% fall in Target's comparable store sales, which was somewhat offset by a 4.7% increase in comparable digital sales. Target highlighted that traffic, or the number of transactions, dropped 2.4%, and the average transaction amount decreased 1.4%. SFM's Price Performance, Valuation and Estimates Sprouts Farmers stock has been a standout performer, with shares rallying 30.4% year to date, outpacing the industry's growth of 22.5%. Image Source: Zacks Investment Research From a valuation standpoint, SFM's forward 12-month price-to-sales ratio stands at 1.75, higher than the industry's ratio of 0.27. SFM carries a Value Score of C. Image Source: Zacks Investment Research The Zacks Consensus Estimate for Sprouts Farmers' current financial-year sales and earnings per share implies year-over-year growth of 13.6% and 35.5%, respectively. Image Source: Zacks Investment Research Sprouts Farmers Market currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Target Corporation (TGT) : Free Stock Analysis Report Dollar General Corporation (DG) : Free Stock Analysis Report Sprouts Farmers Market, Inc. (SFM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
20-07-2025
- Business
- Zawya
Cenomi Retail announces the signing of a share purchase agreement between its founding shareholders and Al-Futtaim
Al-Futtaim enters into a Share Purchase Agreement (SPA) to acquire 49.95% of Cenomi Retail from its founding shareholders namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. Shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. Al-Futtaim and Cenomi Retail are currently negotiating, as part of the SPA completion conditions, entering into a shareholder loan agreement for the provision of an amount not less than SAR 1.3 billion shareholder loan upon completion of the transaction, to strengthen Cenomi Retail's balance sheet and fuel its growth ambitions. Al-Futtaim, as a strategic investor, and a prominent private business group, brings strategic alignment, operational strength, and long-term confidence in Cenomi Retail's growth strategy. This milestone of a foreign direct investment aims to reinforce Saudi Arabia's position as a premier destination for global capital, while advancing Vision 2030 goals through private sector empowerment, scalable retail expansion, and digital transformation. Dubai, United Arab Emirates: Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders. Al-Futtaim is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth trajectory. Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' Salim Fakhouri, Chief Executive Officer at Cenomi Retail: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders. The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction. Read more here: About Al-Futtaim Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab across 18 countries in the Middle East, North Africa and Asia, the Group spans key sectors including automotive, financial services, real estate, retail, and health. Al-Futtaim's work is driven by a clear purpose: to enrich lives and elevate communities through practical, forward-looking a workforce of nearly 33,000 people, Al-Futtaim represents a portfolio of over 200 of the world's most recognised and trusted brands, including Toyota, Lexus, IKEA, ACE, Marks & Spencer, and many a strong focus on digital innovation and artificial intelligence, sustainable growth, strategic partnerships, and empowering its people, Al-Futtaim's approach is anchored in long-term value creation. Its integrated business model positions the Group as a reliable partner to stakeholders—supporting customers, communities, and collaborators alike in navigating the needs of today while planning for tomorrow. Underpinned by the values of respect, excellence, collaboration, and integrity, Al-Futtaim continues to build a legacy that reflects its responsibility to people, progress, and the planet. For more information, visit: About Cenomi Retail: Cenomi Retail, formed as Fawaz A. Alhokair & Co in 1990 by Fawaz, Abdulmajeed and Salman Alhokair. The company has since become the leading franchise retailer in KSA and the only listed business of its type in the Middle East. Since the opening of its first store in 1991, Cenomi Retail has grown considerably and now trades in 808 stores across 165 shopping malls in 8 countries, with a retail platform covering a total GLA of about 332 thousand square meters. All of this is managed by a workforce numbering more than 7,000. Cenomi Retail currently represents 47 brands, spanning womenswear, kids and baby, department stores, shoes and accessories, cosmetics in addition to operating a series of restaurants and coffee shops. For more information, please visit For media enquiries, contact: Disclaimer This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as 'according to estimates', 'anticipates', 'assumes', 'believes', 'could', 'estimates', 'expects', 'intends', 'is of the opinion', 'may', 'plans', 'potential', 'predicts', 'projects', 'should', 'to the knowledge of', 'will', 'would' or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding our business and management, our future growth or profitability and general economic and regulatory conditions and other matters affecting us. Forward-looking statements reflect our management's ('Management') current views of future events, are based on Management's assumptions, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause our actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements. Our business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to become inaccurate. These risks include fluctuations prices, costs, ability to retain the services of certain key employees, ability to compete successfully, changes in political, social, legal or economic conditions in Saudi Arabia, worldwide economic trends, the impact of war and terrorist activity, inflation, interest rate and exchange rate fluctuations and Management's ability to timely and accurately identify future risks to our business and manage the risks mentioned above.
Arab News
17-07-2025
- Business
- Arab News
Saudi Arabia's retail real estate growth prospects strong: S&P Global
RIYADH: International retail brands attracted by social and economic shifts in Saudi Arabia are set to deliver real estate sector growth to the Kingdom, according to an analysis. In its latest report, S&P Global stated that the residential real estate sector in the nation also appears strong, with young Saudi families relocating to cities in search of work opportunities. Strengthening the real estate sector is one of the crucial goals outlined in Vision 2030, as Saudi Arabia continues to diversify its economy away from oil and position itself as a global business and tourist destination. The Kingdom's Real Estate General Authority expects the property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024. In its latest report, S&P Global said: 'Saudi retail real estate growth prospects are strong. Significant social and economic changes in the Kingdom are making it a major target market for international brands in the fashion, luxury, and food and beverage segments. As a result, demand for premium retail space is increasing.' In June, global real estate consultancy Knight Frank, also echoed similar views, stating that Saudi Arabia's commercial real estate sector is witnessing exponential growth, with rents for Grade A office spaces in the Kingdom's capital reaching SR2,700 ($719.95) per sq. meter by the end of the first quarter, representing a 23 percent rise compared to the same period in the previous year. In its latest analysis, S&P Global noted that Saudi Arabia's retail landscape is expected to face several challenges, including oversupply, particularly in the shopping mall sector. 'Saudi retail real estate could face a supply wall. Knight Frank forecasts Riyadh's supply to grow by 50 percent by 2027 and Jeddah's to grow 75 percent over the same period. This could lead to rental discounts, revenue-sharing lease models, and other incentives to maintain occupancies,' said S&P Global. The US-based agency further stated that the Kingdom's retail real estate sector has strong growth prospects, provided that careful planning and market positioning are implemented, which are expected to help mall owners ensure long-term success. In a broader context, the report projected that Dubai and Abu Dhabi are experiencing resilient demand and modest rental growth for retail real estate, with prime super-regional malls continuing to dominate the market, which has led to mall owners expanding their offerings. S&P Global added that Dubai's commercial real estate sector is booming, as vacancy rates remain at an all-time low of 8.6 percent, and demand for grade-A offices drives up rentals. 'Supportive regulations for businesses, dynamic economic environment, and the low tax regime sustains the city's attractiveness for global businesses and family offices,' said the report. S&P Global cautioned that oversupply in the oil market will continue to outweigh slow oil demand growth through 2025 and beyond, and this could negatively impact the growth of real estate sectors in both Saudi Arabia and Dubai. 'Unfavorable tariffs could also lead to economic slowdown and weaker market sentiment. This could have some impact on residential prices and rents as we believe there is good correlation, despite Dubai's economy being less reliant on oil. Saudi Arabia and its spending on Vision 2030 remain highly dependent on oil prices,' added the report. According to the analysis, the current ceasefire between Israel and Iran has reduced immediate regional credit stress; however, an escalated, prolonged geopolitical conflict could lead to an expatriate exodus from the region, severely impacting real estate prices and rents.
