US Retail Credit Outlook for 2H25: BI Video

Though US consumer spending has held up so far in 2025, weakening demand for goods, especially across discretionary categories like apparel, remains a risk heading into 2H. Across the rating spectrum, from investment-grade retailers such as Walmart, Target, Nike and Dick's to high-yield retailers like Kohl’s, Under Armour and Albertsons, the potential impact from tariffs may not bring a recovery in profit margins in 2025 that faced delays in 2024. But is credit risk similar for all US retailers? Our US Retail Credit Outlook video addresses the themes that have affected retail credit quality so far in 2025 and what may be in store for the remainder of the year.