CNBC's "Fast Money" Different Reads On The Consumer… And Pharma’s Obesity Drug Price Negotiations 11/5/25
Nov 5, 2025
Stephen Yaloff, CEO of Tanger, discusses the contrasting behaviors of consumers in today’s economy. He highlights the strength of outlet retail amidst mixed signals from traditional retailers. Yaloff shares insights on record leasing and how holiday season trends are shaping tenant demand. The conversation also touches on the impending negotiations to reduce obesity drug prices and how this could affect Medicare coverage, adding a significant angle to the pharmaceutical landscape.
AI Snips
Chapters
Transcript
Episode notes
Consumer Economy Is Bifurcated
- The U.S. consumer is bifurcating into winners who can trade down and losers who are cash-strapped.
- Retailers like Walmart and Costco benefit while lower-end discretionary names face pressure.
Trading Down Explains Stock Divergence
- Higher-income households are trading down but still spending, while lower-income households are materially squeezed.
- This dynamic explains divergent performance across retailers and restaurants.
Retailers Still Expanding Space
- Stephen Yaloff described retailers continuing expansion and signing leases despite macro worries.
- Tanger is booking deals a year ahead and already filling much of 2025 and 2026 demand.