Within the shopping center sector, we further separate the space into three sub-categories, generally consistent with the ICSC classifications: Grocery-Anchored, Power Center, and Street Retail. The lines between these categories are blurry with many "big-box" retailers like Walmart ( WMT ), Costco ( COST ), and Target ( TGT ) now offering full-service grocery offerings and as roughly half of the retail centers owned by these REITs include at least one full-service grocer. Grocery-anchored centers have historically commanded premium valuations relative to power centers and grocery-focused REITs generally delivered steadier operating performance throughout the pandemic.