Steve Dennis and Michael LeBlanc open with the retail news of the week: the latest twist in the U.S. TikTok deal, fresh tariff/geopolitical volatility, Amazon noting tariff-driven price creep, and Gap’s new Chief Entertainment Officer role. Steve then delivers his 2026 retail predictions, from the “Great Concentration” and agentic AI to faster delivery, uneven luxury, resale momentum, wellness, and a bold Sephora–Kohl’s call. They close with Lululemon’s sheer-product debacle, congrats to prior guest on the podcast Walmart's Chris Nicholas, and bond-market jitters “around the corner.”