Many believe that the pandemic has triggered a deep bifurcation in the retail market, with winners—like grocery stores and pharmacies—and losers. But, rent collection data shows that only a limited number of retail sectors have seen significant dislocation. Movie theaters and fitness centers are the two principal casualties of the pandemic.

"This is where the data is actually pretty clear that the bifurcation, so to speak, is fairly isolated," Mark Sigal of Datex Property Solutions, tells GlobeSt.com. "There are only two segments that have been hit with what I call existential threats: movie theaters and gym/fitness centers. Here, the collections trends are divergent from their peers."

Outside of these two retail segments, most tenants are able to make more than half of their rent payment, and overall, national tenants are paying more than 90% of rents, according to February data from Datex. "Of the remaining national retailers that we track, none is paying below 65% of their rent in the most recent report," says Sigal. "We flag that as a yellow for those retailers, but for those in the red zone, the above two segments, the highest of them is around 50% of collections."