Millennials may be forever linked with avocado toast, but these shoppers, along with Gen Z, may guide the next retail trends as they approach their prime spending years, says Cowen & Co. The back story. Retail has had it tough in recent years, given the rise of e-commerce, a host of online startups, and declining mall traffic. The SPDR S&P Retail ETF (XRT) is breaking even for the year, while the S&P 500 has climbed more than 16% in 2019. That’s not to say that all retailers have done poorly—companies from Target to Lululemon Athletica and Amazon.com have notched double-digit gains, highlighting the increasing gap between winners and losers in the industry. Read more at Barron’s.