Retail M&A is entering a pivotal moment as holiday season nears its conclusion and we begin a new year. The next few months will shape deal pipelines, valuations, and redefine strategies for 2026. Retail dealmakers will be watching closely. Holiday performance will set the tone for what comes next. Holiday sales are expected to grow modestly, but not from higher consumer spending. Most of the increase will come from price hikes, not more units sold. Consumers are cautious.