REI (Recreational Equipment, Inc.) is the nation’s largest consumer cooperative and a dominant outdoor specialty anchor for Tier-1 Lifestyle Centers, Regional Malls, and Power Centers. Entering 2026, the Co-op is executing its "Peak 28 Ascending Together" three-year transformation strategy under CEO Mary Beth Laughton. This strategy prioritizes a "Full-Life Outdoor" ecosystem, integrating technical gear, professional shop services (ski/bike), and Re/Supply (re-commerce). While the 2026 fleet strategy includes selective high-profile closures in major urban centers (SoHo NYC, Boston, Paramus) to optimize profitability, REI remains in a growth phase in high-productivity suburban and recreation-adjacent markets. For landlords and developers, REI acts as a "Super-Anchor," driving high-frequency, high-intent foot traffic from a dedicated base of over 25 million members. The 2026 store model—defined as a "Community Outdoor Portal"—emphasizes sustainable construction and zero-waste operations, having become the first national retailer to achieve a 90% waste diversion threshold in 2024.