In the best of times, Wal-Mart and Target are competitors. When consumers get pinched though, nobody cares about Target’s superior sense of design, and the fact that you can buy a retro toaster there. While Wal-Mart grew same-store sales in October, Target’s fell a swift 4.8%, much worse than the 2.8% decline analysts had been looking for.
And that’s pretty much the story with every other retailer too. Even Costco, the big-box retailer that rich people like saw same-store sales decline by 1%. At The Gap, comp store sales dropped a stunning 16%.
One company which grew stores briskly? Urban Outfitters says comp store sales were up 10% for the month of October. There’s obviously still demand among young for one-stop shop to look vaguely hip. When we were young, we had fund hunting through rack after rack at thrift stores for that one-of-a-kind faded t-shirt.
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