Between the pandemic upending shopping habits five years ago and the economy causing consumers to tighten their purse strings in 2025, it’s been a tumultuous half decade for retailers.

Walmart held on to its seasonal goods, he said. Target, he said, got caught up in the moment. And while he said it wasn’t the company’s fault at that time, it decided to slash prices. In the process, Target changed its customers’ behavior.

In eight out of the last nine quarters, Target posted negative same store sales comp whereas Walmart’s worst comp during this period was +3.8% (FY 1Q’25). Click to read.