As we said with lux, those not positioning on pricing correctly are being punished

Target (+14%) (2Q +2%, FY guidance flat to +2%); "Consumers have shown remarkable resilience in the face of multiple challenges over the last several years and they remain resilient today. Given the significant headwinds they faced with inflation over the last few years, consumers continue to focus on value as they work hard to manage their household budgets."

Macy's (-13%) (2Q -3%, FY guidance -0.5% to -2%); "We entered the second quarter with an expectation that discretionary spend would remain stable, reflecting a resilient but choiceful consumer. As the quarter progressed, our customer became more discriminating, which we attribute to ongoing macroeconomic uncertainty and an increasingly complex news cycle."

Continues to paint a competitive backdrop and puts pressure to already struggling retailers that are trying to navigate a turnaround including Kering, Burberry, Capri & VFC among local credits.