Bill Dreher Best Quotations

Discount stores have really become an increasing portion of consumers' expenditures. Now there's talk of fluctuating energy prices, job layoffs, and people are looking for the best value possible. So we believe the discount stores are going to benefit disproportionately from the tax rebate. We expect Wal-Mart will be the leader in July.

Consumers were not in the holiday spirit up until the last week of the holiday season, when there was a mad rush for the store. And the big unknown is the result of that game of chicken, where shoppers waited until the last minute to get the best bargains and retailers held off.

The news we got today was incrementally negative, even for the best operators out there. And clearly this does not bode well for a strong holiday season.

Target has the best advertising marketing campaign in retailing. They do an amazing job of elevating a discount store to a very cool destination shop and so they are always pushing the envelope.