The specialty retailers have outperformed the mass merchandise chains this time, ... The question for me is, 'Could spending on the discretionary group finally be picking up?'

Target's business has evolved to a point where I believe their core customer is as comfortable buying an outfit as they are a basic necessity like soap and toothpaste, and that is really the ultimate goal of everyone in that industry. It certainly appears to be an even sharper focus of Wal-Mart at this point, given how Target has outperformed Wal-Mart over the past two years.

Penney offered a benign set of comments about Eckerd. While its department stores are doing a little better, Eckerd is deteriorating. The speculation is that Penney's first choice is to sell its drugstore business.

Target's increased emphasis on providing consumers with trend-right merchandise has strengthened the retail chain's presence as a destination for apparel.

Target's increased emphasis on providing consumers with trend-right merchandise has strengthened the retail chain's presence as a destination for apparel,

We believe the 'back-end loaded' nature of December will be particularly pronounced this year.