Yes, retail apparel will always be a fragmented industry, with no clearly dominant Rule Maker. Let's look at Gap from a Rule Maker standpoint. They have a great brand, that is uncontested. Maybe, but only one quarter out of the year. And the debt has been piling up.
Debt is something that goes on quickly, but getting it paid down takes years.
And the one it does meet, it doesn't do so in a fashion that creates shareholder value. It's ugly from a Rule Maker perspective, but I view that as just a starting point for investigation. Here's how I look at this situation. It's ultimately a question of competing opportunities. At best, Gap is a very marginal Rule Maker.