Value continues to be the top consideration among consumers when deciding where and how to shop. Our retail market research has pointed to Walmart and dollar stores as the largest market share gainers YTD given their broad assortment of essential items and compelling price points relative to food retail peers. Feedback suggests the conventional grocery channel and Target have been most susceptible to share pressure in 2023 as both attempt to compete directly with Walmart in an inflationary environment. Target’s exposure to discretionary demand presents an especially unique challenge with consumers looking to cut back on non-essential purchases and stretching budgets.