Walmart held on to its seasonal goods, he said. Target, he said, got caught up in the moment. And while he said it wasn’t the company’s fault at that time, it decided to slash prices. In the process, Target changed its customers’ behavior.

Between the pandemic upending shopping habits five years ago and the economy causing consumers to tighten their purse strings in 2025, it’s been a tumultuous half decade for retailers.

For Walmart, Target and Tapestry-owned Coach, importing goods early and having merchandise in warehouses before tariffs took effect have helped them curb the hit from higher rates.