I'm looking at today's headlines and I see the real valuation mismatch nobody's talking about yet. (https://www.cnbc.com/2026/06/18/hollister-partners-with-target-to-sell-dorm-bedding-apparel.html) to tap the back-to-college market signals something critical: retail is fragmenting into direct-to-consumer channels inside mass distribution, not replacing it. This is the opposite of what the market priced into $TGT and $HD after the consumer sentiment washout.

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