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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "Uses external media citations to validate the thesis of Target as a beneficiary of economic recession.",
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      "kind": "callout",
      "text": "Welcome to \"recession chic\" and its personification, the \"recessionista,\" the new name for the style maven on a budget.",
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      "text": "Consider the $1,235 patent-leather satchel with golden hardware designed by Anya Hindmarch. Mary Hall, a marketing manager at I.B.M. in Redondo Beach, Calif., heard its siren call. Then she went to Target to purchase a similarly shiny purse, made out of polyvinyl chloride, by the same designer. Price: $49.99. \"In the current economy, I thought I would reform,\" Ms. Hall said. Welcome to \"recession chic\" and its personification, the \"recessionista,\" the new name for the style maven on a budget.",
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      "text": "Indeed, many diehard Nordstrom fans came prepared to open up their purses for $545 Moschino shoes and $1,495 Valentino handbags. Kim Calloway, a 38-year-old senior accountant, arrived at 7:50 a.m. and walked out with $1,200 worth of jeans, cosmetics and skin care products, noting that she hasn't cut back on her spending. \"I probably should, but I probably won't,\" she said. Others, warier about the economy, came more for the spectacle. Charlene Stone, 49, of Wexford, an affluent suburb, didn't buy anything but enjoyed looking. Lately, she has been shopping more at discounter Target for her daughter's clothes. \"I'm about the bargains,\" she said.",
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      "text": "\"In the current economy, I thought I would reform,\" — Mary Hall, New York Times, 10/24/2008. \"I probably should, but I probably won't,\" — Kim Calloway, Wall Street Journal, 10/25/2008. \"I'm about the bargains,\" — Charlene Stone, Wall Street Journal, 10/25/2008.",
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      "text": "Target: Beneficiary of Trade Down",
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