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  "documentTitle": "Lowe's Companies, Inc. (LOW)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-11-08 00:00:00",
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      "kind": "callout",
      "text": "We believe that the home centers face limited risk from online shopping because the majority of products they sell do not meet most of these conditions",
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      "text": "Product is relatively high-priced (i.e., sales tax savings are more material)\nProduct is not needed immediately\nShipping cost is low\nShipping is unlikely to damage the product\nProfessional installation is not needed\nItem is not purchased as part of a larger project\nEnd-user of the product is making the purchasing decision",
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      "text": "Online retailing has become a headwind for most brick-and-mortar retailers over the recent years. Online shopping is most appealing to consumers when the following conditions apply:",
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      "text": "Why Do Consumers Shop Online?",
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