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.

In the latter half of 2022, even as a spike in prices spurred a consumer exodus toward essentials, shares of big-box chains Walmart Inc. and Target Corp. were both moving along a similar path.

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.