As the impacts of the global crisis continue to become clear, the stocks of many industries and sectors have been re-rated to reflect the direness of the situation. Retailers, in particular, have been hard hit, as reflected by the increasing number of bankruptcies from companies like J.Crew and J. C. Penney (JCPNQ). In this environment, it is not simply enough to have a low valuation based on past results for a company to be investable. The world has changed and so have people's behaviors, at least for the foreseeable future. While the discretionary nature of