XLP has a lot of weight in Coke, Pepsi, and Walmart: junk food and B&M retail. None of those are going to disappear, but I think they’re in terminal decline.
My own experience: I like visiting Wally World at night when it isn’t crowded, I don’t have Amazon Prime, and I have a slight anti-Amazon bias because they are so big.
Yet I still shift more and more spending from Wal-Mart to Amazon and to a smaller extent to Target and Home Depot. I think I only go 2-3 times a year now versus 8-10 when I moved here.
California’s soft-on-shoplifting policy has also resulted in a large increase in the portion of Wal-Mart that is walled behind glass. It isn’t just liquor and electronics anymore. That degrades the shopping experience and reduces order sizes.
