Cheers for your thoughts mate, can't recall comparing TRS to a WHS (and if it came across certainly wasn't intended), from memory I was more asking what Reject Shop's competitive advantage over WHS or Millers.

The argument goes that, even if the economy is hurting, people put off going overseas or buying a new plasma TV screen, rather than soap and the other "daily essentials" that TRS stocks (or at least we all hope they don't stop buying soap!). It's essentially an elasticity of demand argument.

If anything, tighter economic conditions may well mean people go the extra mile to scout out bargains and stretch their dollars further. (So instead of paying an extra couple of bucks to get these items at the supermarket, they go down the other part of the mall to TRS).

One thing I asked at the beginning of this thread, and haven't got a lot of feedback on, is exactly what you find at a TRS. And what sells best. The company says it sells "daily essentials" but it's probably worth verifying that first hand. As well as sweet talking the store manager or store clerk to see whether things are slower or busier than last year. You get the feeling that even if sales are a little slower on a same store basis, that it will be compensated by the new store opening programme.

EDIT: would be good to see some insider buying at current levels. I'll be buying some more when/if they do.