Target (NYSE: TGT) and Walmart (NYSE: WMT) are two companies that most everyone knows. Given that 70% of U.S. gross domestic product comes from consumer spending, Target and Walmart provide an excellent barometer on inflation and a glimpse into the pulse of the economy. But as you've clearly seen in recent quarters, overall costs have been rising much faster than retail prices, resulting in year-over-year declines in our gross margin rates," said Target CEO Brian Cornell on the company's Q1 2022 earnings call.