I think the 'shift to value' argument is worth considering. If a home owner sees a decline in their on paper net worth they might reconsider buying the kids expensive clothes they will grow out of anyway. So while BST is somewhat of a non-discretionary product which you wouldn't expect to have large fluctuations in demand, it also stands to benefit from a increasingly more wealthy shoppers looking to save money at this part of the debt cycle. This was roughly eluded to in the presentation where the board have stated they expect to see more migration to value shopping.
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