alonsoI appreciated the humour in your post that was intertwined...

alonso

I appreciated the humour in your post that was intertwined with a very relevant point.

When I consider the investment case for SFH psycological factors deserve considerable attention.

Cloths in general do not always conform to size and/or shape expectations once worn. I read somewhere that the average shopper tries on 8-10 garmets for every one purchased. Also feel that the psycological factors work better for cloths sold under a physical premise rather than a computer screen. Successful retailers manipulate the emotive purchase drivers via sound, lighting and 'social proof' - all of which is more enhanced in a physical premise IMO.

The clothing retail naysayers have also forgotten that shopping is a particularly social activity for the average female, whether with friends or mother/daughter outings a trip to the mall holds considerable appeal.

I see internet retail working fantastically for the likes of HC's newest advertiser -Strawberry Network (though I am generally amused at how they find the HC demographic fits one of their target audience groups) where they are selling a standardised consumer good with a purchase price that is easily comparable across different retailers, and there is no purchase risk because the product is regularly used and understood. Same is true of books, cd's, etc IMO.

SFH will require patience due to the cyclicality nature of the business and we are clearly in the low cycle. Nothing wrong with businesses that suffer this fate IMO as long as one takes a patient long term view.