Broadly agree. Retail in general is a very tough gig - I think one could count the number of ASX-listed retailers with a genuine competitive advantage on one hand.
What I think tricked TRS investors for longer than they should have been tricked, was TRS' store rollout program - they were promising growth by rolling out more stores, so the stock was trading at quite high multiples for a long time. But underneath that veneer, it was clear they were suffering from competitive pressures because they were closing plenty of stores at the same time as promising to open new ones - a retailer shouldn't be continually closing stores if it's healthy. It's the canary in the coal mine as far as retailers go (but they'll always make up some excuse for closing the stores, like "rents are too high", to deflect attention from the fact that competition is eroding their business).
TRS Price at posting:
$5.11 Sentiment: None Disclosure: Not Held
(20min delay)