Walmart getting the business as Target chic falters.

Business: To paraphase an old joke. Target is where you get an ironing board with a name, Walmart you get the same board cheaper with no name and Kmart you get the same board that falls apart.

As consumers scale back on spending in the face of a softening U.S. economy, at least one analyst suspects that more shoppers are choosing Wal-Mart Stores Inc. over rival Target Corp. Sagging home prices, higher gas prices and job cuts have Americans paying close attention to how they spend their money. Investors are taking note — since late November, shares of Wal-Mart have soared, outperforming Target by double digits. Target shares are testing year-plus lows, while Wal-Mart touched a nearly three-year high earlier this month. ...Citi Investment Research analyst Deborah L. Weinswig said Wal-Mart's "low-price message" resonates better with consumers, who are trying to scale back on spending and get the most for their dollar. "Based on our proprietary survey findings, an overwhelming 87 percent of customers surveyed said that Wal-Mart had the lowest prices," Weinswig wrote in a note to investors Thursday. Weinswig also said Wal-Mart provides a "one-stop shopping experience" for consumers, allowing them to purchase food, consumables, groceries, and discretionary items in one visit. This is important because consumers have been consolidating trips to cut down on gas use. "Target is not perceived as a destination for basic needs, which we believe is why the retailer's traffic trends are weaker than those of Wal-Mart," Weinswig wrote

Walmart has done a good job refocusing their business instead of trying to compete with the gaudy cheap chic that is Target. Now the low price mantra is helping.