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As I flipped around through different company web sites checking out store additions in troubled states (CA, NV, AZ, FL), guess what started at me on the DSW homepage? Yes, the image below. I'm not joking. They continue to pay up for real estate that is way too expensive for a format that is way too large at margin and asset turn structures that are way too low.

"Trend" vs "Trade" factors aside, this is as flawed a business model as I've seen in a while.