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Home Depot is said to be a "bellwether" for retailing stocks, so other retailers fall when it falls.
So, is the run mostly over for retailing stocks? A. Right now, apparel retailers are trading at about 18 times forecasted 2002 earnings and 15 times 2003 earnings.
O'Connell's photographs, though, weren't for retailing research.
The long-term forecast for retailing is murky.
Today, he says, there are "some pretty big macro challenges" ahead for retailing.
The new residents, mostly African-Americans but more affluent, created a demand for retailing.
He said many of the state's closed factories are well situated for retailing.
Online sales were the bright spot for retailing over the Thanksgiving weekend.
"This is the Pandora's box that the internet has opened for retailing.
"They said, Give me the money," said John Theiss, the American Express vice president for retailing.
"We are cautious on our outlook for retailing in the near term, through Christmas".
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