Target also imports about half of its merchandise, compared to roughly 33% at Walmart, so it needs to raise prices at almost double the rate of Walmart to mitigate the tariff impact, Bank of America analyst Robert Ohmes said in a report this week.

Target’s same-store sales are still falling, while Walmart has found a formula that keeps them increasing. Meanwhile, tariffs and persistent inflation are causing consumers to be more disciplined about how and where they spend their money.