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I estimate the aggregate income elasticity of Wal-Mart's and Target's revenues using quarterly data for 1997–2006. I find that Wal-Mart's revenues increase during bad times, whereas Target's revenues decrease, consistent with Wal-Mart selling “inferior goods” in the technical sense of the term. An upper bound on the aggregate income elasticity of demand for Wal-Mart's wares is −0.5. (JEL L81, D12)