1. ShopperScape ® Snapshot Why Are Shoppers Shopping Walmart, Target Less Often? June 2013

2. © Kantar Retail 2013 2/24/20162 *Read as: 65% of Walmart shoppers surveyed in May 2013 said that they are shopping Walmart about the same compared with a year ago. Note: Arrows indicate a statistically significant difference from 2012 (90% confidence level) Source: Kantar Retail ShopperScape ®, May 2012 and May 2013 Shopping Frequency at Target/SuperTarget Compared With a Year Ago (among shoppers who shop at Target/SuperTarget) Shopping Frequency at Walmart/Walmart Supercenter Compared With a Year Ago (among shoppers who shop at Walmart/Walmart Supercenter) Greater percentages of shoppers are shopping Target less often vs. a year ago than are shopping Walmart less

3. © Kantar Retail 2013 2/24/20163 *Read as: 40% of Walmart shoppers who are shopping the retailer less compared with a year ago said they are doing so because they are shopping less in general. Source: Kantar Retail ShopperScape ®, May 2013 Top Reasons for Shopping Walmart/Walmart Supercenter Less Compared with a Year Ago Shopping less in general40%* Other retailers offer a more pleasant shopping experience28% Shopping other retailers that are convenient to home/work25% Can find better overall value at other retailers22% Doing more of my shopping at supermarkets20% Top Reasons for Shopping Target/SuperTarget Less Compared with a Year Ago Shopping less in general42% Shopping more at Walmart/WMSC26% Shopping other retailers that are convenient to home/work25% Can find better overall value at other retailers21% Doing more of my shopping at supermarkets16% Roughly equal percentages are shopping Walmart or Target less because they are shopping dollar or online more

4. © Kantar Retail 2013 2/24/20164 Walmart/Walmart Supercenter Target /SuperTarget Have Nots (<$60,000) Haves ($60,000+) Have Nots (<$60,000) Haves ($60,000+) Sample size390302523306 Shopping less in general45%*33%44%37% Shopping other retailers that are convenient to home/work24%27%26%23% Other retailers offer a more pleasant shopping experience22%35%8% Can find better overall value at other retailers22%21%22%20% Shopping more at dollar stores21%6%15%10% Shopping more at supermarkets20%21%14%20% Shopping more at retailers that allow me to get in and out quickly19%17%7%9% Doing more of my shopping at other types of retailers14%15%11%9% Dividing shopping among more stores instead of one-stop shopping13%10%8%11% Other retailers carry more of the items I need13%12% 13% Shopping more at Target/SuperTarget13%25%n/a Shopping more at online retailers like Amazon.com11%15%10%13% Shopping more at warehouse clubs8%11%6%14% Shopping more at Walmart/Walmart Supercentern/a 29%21% Other21%16%17%18% *Read as: 45% of Have Not Walmart shoppers who are shopping the retailer less compared with a year ago said they are doing so because they are shopping less in general. Shading indicates significantly greater percentage between Have-Nots, Haves (corresponding shopper bases); 90% confidence level. Source: Kantar Retail ShopperScape ®, May 2013 Reasons for Shopping Walmart, Target Less Often Compared With a Year Ago (among shoppers who indicate shopping the retailers less often) Have Nots significantly more likely than Haves to be shopping less in general, shopping dollar more

5. © 2013 Kantar. No part of these materials may be used, reproduced or adapted without the prior written consent of the copyright owner. All rights reserved. Kate Senzamici kate.senzamici@kantarretail.com 501 Boylston Street Suite 6101 Boston, MA 02116 T +1.617.912.2866 T +1.617.912.2828 F +1.630.245.5647 www.kantarretailiq.com