It certainly didn't help Wal-Mart's high frumpy and cheesy clothes quotient that its crack buying team was down in the Deep South far from the pulse of the runways and the trendy tribes. Whoops. Make that: was down in the Deep South. Not long ago, Wal-Mart moved its fashion team to New York City, a move that clearly implies it is going to take an even more serious run at Target (NYSE: TGT), its foremost discounter rival and one of the few retailers in history to make cheap clothes look cool (H & M is perhaps the other one that jumps to mind -- Gaps' Old Navy doesn't really count).

Target has managed to both snag the services of low-rent, high-brow design names such as Mossimo, and has nailed fashion forward season after season. Too bad the rest of its sales are struggling, despite the best efforts of hedge fund wizard Bill Ackman, who has a fund entirely dedicated to telling Target management what to do.

This time around, however, I would not bet against Wal-Mart. Bentonville has turned around its environmental image, fixed its general merchandising strategy to focus on basics, brought in organics and other products to appeal to the Costco progressives, and generally made smart moves that have justified its strong outperformance of the market and rival Target.

The Piqqem Sentiment on Wal-Mart is bullish with voters predicting Wal-Mart share will rise back towards $60 in the near future. In part, that could reflect anticipation of a stronger fashion strategy go goose same store sales. Regardless, fashion forward is putting on a blue smock in Midtown and the BIg Apple might be Wal Mart's muse and Target's bane.

Alex Salkever is the Director of Research at Piqqem.com, a "Wisdom of Crowds" stock research service and community.