DOWNSIDE: Macy's move to a national brand promises to steal share from middle-income Sears customers. Meanwhile, discounters like Target and Wal-Mart are beefing up their home goods offerings. There's the challenge from Lowe's and Home Depot in the home appliances category, for decades indisputably dominated by Sears, but a position that increasingly looks vulnerable.
AD BUDGET: $1.71 billion
* WPP's Grey Worldwide, Wing Latino and MindShare, N.Y.; Y&R, Chicago