Investment blogger Todd Sullivan writes that new data show Target shoppers are heading to Wal-Mart "in droves." I don't buy it.

Yes, shoppers are price-conscious in this economy, and, yes, Wal-Mart's sales are increasing while Target's are falling off.

But do you know any Target shoppers who have changed their routine and started shopping at Wal-Mart in recent months? It's unlikely, as the Analytical Wealth blog has written, because the two retailers serve such different demographics that they aren't really direct competitors.

There is certainly some overlap with their customers, but many of Wal-Mart's gains have come at the expense of grocery stores and pharmacies, not Target, Analytical Wealth explains.

Anyone have any anecdotes to support either of these theories?