Retail Stocks a Bargain?

It seems that consumer spending is going to slow a bit and that means people will not be buying as many Coach bags and such. This article has a pretty good gauge on what stocks will weather the storm. I agree with this part:

Where would I recommend looking to invest instead? I think that
companies selling consumer staples with strong international footprints are a
good idea, as they provide both a defensive bent and upside potential. The
defensive bent comes from the recession-resistant nature of the products these
companies make: spirits in the case of Diageo (NYSE:DEO - News), confectionary
at Cadbury Schweppes (NYSE:CSG - News), chips and drinks at PepsiCo (NYSE:PEP - News), and soup and food products from Campbell Soup (NYSE:CPB - News), as well as a vast array of consumer products from Procter & Gamble (NYSE:PG - News). These are good stocks for uncertain times and are also good long-term investments, given the secular growth trends we see in a number of foreign markets.

I really agree with Cadbury Schweppes since they are a very strong competitor in the European market. They have alos sold off their non-core European assets and they now own Dr. Pepper, Snapple and the 7-UP brands. They are also rumored to be circling Hershey's for a potential buyout. That would make CSG a true juggernaut in the chocolate space. Whatever happens to the subprime market people are still going to eat chocolate and drink soda.