Business cycle - anyone who's ever worked as an analyst and woken up with keyboard marks on their face already knows this - Cycles happen and are unavoidable because of comps (comparisons to previous periods).  A great company or sector becomes a victim of its own success eventually because it has to to continually beat the last great period to keep the share price rising.
Enter COVID and free checks sent to both consumers directly AND businesses directly.  What happened?  The comps got annihilated and stocks went crazy despite an economy that was shut down (purchasing power got destroyed). But now we're 2 years further down the road and while Gov spending has somehow increased past an already unimaginable level, it's not going directly to consumers like it was back then (it is, but not nearly at the same pace or quantity). Now the bulk of the spending is going to contracts with NVDA, GOOG, MSFT, LMT, AMZN cloud, SNOW, BA, etc (you can follow this spend online via SAM.gov - You can even sort by contract value and see who the largest beneficiaries of our dollars are). So, how will comps in retail facing sectors possibly do well compared to that previous period where free money with no strings attached or product / service delivery in return was sent out to everyone? Easy answer - they won't do well. It's impossible.

*FWIW - in one of my many previous lives, I negotiated and signed contracts for the Federal Gov. You probably won't see SNOW on the list in SAM.gov, at least not at a realistic level, because we made an exception for SAM reporting if a contract was classified (the system was FPDS just a couple of years ago, but it has all transitioned to SAM now).