What happens in/to REI in a long-term DEFLATIONary environment?

[Ken Snyder]

I am not saying I am sure that a long-term deflationary environment is coming. After all, Buffett, Icahn, Drunkenmiller, Paul Tudor Jones, Dalio, etc. do not necessarily all  agree on this.

However, since an inflationary environment is more predictable (or at least more familiar to us), I find myself wondering what would be the impact to REI if long-term deflation comes upon us?

I look forward to your insights.