The Web accounts for just 5% of U.S. retail sales, and Forrester Research reckons that can easily double in the next five years, leaving the company enormous room to grow. Alas, there's no discount on Amazon shares, which trade at 47 times expected earnings.

Apple's sales have grown at an average annual rate of 32% in the past five years, and its earnings at 61%. The company has $28 a share in cash and no debt, and is up more than 1,700% in the past six years. Shares now trade for 135. Apple's personal-computer sales slipped 3% in the latest quarter. Still, Susquehanna analyst Jeffrey Fidacaro thinks Apple has "significant growth potential, including expanded market share in the smartphone market and above-market growth in its Mac PC business."

Bed Bath is a massive housewares bazaar. The breadth and depth of its assortment beats that of most department stores, and low prices combined with couponing keep the tab competitive. The company operates 930 stores in 49 states, and management's goal is to open about 400 more. In the past three years, Bed Bath's margins contracted as then-rival Linens 'N Things promoted heavily to try to stay afloat. It didn't work, and Linens' liquidation last year should boost Bed Bath's profitability and market share. The company has no debt, generates lots of cash and trades at a discount to other home-furnishings outfits. In bad times, people buy new towels. In better ones, they buy new bathrooms. Either way, Bed Bath benefits.

Chipotle's sales and earnings have sizzled since its initial public offering, and its growth rate will moderate as more units open. Indeed, shares that once fetched 80 times earnings now trade for 26. A rash of insider stock sales in April suggests investors would be better off nibbling, not gobbling, at today's 80. Easy on the hot sauce.

J. Crew imposes a modern sensibility on American classics -- like twin sets for women and plaid shorts for men. The result is designer-quality fashion at mid-range prices that has found fans far from preppie redoubts like Nantucket and New Canaan. Is it any wonder that Michelle Obama chose to wear J. Crew on the Jay Leno Show -- the better to press her point about affordable fashion -- after the hubbub over Sarah Palin's whirlwind shopping spree? Rival Gap (GPS) is cheaper at 14 times this year's expected earnings, and its troubled child, Old Navy, finally looks to be on the mend. But New York-based J. Crew delivers a better retail experience, complete with well-lit stores and impeccable service. And its Website draws 80 million visitors a year.

Nike controls roughly 50% of the highly fragmented $20 billion market for athletic footwear. More than 60% of its sales are overseas. Footwear sales suffer in recessions, but the prospect of double-digit growth in Asia provides a nice offset to setbacks in the U.S. Besides, Nike is gaining market share as its rivals struggle. Nike has little debt and $2.6 billion of cash, and it pays an annual dividend of a dollar a share, for a yield of 1.8%. (Four Michelle Index components are dividend payers.) The company has maintained its foothold in recession. Come a recovery, it will be off to a running start.

Safeway understands the new consumer's quest for healthier choices at prices between those of Wal-Mart Stores (WMT) and Whole Foods (WFMI). Improving the shopping experience will pay off, as well, when the economy improves. The company's West Coast stronghold is relatively untrammeled by Wal-Mart, and its store brands score well with cost-conscious shoppers. Winding down the remodeling project will free up cash flow and boost the company's thin margins. It also is likely to boost Safeway's shares, trading for 20, near their 52-week low.

Wal-Mart wins hands down in the thick of a recession, but over the long haul Target will attract those willing to pay a bit more for greater value. The median age of its shoppers is 41, the lowest among big-box discounters. Based on the Lexus and Mercedes SUVs in its parking lots, the median income of its customers may well be the highest. Target is expected to generate $2.5 billion in free cash flow this year. At 14 times expected earnings, its stock, too, is cheap -- and chic.