Traders looking to dump investments with heavy exposure to market-rattling geopolitical tensions in Russia and to China's slowing economy will funnel money into domestic retailers, CNBC's Jim Cramer said Friday
But not just any old retail stock, Cramer said. The rules have changed in the sector, with traders now mainly focused on growth and same-store sales, Cramer said on "Squawk on the Street."
And coupled with growing tensions between Ukraine and Russia, investors should expect big moves into domestic retailers with strong growth numbers on Friday afternoon and even Monday, Cramer said.
"The universe is saying, if we can find any retailer with growth, we're going to buy it," Cramer said.
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The market should also favor drug stocks such as Bristol-Myers Squibb, Cramer added. He highlighted Ulta Salon, a cosmetics and beauty product company, as a retail stock that should have dipped on lowered guidance but was saved by good growth figures.
In contrast, shopping mall fixture Aeropostale was an example of a shrinking retailer that won't see a bounce, Cramer said, emphasizing the company's last syllable—"stale."
"There is going to be a Bristol-Meyer's cohort that is going to bottom here today, I believe, and might test bottom again on Monday," Cramer said. "And they're going to start coming to domestic retailers who have good numbers because they can isolate them from China and Ukraine."