Hmm... I don't think that's quite right -- the emphasis is in the wrong place.
It's a made-up word, of course, but here it means "in retail-speak" or in the language of retail shopping. It is not the retailer who is speaking from a retail dictionary -- obviously Ship 'n' Shore would never describe themselves as Fat 'n' Ugly. It is some wag saying that in retail terms Ship 'n' Shore is the equivalent of Fat 'n' Ugly.
It's similar to saying nouvelle cuisine is French for starving.