Investment Summary
Geographic Exposure at a Glance
In this third edition of our annual atlas, we provide maps of U.S. geographic
exposure for the Specialty Apparel, Leisure, Apparel and Footwear, Restaurants,
Hardlines, and Broadlines companies under our coverage to aid investors in
analyzing how regional differences in business trends and weather may affect
retailer performance.
Maps and Figures Highlight Regional Variation
We divide our maps into seven regions, modeled loosely after the U.S. Census
Bureau’s geographic divisions (which are not necessarily in line with the
companies’ definitions): 1) Northwest; 2) Midwest; 3) Northeast; 4) Southeast;
5) South Central; 6) Southwest; and 7) Hawaii, Puerto Rico, and Alaska.
Southeast Dominates Regionally
On average, the Southeast region has the highest percentage of retailers’ store
bases in the country (27%), followed closely by the Midwest (21%), the
Northeast (20%), and the Southwest (18%). Alaska, Hawaii, and Puerto Rico
hold the smallest percentage of stores (1%), followed by the Northwest (4%).
Major Market Exposure a New Addition
In this edition, we added a summary of retailers’ exposure to major states (CA, FL,
TX) and markets (NE, NY/NJ/CT, DC area) to aid in analysis. CA ranks highest with
an average 12% of store bases across sectors, followed by NY/NJ/CT at 11% of
stores.

Table of Figures
Figure 1. U.S. Regional Exposure by Sector and Retailer 5
Figure 2. U.S. Regional Exposure to Major Markets and States by Sector and Retailer 7
Figure 3. Abercrombie & Fitch Co. Total Store Locations 9
Figure 4. Abercrombie Kids and Ruehl Store Locations 10
Figure 5. Abercrombie & Fitch Store Locations 11
Figure 6. Hollister Co. Store Locations 12
Figure 7. Advance Auto Parts Store Locations 13
Figure 8. Aeropostale Inc. Total Store Locations 14
Figure 9. American Eagle Outfitters Inc. Total Store Locations 15
Figure 10. Ann Taylor Stores Corp. Total Store Locations 16
Figure 11. Ann Taylor and Ann Taylor Factory Store Locations 17
Figure 12. Ann Taylor Loft Store Locations 18
Figure 13. Applebee’s Store Locations 19
Figure 14. AutoZone Store Locations 20
Figure 15. Best Buy Store Locations 21
Figure 16. BJ’s Club Locations 22
Figure 17. Build-A-Bear Workshop Store Locations 23
Figure 18. Burger King Store Locations 24
Figure 19. Chico’s FAS Inc. Total Store Locations 25
Figure 20. Chico’s FAS Store Locations 26
Figure 21. White House Black Market Store Locations 27
Figure 22. Soma Store Locations 28
Figure 23. Fitigues Store Locations 29
Figure 24. The Children’s Place Retail Store Inc. Total Store Locations 30
Figure 25. The Children’s Place Retail Stores Store Locations 31
Figure 26. Disney Store Locations 32
Figure 27. Circuit City Store Locations 33
Figure 28. Coach Inc. Total Store Locations 34
Figure 29. Costco Club Locations 35
Figure 30. CVS Store Locations 36
Figure 31. Darden Restaurants Store Locations 37
Figure 32. Dick’s and Golf Galaxy Total Store Locations 38
Figure 33. Dick’s Sporting Goods Store Locations 39
Figure 34. Golf Galaxy Store Locations 40
Figure 35. Dollar General Store Locations 41
Figure 36. Family Dollar Store Locations 42
Figure 37. Federated Store Locations 43
Figure 38. Finish Line Total Store Locations 44
Figure 39. Finish Line Store Locations 45
Figure 40. Man Alive Store Locations 46
Figure 41. Paiva Store Locations 47
Figure 42. Gap Inc. Total Store Locations 48
Figure 43. Gap Store Locations 49
Figure 44. Old Navy Store Locations 50
Figure 45. Banana Republic Store Locations 51
Figure 46. Forth and Towne Store Locations 52
Figure 47. Home Depot Store Locations 53
Figure 48. Hot Topic Inc. Total Store Locations 54
Figure 49. J.C. Penney Store Locations 55
Figure 50. J. Crew Group Inc. Total Store Locations 56
Figure 51. Kohl’s Store Locations 57
Figure 52. Kroger Store Locations 58

Figure 53. Limited Brands Inc. Total Store Locations 59
Figure 54. Victoria’s Secret Store Locations 60
Figure 55. Express Store Locations 61
Figure 56. Limited Store Locations 62
Figure 57. Bath and Body Works and Henri Bendel Store Locations 63
Figure 58. Liz Claiborne Store Locations 64
Figure 59. Dana Buchman Store Locations 65
Figure 60. Elisabeth Store Locations 66
Figure 61. Juicy Couture Store Locations 67
Figure 62. Kate Spade Store Locations 68
Figure 63. Laundry Store Locations 69
Figure 64. Lucky Brand Store Locations 70
Figure 65. Mexx Store Locations 71
Figure 66. Sigrid Olsen Store Locations 72
Figure 67. Lowe’s Store Locations 73
Figure 68. McDonald’s Store Locations 74
Figure 69. Nordstrom Store Locations 75
Figure 70. Office Depot Store Locations 76
Figure 71. O’Reilly Automotive Store Locations 77
Figure 72. Pacific Sunwear of California Inc. Total Store Locations 78
Figure 73. PacSun and PacSun Outlet Store Locations 79
Figure 74. d.e.m.o and One Thousand Steps Store Locations 80
Figure 75. PetSmart Store Locations 81
Figure 76. Radioshack Store Locations 82
Figure 77. Ross Stores Inc. Total Store Locations 83
Figure 78. Safeway Store Locations 84
Figure 79. Saks Store Locations 85
Figure 80. Staples Store Locations 86
Figure 81. Starbucks Store Locations 87
Figure 82. Talbots Inc. Total Store Locations 88
Figure 83. Misses and Outlet Store Locations 89
Figure 84. Petites and Woman Store Locations 90
Figure 85. Kids , A&S and Men’s Store Locations 91
Figure 86. J.Jill Misses and J.Jill Outlet Total Store Locations 92
Figure 87. Target Total Store Locations 93
Figure 88. TJX Companies, Inc. Total Store Locations 94
Figure 89. T.J. Maxx Store Locations 95
Figure 90. Marshalls Store Locations 96
Figure 91. HomeGoods Store Locations 97
Figure 92. A.J. Wright and Bob’s Stores Store Locations 98
Figure 93. Tim Hortons Store Locations 99
Figure 94. Tractor Supply Company Store Locations 100
Figure 95. Tween Brands, Inc. Total Store Locations 101
Figure 96. Urban Outfitters Inc. Total Store Locations 102
Figure 97. Urban Outfitters Store Locations 103
Figure 98. Anthropologie and Free People Total Store Locations 104
Figure 99. Walgreens Store Locations 105
Figure 100. Wal-Mart Total Store Locations 106
Figure 101. SAM’S CLUB Club Locations 107
Figure 102. Wal-Mart Stores Store Locations 108
Figure 103. Wendy’s Store Locations 109
Figure 104. Whole Foods Total Store Locations 110
Figure 105. Whole Foods and Wile Oats Total Store Locations 111
Figure 106. Yum! Brands Store Locations 112