TABLE OF CONTENTS
Recommendations 3
General Retailers (Large cap) 3
General Retailers (Small cap and Corporate Clients) 4
Food Retailers 4
Management Summary 5
Introduction 6
2009 has been better than expected 7
2010 is likely to be challenging 11
Corporate activity set to escalate 16
Long term structural concerns remain 18
General Retail sector is fairly valued on valuation grounds 22
Summary data 23
Company summaries 24