November 15, 2007

CURRENT ENVIRONMENT..................................................................1
As long as retailers offer newness, quality, and value, consumers will buy
Luxury demand strong as consumers seek individualized style
J.C. Penney and Kohl’s hone their skills
Sears and Dillard’s face challenges
Discounters hold their own
Year-to-date recap and six-month forward outlook
INDUSTRY PROFILE...............................................................................7
Retailing: a cornerstone of the US economy
INDUSTRY TRENDS .................................................................................8
Retailers’ survival tactics
Value players adapt to current market conditions
Building brands
The Internet as sales channel
Consumer-centered retailing
Deciphering demographics
Shopping trends
HOW THE INDUSTRY OPERATES .............................................................17
Department stores
General merchandisers evolve into discounters
The merchandise
Retailing as channel of distribution
KEY INDUSTRY RATIOS AND STATISTICS ...................................................24
HOW TO ANALYZE A RETAIL COMPANY .................................................26
Qualitative issues
Quantitative measures
What’s unique to retailing?
Corporate governance
GLOSSARY.............................................................................................30
INDUSTRY REFERENCES.....................................................................31
COMPARATIVE COMPANY ANALYSIS ..............................................34