Retail stocks

Costco is the direct subject and operates membership warehouses and e-commerce websites built around high sales volumes and rapid inventory turnover.

Costco Wholesale Corporation, alongside its group entities, operates membership-based retail warehouses across a broad international scope, spanning the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, South Korea, Australia, Spain, France, Iceland, China, and Taiwan. These outlets provide customers with an extensive array of both well-known branded and proprietary private-label products. Their vast inventory includes household staples, shelf-stable groceries, confectionery, chilled and frozen items, alcoholic beverages, tobacco, and deli selections. Furthermore, the stores stock major appliances, consumer electronics, health and beauty aids, hardware, garden and patio furniture, sporting goods, vehicle tires, toys, seasonal merchandise, office supplies, automotive maintenance products, postage services, event tickets, apparel, small kitchen appliances, home furnishings, domestic textiles, kitchenware, custom-order kiosks, and fine jewelry. Fresh departments offer meat, produce, a service deli, and bakery items. Beyond retail goods, Costco provides in-store amenities such as pharmacies, optical clinics, food courts, hearing aid centers, and tire installation facilities, in addition to managing 636 gas stations. The company also extends its offerings online through business delivery, travel booking, and same-day grocery fulfillment in various countries. As of August 29, 2021, Costco maintained a global network of 815 membership warehouses, with 564 located in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in South Korea, 14 in Taiwan, 12 in Australia, 3 in Spain, and one each in Iceland, France, and China. Digital storefronts facilitate e-commerce operations in the United States, Canada, the United Kingdom, Mexico, South Korea, Taiwan, Japan, and Australia. Founded in 1976, the enterprise was originally known as Costco Companies, Inc. before officially adopting the name Costco Wholesale Corporation in August 1999. Its corporate headquarters are situated in Issaquah, Washington.

Directly serves consumers who 'stop spending' when gas prices are high.

Dollar General Corporation is a prominent discount retail chain that offers a wide array of merchandise across the southern, southwestern, Midwestern, and eastern regions of the United States. Its extensive product assortment primarily features consumable items. This includes household essentials such as paper products, cleaning supplies, and laundry detergents; a wide array of food options, ranging from shelf-stable groceries like cereals, pasta, canned goods, condiments, and baking ingredients, to fresh and refrigerated perishables such as milk, eggs, bread, and frozen foods, as well as alcoholic beverages like beer and wine. The selection further encompasses popular snacks (candies, cookies, crackers, and carbonated drinks), health and beauty aids (over-the-counter medications, personal care items, cosmetics, dental, and foot care products), pet food and supplies, and tobacco products. Beyond consumables, Dollar General offers seasonal merchandise, which includes holiday decorations, toys, electronics, greeting cards, stationery, prepaid phone services and accessories, gardening tools, hardware, automotive items, and home office supplies. Customers can also find various home goods, from kitchenware and small appliances to lighting, storage solutions, frames, candles, craft materials, and soft furnishings for the kitchen, bed, and bath. Lastly, the company stocks a selection of apparel, featuring everyday clothing for infants, children, women, and men, along with socks, underwear, disposable diapers, shoes, and accessories. As of February 25, 2022, Dollar General operated an impressive 18,190 stores spread across 47 U.S. states. Originally established in 1939 as J.L. Turner & Son, Inc., the company adopted its current name, Dollar General Corporation, in 1968. Its corporate headquarters are situated in Goodlettsville, Tennessee.

Amazon is primarily a global e-commerce retail platform that dictates a large portion of regional package logistics demand.

Hybrid, but primarily uses logistics to support its massive retail consumer network.

Sainsbury is the directly reporting grocery retailer and reported UK food like-for-like sales growth alongside stronger continuing-operations profit.

Wayfair is a digital furniture retailer whose customer proposition depends heavily on bulky-item delivery and white-glove fulfillment.

Wayfair Inc. operates as a leading e-commerce enterprise, conducting its retail activities both across the United States and internationally. The company boasts an extensive catalog featuring approximately 33 million distinct products for the home sector, distributed under a variety of proprietary brands. Through its dedicated online platforms, which include Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold, customers can browse and purchase a wide array of items, from furniture and decorative accents to kitchenware and home renovation supplies. Established in 2002, Wayfair Inc. maintains its corporate headquarters in Boston, Massachusetts.

Shoe Station Group is a footwear-specialty retailer and reported lower sales across both banners, making exposure direct and near-total.

Shoe Station Group is directly and materially negatively affected: Q2 net sales declined year over year, gross margin fell sharply because of promotions and aged-inventory liquidation, and management lowered full-year sales and EPS guidance. The effects directly reduce revenue, merchandise margin, and earnings.

AutoZone is a major aftermarket retailer exposed to DIY and professional-installer demand, so service-network expansion can materially affect its parts channel and customer occasions.

AutoZone is one of the major national automotive aftermarket retailers exposed to both DIY and professional-installer demand. A scaled Mavis network could capture more maintenance and repair occasions that might otherwise flow through competing aftermarket channels, although Mavis’ acquired business is primarily service-oriented rather than a direct DIY-parts retailer.

Advance Auto Parts is a national aftermarket retailer and distributor serving both DIY and professional installers, giving it high parts-channel exposure to changes in service-network purchasing.

Advance Auto Parts is a major national aftermarket retailer and distributor serving DIY and professional installers. The enlarged Mavis service platform could internalize a greater share of repair-parts demand and use its expanded distribution footprint to negotiate more effectively, producing modest channel pressure for Advance.

The Kroger Co. functions as a significant retail entity throughout the United States, encompassing a varied collection of store formats. Its operations include integrated food and drug stores, which stock a broad range of products from natural and organic sections to pharmacies, general merchandise, pet centers, fresh seafood, and organic produce. The company also runs multi-department stores that broaden their offerings to include apparel, home fashion and furnishings, outdoor living goods, electronics, automotive products, and toys. Furthermore, Kroger's marketplace stores blend comprehensive grocery services, pharmacies, health and beauty care, and perishable items with general merchandise such as clothing and household goods. Its price impact warehouse stores, on the other hand, concentrate on providing groceries, health and beauty essentials, meat, dairy, baked goods, and fresh produce at competitive prices. Beyond its retail presence, Kroger is involved in manufacturing and processing food products, which it then sells through its own supermarkets and online platforms. The company also operates 1,613 fuel centers, selling fuel to customers. As of January 29, 2022, The Kroger Co. managed 2,726 supermarkets, operating under numerous brand names across 35 states and the District of Columbia. Established in 1883, the company is headquartered in Cincinnati, Ohio.

Like Albertsons, Kroger has active online delivery operations that are highly sensitive to thin unit economics and delivery costs.

Macy's, Inc. is a prominent retail enterprise that employs an omnichannel strategy, serving customers through its extensive network of physical department stores, dedicated e-commerce websites, and convenient mobile applications. The company offers a broad assortment of merchandise, including apparel and accessories for men, women, and children, cosmetics, home furnishings, and other general consumer goods. As of January 29, 2022, Macy's operated 725 department stores domestically in locations such as the District of Columbia, Puerto Rico, and Guam. These stores are branded under several well-known names like Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and the beauty retailer bluemercury. Internationally, Macy's also extends its reach through licensing agreements, with operations in Dubai, United Arab Emirates, and Al Zahra, Kuwait. The company maintains a presence in the beauty and spa retail sector. Originally established in 1830, the company was previously known as Federated Department Stores, Inc. It officially changed its name to Macy's, Inc. in June 2007, and its corporate headquarters are located in New York, New York.

Initiating new exposure to traditional retail opportunities.

B&M is a focused European value retailer with a direct discount-variety operating model and extensive supplier and distribution infrastructure.

B&M European Value Retail S.A. is a retail group primarily engaged in operating stores that offer a range of general merchandise and groceries. In the United Kingdom, the company manages a substantial network comprising 701 outlets under the B&M brand, along with an additional 311 stores operating as Heron Foods and B&M Express. Expanding its footprint into Europe, B&M also runs 107 B&M branded stores in France. Beyond its retail operations, the company provides employment and property management services. This enterprise was established in 1978 and is headquartered in Luxembourg.

Five Below is itself a direct low-price discretionary retailer and delivered 14.1% comparable-sales growth, demonstrating strong exposure to value-channel demand.

Ross is a dedicated off-price retailer with strong traffic-driven comparable sales, making it a direct potential share and traffic beneficiary relative to traditional department stores.

Aeon Co., Ltd. is a prominent retail group conducting business both within Japan and across international territories. The company's multifaceted operations are categorized into distinct divisions: General Merchandise Stores (GMS), Supermarkets (SM), Health & Wellness, Financial Services, Shopping Center Development, Services & Specialty Stores, and an International Business segment. The GMS division oversees general merchandise retail outlets. Its SM segment manages supermarkets, discount stores, convenience stores, and various small-format retail establishments. Through its Health & Wellness segment, Aeon operates drugstores and pharmacies that dispense medications. The Financial Services arm provides an extensive array of financial offerings, including credit, banking, insurance, e-money card services, and credit card provision. The Shopping Center Development division is responsible for creating and managing shopping centers. The Services & Specialty Store segment offers diverse services in addition to running specialized retail stores. Globally, the International segment manages general merchandise stores, discount outlets, and supermarkets across China and the ASEAN countries. Founded in 1758, Aeon Co., Ltd. is headquartered in Chiba, Japan.

AEON's evidenced role is downstream food retail and private-label distribution, so its cost exposure is primarily retail pricing, labor and logistics rather than direct food-manufacturing COGS.

Metro Inc. is a prominent Canadian enterprise active across the food and pharmaceutical industries, functioning as a retailer, franchisor, distributor, and manufacturer. Its operations encompass supermarkets and discount stores, offering a comprehensive selection of fresh produce, general groceries, prepared foods, various meats, dairy products, fruits, vegetables, frozen items, and baked goods, including pastries. The company also provides specialized Mediterranean and Middle Eastern products. As of September 25, 2021, Metro Inc. oversaw an extensive network comprising approximately 963 food retail locations under banners such as Metro, Metro Plus, Super C, Food Basics, Adonis, and Premiere Moisson. Additionally, it managed roughly 649 drugstores, primarily operating under the Jean Coutu, Brunet, Metro Pharmacy, and Food Basics Pharmacy brands. Beyond its retail footprint, the company is involved in the production of generic pharmaceuticals and offers convenient online grocery shopping services. Founded in 1947, Metro Inc. maintains its corporate headquarters in Montréal, Canada.

Koninklijke Ahold Delhaize N.V. manages a significant retail operation, primarily focusing on food sales and digital commerce throughout the United States and Europe. Its diverse portfolio includes various store types such as supermarkets, convenience stores, pharmacies, and large hypermarkets. The corporation also generates revenue by subleasing its properties to franchisees. As of January 2, 2022, the company administered 7,452 outlets, predominantly operating under regional brand identities, serving an estimated 55 million customers in person and through its online platforms. Established in 1887 and headquartered in Zaandam, the Netherlands, the organization adopted its current name, Koninklijke Ahold Delhaize N.V., in July 2016, having previously been known as Koninklijke Ahold N.V.

Tesco PLC, encompassing its various subsidiaries, is a major player in both consumer retail and banking sectors. The company delivers a wide assortment of food items to customers via a vast network of approximately 4,752 physical stores situated in the United Kingdom, Republic of Ireland, Czech Republic, Slovakia, and Hungary, alongside robust online shopping platforms. Beyond direct consumer sales, Tesco is also active in the wholesale distribution of food and beverages. Within the UK, it further diversifies its portfolio by offering a range of financial products, including banking and insurance services. Its operations extend to managing a chain of One Stop convenience stores, and the firm also provides expert services in data science, technological solutions, software development, and strategic consultancy. Tesco PLC, founded in 1919, maintains its corporate headquarters in Welwyn Garden City, United Kingdom.

Tesco has material exposure to European grocery traffic and value competition, but its broad supermarket model is less concentrated in discount variety than Pepco or B&M.

Sprouts Farmers Market, Inc. is a U.S.-based retailer that specializes in providing fresh, natural, and organic food options. The company's comprehensive product lineup includes both temperature-sensitive and shelf-stable goods. Among its perishable offerings are a wide selection of fresh produce, various meats, seafood, deli items, baked goods, floral arrangements, dairy products, and plant-based dairy substitutes. For non-perishable needs, Sprouts stocks traditional groceries, vitamins and nutritional supplements, bulk items, frozen foods, alcoholic beverages like beer and wine, and natural health and personal care products. As of January 2, 2022, Sprouts Farmers Market operated 374 stores throughout 23 states. The company was established in 2002 and its corporate headquarters are located in Phoenix, Arizona.

Village Super Market, Inc. operates a network of grocery stores throughout the United States. Its retail locations are characterized by specialized departments, featuring an in-house bakery, an expansive delicatessen, and a wide array of natural, organic, ethnic, and international food options, alongside ready-to-eat meals and pharmacies. The company's operations include twenty-nine ShopRite supermarkets, five Fairway Markets, and three Gourmet Garage specialty markets, all situated in New Jersey, New York, Pennsylvania, and Maryland. Founded in 1937, Village Super Market, Inc. is headquartered in Springfield, New Jersey.

Weis Markets, Inc. engages in the retail sale of food through a chain of supermarkets. The company's retail food stores offer groceries, dairy products, frozen food, meats, seafood, fresh produce, floral, pharmacy services, deli products, prepared food, bakery products, beer and wine, and fuel; and general merchandise items, such as health and beauty care, and household products. It also operates stores in Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia primarily under the Weis Markets name, as well as Weis, Weis 2 Go, Weis Great Meals Start Here, Weis Gas-n-Go, and Weis Nutri-Facts. Weis Markets, Inc. was founded in 1912 and is based in Sunbury, Pennsylvania.

Migros is a Turkish supermarket operator directly exposed to household consumption and food-retail volumes.

Super Retail’s relevant exposure is through Supercheap Auto’s consumer-oriented automotive retail business.

Super Retail is a major domestic sporting-goods and footwear retailer through Rebel and therefore competes directly for regional specialty-retail demand.

Ulta is the direct U.S. specialty beauty retailer providing the store and e-commerce distribution channel.

Ulta combines specialty stores, digital commerce, and beauty-category traffic, giving it a stronger channel position than a single-banner mall retailer.

Lowe's has broad home-improvement supplier exposure and is therefore an adjacent retail channel for outdoor, garden, fencing, and hardware products.

Lowe's is an indirect retail and contractor channel rather than a direct home-sale or mortgage provider.

Direct-to-consumer optical retailer with full control over the prescription fulfillment process for the new device.

DICK’S operates as both a sporting-goods retailer and e-commerce channel serving baseball-equipment customers.

DICK’S is directly exposed to retail inventory productivity and markdown decisions, but its multi-brand assortment provides diversification.

ANF is explicitly described as a digitally led omnichannel specialty apparel retailer.

ANF directly serves kids through millennials through its digitally led omnichannel apparel brands.

ASOS is an online fashion retailer whose competitive position depends on high-throughput e-commerce fulfillment and delivery performance.

Boozt is an online fashion retailer whose competitive position is sensitive to automated fulfillment capacity and delivery speed.

Ocado Group plc is a leading e-commerce business primarily engaged in selling groceries online, with operations spanning the United Kingdom and global markets. Its extensive activities are structured into three core divisions: Ocado Retail, UK Solutions & Logistics, and International Solutions. Beyond its main grocery offerings, the company also markets various general merchandise products through its Ocado.com platform. Furthermore, it supplies advanced online retail solutions and comprehensive services for customer fulfillment centers and logistics. Established in 2000, the firm's corporate headquarters are located in Hatfield, UK.

Ocado has high grocery-demand capture through its online grocery channel, which the retrieved evidence identifies as both its strongest growth area and the fastest-growing FMCG channel.

Coles has substantial bargaining leverage because it is one of the two dominant Australian supermarket chains and its supermarket EBIT exceeded consensus, indicating successful margin capture.

Coles is the direct beneficiary of the development: supermarket EBIT exceeded consensus, underlying profitability increased, and FY27 technology and store-renewal investment may support further productivity and online growth. The benefit is partly offset by the weak liquor division.

PriceSmart, Inc. owns and operates U.S.-style membership shopping warehouse clubs in the United States, Central America, the Caribbean, and Colombia. The company provides basic and private label merchandise and consumable and non-consumable products under the Member’s Selection brand, including groceries, cleaning supplies, health and beauty aids, meat, produce, deli, seafood, and poultry. It also offers electronics, large and small appliances, automotive, hardware, sporting goods, seasonal products, clothing, domestic, and home furnishing products. In addition, the company offers food and bakery services, as well as health services, such as optical, audiology, and pharmacy. Further, it operates an e-commerce platform, as well as offers curbside pickup and delivery services. PriceSmart, Inc. was incorporated in 1994 and is headquartered in San Diego, California.

PriceSmart has meaningful digital-fulfillment exposure through home delivery, curbside pickup, and its Click & Go service, although its digital scale is smaller than Costco’s.

Topsports is a downstream sportswear retailer and distributor exposed to offline traffic, wholesale replenishment, and markdowns.

Palemo directly operates Japanese specialty stores selling women's clothing, apparel, and accessories, making it fully exposed to domestic apparel demand.

Shimamura is a Japanese apparel retailer operating in the same broad consumer-apparel market, with meaningful exposure to domestic apparel traffic and seasonal demand.

M&S has substantial grocery exposure because food accounts for 54% of group revenue, giving it meaningful participation in weekly grocery spending and premium-food demand.

AutoNation, Inc. functions as an automotive retailer throughout the United States, organizing its operations across three primary segments: Domestic, Import, and Premium Luxury. The company offers a comprehensive array of automotive products and services, including both new and used vehicle sales. Its service portfolio extends to automotive repair and maintenance, wholesale parts supply, and collision services. Additionally, AutoNation provides various automotive finance and insurance products, such as vehicle service agreements and other protective offerings, and facilitates vehicle financing for customers through partnerships with third-party sources. By December 31, 2021, the company's footprint included 339 new vehicle franchises spread across 247 stores, predominantly located in major metropolitan areas within the Sunbelt region. Its infrastructure further comprised 57 AutoNation-branded collision centers, 9 AutoNation USA used vehicle stores, 4 AutoNation-branded automotive auction operations, and 3 parts distribution centers. Founded in 1991, AutoNation, Inc. is headquartered in Fort Lauderdale, Florida.

Sonic’s EchoPark business is an organized, omnichannel used-vehicle retailer, creating high transaction-volume exposure.

Sonic Automotive, Inc. operates as a significant automotive retailer across the United States, structuring its diverse business activities into two primary divisions: Franchised Dealerships and EchoPark. The Franchised Dealerships segment is responsible for selling both new and pre-owned cars and light trucks, in addition to supplying replacement parts. This division also provides a full range of services, including routine vehicle maintenance, authorized manufacturer warranty repairs, and specialized paint and collision repair. Moreover, it assists customers in securing supplementary products such as extended warranties, service contracts, financing options, insurance, and other aftermarket offerings. The EchoPark segment specializes in the retail of used cars and light trucks. Operating from its dedicated pre-owned vehicle specialty stores, this division also helps clients with the purchase of finance and insurance products. As of December 31, 2021, Sonic Automotive's extensive network included 140 new vehicle franchises representing 28 distinct automotive brands. The company also managed 17 collision repair centers spread across 17 states, alongside 46 EchoPark stores located in 16 states, which comprised 11 Northwest Motorsport pre-owned vehicle outlets. Founded in 1997, Sonic Automotive, Inc. is headquartered in Charlotte, North Carolina.

Lithia is identified as a large publicly traded automotive retailer and has meaningful, though diversified, used-vehicle exposure.

Lithia Motors, Inc. operates as a prominent automotive retail enterprise throughout the United States. Its business is strategically divided into three key segments: Domestic, Import, and Luxury vehicle sales. The company's comprehensive offerings encompass the sale of both brand-new and pre-owned automobiles, alongside a full spectrum of vehicle financing solutions. Customers can also access extended warranties, various insurance contracts, and protection services designed for vehicle and theft security. Beyond sales, Lithia Motors delivers automotive repair and maintenance expertise, and distributes vehicle body components and parts under its proprietary Driveway and GreenCars brands. As of February 18, 2022, the company managed 278 physical dealerships and extended its reach online through more than 300 distinct websites. Founded in 1946, Lithia Motors, Inc. has its corporate headquarters situated in Medford, Oregon.

Meidong’s dealer sales, inventory financing and gross margins are directly tied to Chinese domestic vehicle retail demand.

As an investment holding company, China MeiDong Auto Holdings Limited operates as a leading automobile dealership group throughout the People's Republic of China. Its primary activities include the retail of new passenger vehicles and their corresponding spare parts, alongside offering a broad spectrum of services such as vehicle servicing and surveys. The company delivers extensive after-sales support, encompassing vehicle registration, insurance solutions, parts repair and replacement, and the sale and maintenance of automotive supplies. Furthermore, it provides financing referral options and a variety of other value-added services. The group also engages in the sale of pre-owned vehicles and manages properties. Its network of dealerships features a diverse portfolio of automotive brands, including BMW/Mini, Audi, Lexus, Toyota, Hyundai, and Porsche. As of December 31, 2021, China MeiDong Auto Holdings Limited managed 70 wholly-owned retail outlets spread across the Chinese provinces of Beijing, Hebei, Hubei, Hunan, Jiangxi, Fujian, Guangdong, Gansu, and Anhui. Established in 2003, the company is headquartered in Dongguan, PRC, and functions as a subsidiary of Apex Sail Limited.