The sex trade in the

The sex trade in the "male-off"
Anti-vice must respect the human rights movement based primarily on sex workers
A shares Plate 2012-13 PER 14 and 12 times, part of the department down to about 12 years of 11 times since last year to adjust the maximum retail at A-Share Consumer Discretionary, taking into account earnings growth and market expectations digestion, Pan department continued downside risk is limited us cold storage (mature market valuation of 10-14 times). Hong Kong stocks upfront capital inflows and limited optional subject, mainstream company's share price performed better, resulting in significantly higher than the average valuation of A shares (valued advantages department in 2012 about 20 times). Overall, we are not optimistic about the fundamentals of the industry, recommended more emphasis on investment timing and stock opportunities.
Short-term problems faced: Channel Revolution - shopping malls, online shopping, high rates of increase in May this year, according to iResearch released "China Online Shopping Industry 2011-2012 annual monitoring report," 2012 China's online shopping market will reach 1.18 trillion yuan, an increase of 54.5%, total retail sales of social consumer goods increased from 2011's 4.2 percent raised to 5.5%. And as of November, Taobao online shopping transactions with Lynx has exceeded 1 trillion yuan, online shopping market growth rate will exceed original expectations. Meanwhile data from overseas, China 2012 net sales will share a percentage of society than the United States.
1) Department Store and brand: cheap and standardized commodities affected. Apparel related consumer still shopping with a certain color experiential consumption, especially in the brand department stores us cold storage generally average higher (for at least 400 million), Taobao purchase is usually more concentrated 200 yuan (1 40 - 18 0 yuan ), and therefore the greatest impact of online shopping should be standardized low-priced goods, but in terms of the category, youth leisure, home textiles, outdoor, sports, and will face some pressure.
2) supermarket "on the second floor business" (including low-cost clothing, small appliances, household items and so cheap, there is no concept of brand products) us cold storage suffered shock. Exactly us cold storage the kind of business electricity supplier's strengths, electricity providers with low-cost, us cold storage highly standardized mode of operation, a greater impact. In fact, the model has been challenged supermarkets, hard discount supermarket chain in Germany ALD I rely on effective cost control, in 2006 a successful attack Wal-Mart, and expelled from Germany.
Federated Department Stores has been listed on the acquisition of Macy's. Upon completion of the acquisition of the implementation of the brand integration strategy, the use of most of its department stores Macy's brand, others use the Bloomingdale's brand. In 2007, the company changed its name to Macy's. As of January 2012, the number of stores to 842 companies (including department stores, furniture galleries, home store and outlet).
With the transformation and upgrading of consumption of domestic consumption, consumers gradually dominate brand awareness continues to improve, the true meaning of the brand typically include:
Review of this year's earnings us cold storage performance, the cost rose to become rigid main factor us cold storage affecting earnings. In the retail business operating costs, labor and rental costs constitute the highest proportion, and the proportion of income showing an increasing trend, especially in the case of weak income greater impact.
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