...Industry in decline and under threat from alternative formats. High quality and timely financial reporting. Group structure shows some complexity but mitigated by transparent reporting. Experienced board exercising effective check and balances. Ownership can be concentrated among several shareholders. Strong competitive advantages in cost, technology or brand which cannot be replicated by competitors in the rating horizon. Well established position. Leading retailer by revenue in most of its merchandise categories and geographic markets with EBITDAR of at least EUR/USD1.5 billion. Consistent market share gains over competitors. Demand volatility in line with economic cycles....
