...Changing Shopping Habits: The theme of changing shopping habits due to the rise of online and discount models dominated Fitch Ratings' meetings with investors after second-quarter earnings reports. Amid heightened retail industry concern following the bankruptcies or distressed debt exchanges of Toys `R' Us, Inc., Gymboree Corporation, J.Crew Group, Inc., 99 Cents Only Stores LLC and others, investors focused on the implications of this theme for the retail landscape and its effects on operations and financials of individual sectors and companies. Market Share Defensibility: The ability for companies to maintain or grow market share as consumer behavior changes and markets shift has been a key focus among investors. An increasingly competitive environment will likely widen the gulf between winners and market share donors. In assessing a company's prospects, Fitch's critical factors include a company's scale, its ability to reinvest in its business through internally generated cash flow,...
