Summary 
Among the top twenty listed retailers in the emerging market, Honk Kong based Jardine Matheson Holdings remained the leading player with revenue size of US$22.3 billion in 2008, followed by Chile-based Cencosud S.A. in the second position. There is a huge gap in revenue between the two, though the gap has been declining gradually over the last five years. In terms of revenue growth, Jardine Matheson was however not in the top five, whereas Cencosud S.A. topped the list with the revenue growth of 51.3% in 2008. The operating expenses of all the twenty players increased in line with the revenue growth, resulting in positive operating margins for all the companies.

In terms of labor productivity, Esprit Holdings was the most efficient with the highest labor productivity of US$0.5 million per employee in 2008, and continued to remain at the top over the last five years. Lojas Americanas overtook Massmart Holdings in 2007, and remained at the second position after Esprit Holdings. For both Esprit Holdings and Lojas Americanas, labor productivity has been improving over the last five years.

South Africa-based Pick n Pay Stores topped the list in terms of capital productivity, followed by another South Africa-based retailer, Massmart Holdings. In outlet productivity, Chile-based S.A.C.I Falabella occupied the top slot with outlet productivity of US$34.3 per outlet in 2008. The strong outlet productivity of S.A.C.I Falabella was mainly due to its low outlet numbers. Likewise, Massmart Holdings¡¯ impressive outlet productivity was helped by its low outlet number.

Jardine Matheson and PT Astra were the only two companies of the top five by revenue size, which found a place in the list of top five by EBIT and EBIDTA. In terms of EBIDTA, Esprit Holdings and S.A.C.I Holdings were the only two in the top five that generated EBITDA growth over the last four years.

On the net income front, Jardine Matheson remained on the top, followed by PT Astra. Other big retailers like Cencosud and Companhia could not find a place in the top five in terms of net income, as their overall performance was dented by low operating margins in 2008. On the other hand, despite being in the lower rung in terms of revenue, Esprit Holdings, Steinhoff, and S.A.C.I. Falabella were in the league of top five mainly on the support of their strong operating margins. In terms of profit margin, Esprit Holdings remained the best, whereas for Jardine Matheson, the profit margin contracted significantly in 2008 due to lower income from non-trading items and revaluation of investment properties in Hong Kong Land.

Based on the measure of ROCE, Pick n Pay, Massmart Holdings, Dairy Farm, and Shoprite found a place in the list of top five with the support of healthy capital productivity. On the other hand, Esprit Holdings¡¯ high operating margin more than offset the negative impact of its low capital productivity, and helped it to occupy the third position in ROCE. Further, Esprit Holdings, which also topped the list in ROA, had an impressive run with double-digit ROA in each of the last five years.

Table of Contents
1 Executive Summary . 19
2 About This Report . 21 
2.1 Report Summary . 21
2.2 Definitions 21
2.3 Summary Methodology  23
2.3.1 Basic Research Methodology . 23
2.3.2 Scorecard and Heat Chart Methodology  23
3 Leading Retailer Benchmarks  25
3.1 Peer List . 25
3.2 Company Benchmarking  26
3.2.1 Emerging Markets Top Five Retailers, By Revenue, 2008  26
3.2.2 Emerging Markets Top Five Retailers, By Revenue Growth, 2008  27
3.2.3 Emerging Markets Top Five Retailers, By Operating Expenses, 2008  28
3.2.4 Emerging Markets Top Five Retailers, By Labor Productivity, 2008  29
3.2.5 Emerging Markets Top Five Retailers, By Capital Productivity, 2008  30
3.2.6 Emerging Markets Top Five Retailers, By Outlet Productivity, 2008 . 31
3.2.7 Emerging Markets Top Five Retailers, By EBIT, 2008 . 32
3.2.8 Emerging Markets Top Five Retailers, By EBITDA, 2008  33
3.2.9 Emerging Markets Top Five Retailers, By Net Income, 2008  34
3.2.10 Emerging Markets Top Five Retailers, By Profit Margin, 2008  35
3.2.11 Emerging Markets Top Five Retailers, By ROCE, 2008  36
3.2.12 Emerging Markets Top Five Retailers, By Capital Expenditure, 2008 . 37
3.2.13 Emerging Markets Top Five Retailers, By Total Assets, 2008 . 38
3.2.14 Emerging Markets Top Five Retailers, By Total Asset Growth, 2008  39
3.2.15 Emerging Markets Top Five Retailers, By Quick Ratio, 2008  40
3.2.16 Emerging Markets Top Five Retailers, By Working Capital, 2008 . 41
3.2.17 Emerging Markets Top Five Retailers, By Return on Assets, 2008 . 42
3.2.18 Emerging Markets Top Five Retailers, By Total Debt, 2008  43
3.2.19 Emerging Markets Top Five Retailers, By Debtor Days, 2008 . 44
3.2.20 Emerging Markets Top Five Retailers, By Debt Ratio, 2008  45
3.2.21 Emerging Markets Top Five Retailers, By Debt to Equity, 2008  46
3.2.22 Emerging Markets Top Five Retailers, By Shareholders? Funds, 2008 . 47
3.2.23 Emerging Markets Top Five Retailers, By Market Cap, 2008  48
3.2.24 Emerging Markets Top Five Retailers, By P/E Ratio, 2008  49
3.2.25 Emerging Markets Top 20 Retailers, Revenue metrics, 2008  50
3.2.26 Emerging Markets Top 20 Retailers, Productivity metrics, 2008 51
3.2.27 Emerging Markets Top 20 Retailers, Profit metrics, 2008  53
3.2.28 Emerging Markets Top 20 Retailers, Balance sheet metrics, 2008 . 54
3.2.29 Emerging Markets Top 20 Retailers, Shareholder metrics, 2008  55
3.3 ¡®Big Five¡¯ Focus  56
3.3.1 Revenue Vs Operating Expense Growth  56
3.3.2 Revenue Vs EBITDA Margin  57
3.3.3 Revenue Vs Capex Growth  58
3.3.4 Total Asset Vs Debt Growth . 59
3.4 Summary on Heat Chart . 60
3.5 Top 20 Retail Heat Chart  61
4 Company Benchmark: Jardine Matheson Holdings Limited . 62
4.1 Jardine Matheson Holdings Limited Scorecard . 62
4.2 Jardine Matheson Holdings Limited Company Overview . 63
4.2.1 Jardine Matheson Holdings Limited Business Description . 64
4.2.2 Jardine Matheson Holdings Limited Major Products & Services  66
4.2.3 Jardine Matheson Holdings Limited History . 66
4.3 Jardine Matheson Holdings Limited Key Financials  68
4.4 Jardine Matheson Holdings Limited SWOT Analysis  70
4.4.1 Jardine Matheson Holdings Limited Strengths . 71
4.4.2 Jardine Matheson Holdings Limited Weaknesses  72
4.4.3 Jardine Matheson Holdings Limited Opportunities . 73
4.4.4 Jardine Matheson Holdings Limited Threats  73
5 Company Benchmarking: Cencosud S.A. . 75
5.1 Cencosud S.A., Scorecard . 75
5.2 Cencosud S.A. Company Overview . 76
5.2.1 Cencosud S.A. Business Description . 77
5.2.2 Cencosud S.A. Major Products & Services  78
5.2.3 Cencosud S.A. History . 79
5.3 Cencosud S.A. Key Financials . 79
5.4 Cencosud S.A.SWOT Analysis . 82
5.4.1 Cencosud S.A. Strengths . 82
5.4.2 Cencosud S.A. Weaknesses  83
5.4.3 Cencosud S.A. Opportunities . 84
5.4.4 Cencosud S.A. Threats 84
6 Company Benchmarking: Companhia Brasileira de Distribuicao . 86
6.1 Companhia Brasileira de Distribuicao Scorecard  86
6.2 Companhia Brasileira de Distribuicao Company Overview  87
6.2.1 Companhia Brasileira de Distribuicao Business Description  88
6.2.2 Companhia Brasileira de Distribuicao Major Products & Services . 89
6.2.3 Companhia Brasileira de Distribuicao History  90
6.3 Companhia Brasileira de Distribuicao Key Financials  90
6.4 Companhia Brasileira de Distribuicao SWOT Analysis . 93
6.4.1 Companhia Brasileira de Distribuicao Strengths  93
6.4.2 Companhia Brasileira de Distribuicao Weaknesses . 94
6.4.3 Companhia Brasileira de Distribuicao Opportunities  94
6.4.4 Companhia Brasileira de Distribuicao Threats . 95
7 Company Benchmarking: PT Astra International Tbk. . 96
7.1 PT Astra International Tbk. Scorecard  96
7.2 PT Astra International Tbk. Company Overview. 97
7.2.1 PT Astra International Tbk. Business Description  98
7.2.2 PT Astra International Tbk. Major Products & Services . 98
7.3 PT Astra International Tbk. Key Financials . 98
8 Company Benchmarking: Organizacion Soriana, S.A.B. de C.V.  101
8.1 Organizacion Soriana, S.A.B. de C.V. Scorecard:  101
8.2 Organizacion Soriana, S.A.B. de C.V. Company Overview . 102
8.2.1 Organizacion Soriana, S.A.B. de C.V. Business Description . 103
8.2.2 Organizacion Soriana, S.A.B. de C.V. Major Products & Services  104
8.2.3 Organizacion Soriana, S.A.B. de C.V. History 105
8.3 Organizacion Soriana, S.A.B. de C.V. Key Financials  106
8.4 Organizacion Soriana, S.A.B. de C.V. SWOT Analysis  108
8.4.1 Organizacion Soriana, S.A.B. de C.V. Strengths . 108
8.4.2 Organizacion Soriana, S.A.B. de C.V. Weaknesses  109
8.4.3 Organizacion Soriana, S.A.B. de C.V. Opportunities . 109
8.4.4 Organizacion Soriana, S.A.B. de C.V. Threats  110
9 Company Benchmarking: China Resources Enterprise, Limited  111
9.1 China Resources Enterprise, Limited, Scorecard: . 111
9.2 China Resources Enterprise, Limited Company Overview . 112
9.2.1 China Resources Enterprise, Limited Business Description  113
9.2.2 China Resources Enterprise, Limited Major Products & Services . 114
9.2.3 China Resources Enterprise, Limited History . 115
9.3 China Resources Enterprise, Limited Key Financials . 116
9.4 China Resources Enterprise, Limited SWOT Analysis  118
9.4.1 China Resources Enterprise, Limited Strengths  118
9.4.2 China Resources Enterprise, Limited Weaknesses . 119
9.4.3 China Resources Enterprise, Limited Opportunities  120
9.4.4 China Resources Enterprise, Limited Threats  120
10 Company Benchmarking: S.A.C.I. Falabella . 122
10.1 S.A.C.I. Falabella Scorecard:  122
10.2 S.A.C.I. FALABELLA Company Overview . 123
10.2.1 S.A.C.I. FALABELLA Business Description . 124
10.2.2 S.A.C.I. FALABELLA Major Products & Services  125
10.2.3 S.A.C.I. FALABELLA History  126
10.3 S.A.C.I. FALABELLA Key Financials . 127
10.4 S.A.C.I. FALABELLA SWOT Analysis  129
10.4.1 S.A.C.I. FALABELLA Strengths  129
10.4.2 S.A.C.I. FALABELLA Weaknesses  130
10.4.3 S.A.C.I. FALABELLA Opportunities  131
10.4.4 S.A.C.I. FALABELLA Threats . 132
11 Company Benchmarking: Suning Appliance Co., Ltd. . 133
11.1 Suning Appliance Co., Ltd., Scorecard:  133
11.2 Suning Appliance Co., Ltd. Company Overview. 134
11.2.1 Suning Appliance Co., Ltd. Business Description  135
11.2.2 Suning Appliance Co., Ltd. Major Products & Services . 136
11.2.3 Suning Appliance Co., Ltd. History . 137
11.3 Suning Appliance Co., Ltd. Key Financials . 137
11.4 Suning Appliance Co., Ltd. SWOT Analysis . 140
11.4.1 Suning Appliance Co., Ltd. Strengths . 140
11.4.2 Suning Appliance Co., Ltd. Weaknesses . 141
11.4.3 Suning Appliance Co., Ltd. Opportunities. 141
11.4.4 Suning Appliance Co., Ltd. Threats  142
12 Company Benchmarking: Dairy Farm International Holdings Limited . 144
12.1 Dairy Farm International Holdings Limited, Scorecard:  144
12.2 Dairy Farm International Holdings Limited Company Overview. 145
12.2.1 Dairy Farm International Holdings Limited Business Description  146
12.2.2 Dairy Farm International Holdings Limited Major Products & Services  147
12.2.3 Dairy Farm International Holdings Limited History . 148
12.3 Dairy Farm International Holdings Limited Key Financials . 149
12.4 Dairy Farm International Holdings Limited SWOT Analysis . 151
12.4.1 Dairy Farm International Holdings Limited Strengths . 151
12.4.2 Dairy Farm International Holdings Limited Weaknesses  152
12.4.3 Dairy Farm International Holdings Limited Opportunities . 153
12.4.4 Dairy Farm International Holdings Limited Threats  153
13 Company Benchmarking: GOME Electrical Appliances Holding Limited  155
13.1 GOME Electrical Appliances Holding Limited Scorecard:  155
13.2 GOME Electrical Appliances Holding Limited Company Overview  156
13.2.1 GOME Electrical Appliances Holding Limited Business Description  157
13.2.2 GOME Electrical Appliances Holding Limited Major Products & Services . 158
13.2.3 GOME Electrical Appliances Holding Limited History  159
13.3 GOME Electrical Appliances Holding Limited Key Financials  160
13.4 GOME Electrical Appliances Holding Limited SWOT Analysis . 162
13.4.1 GOME Electrical Appliances Holding Limited Strengths  162
13.4.2 GOME Electrical Appliances Holding Limited Weaknesses . 163
13.4.3 GOME Electrical Appliances Holding Limited Opportunities  163
13.4.4 GOME Electrical Appliances Holding Limited Threats . 164
14 Company Benchmarking: Pick n Pay Stores Limited . 165
14.1 Pick n Pay Stores Limited, Scorecard:  165
14.2 Pick n Pay Stores Limited Overview  166
14.2.1 Pick n Pay Stores Limited Business Description  167
14.2.2 Pick n Pay Stores Limited Major Products & Services . 168
14.2.3 Pick n Pay Stores Limited History  169
14.3 Pick n Pay Stores Limited Key Financials . 170
14.4 Pick n Pay Stores Limited SWOT Analysis . 172
14.4.1 Pick n Pay Stores Limited Strengths  172
14.4.2 Pick n Pay Stores Limited Weaknesses . 173
14.4.3 Pick n Pay Stores Limited Opportunities  173
14.4.4 Pick n Pay Stores Limited Threats . 174
15 Company Benchmarking: Shoprite Holdings Limited  175
15.1 Shoprite Holdings Limited Scorecard:  175
15.2 Shoprite Holdings Limited Company Overview 177
15.2.1 Shoprite Holdings Limited Business Description  177
15.2.2 Shoprite Holdings Limited Major Products & Services . 179
15.2.3 Shoprite Holdings Limited History  180
15.3 Shoprite Holdings Limited Key Financials  181
15.4 Shoprite Holdings Limited SWOT Analysis  183
15.4.1 Shoprite Holdings Limited Strengths  183
15.4.2 Shoprite Holdings Limited Weaknesses . 184
15.4.3 Shoprite Holdings Limited Opportunities  185
15.4.4 Shoprite Holdings Limited Threats . 186
16 Company Benchmarking: Steinhoff International Holdings Limited  187
16.1 Steinhoff International Holdings Limited, Scorecard: . 187
16.2 Steinhoff International Holdings Limited Company Overview  188
16.2.1 Steinhoff International Holdings Limited Business Description  189
16.2.2 Steinhoff International Holdings Limited Major Products & Services . 190
16.2.3 Steinhoff International Holdings Limited History . 191
16.3 Steinhoff International Holdings Limited Key Financials  193
16.4 Steinhoff International Holdings Limited SWOT Analysis . 195
16.4.1 Steinhoff International Holdings Limited Strengths  196
16.4.2 Steinhoff International Holdings Limited Weaknesses . 197
16.4.3 Steinhoff International Holdings Limited Opportunities  197
16.4.4 Steinhoff International Holdings Limited Threats  198
17 Company Benchmarking: OJSC Magnit  199
17.1 OJSC Magnit Scorecard:  199
17.2 OJSC Magnit Company Overview  200
17.2.1 OJSC Magnit Business Description  201
17.2.2 OJSC Magnit Major Products & Services . 202
17.2.3 OJSC Magnit History . 202
17.3 OJSC Magnit Key Financials  203
17.4 OJSC Magnit SWOT Analysis . 205
17.4.1 OJSC Magnit Strengths  205
17.4.2 OJSC Magnit Weaknesses . 206
17.4.3 OJSC Magnit Opportunities  206
17.4.4 OJSC Magnit Threats  207
18 Company Benchmarking: Massmart Holdings Limited  208
18.1 Massmart Holdings Limited, Scorecard: . 208
18.2 Massmart Holdings Limited Company Overview . 209
18.2.1 Massmart Holdings Limited Business Description . 210
18.2.2 Massmart Holdings Limited Major Products & Services . 211
18.2.3 Massmart Holdings Limited History  212
18.3 Massmart Holdings Limited Key Financials  212
18.4 Massmart Holdings Limited SWOT Analysis  215
18.4.1 Massmart Holdings Limited Strengths  215
18.4.2 Massmart Holdings Limited Weaknesses . 216
18.4.3 Massmart Holdings Limited Opportunities  217
18.4.4 Massmart Holdings Limited Threats . 217
19 Company Benchmarking: Controladora Comercial Mexicana S.A. de C.V. . 219
19.1 Controladora Comercial Mexicana S.A. de C.V. Scorecard: . 219
19.2 Controladora Comercial Mexicana S.A. de C.V. Company Overview . 220
19.2.1 Controladora Comercial Mexicana S.A. de C.V. Business Description . 221
19.2.2 Controladora Comercial Mexicana S.A. de C.V. Major Products & Services . 222
19.2.3 Controladora Comercial Mexicana S.A. de C.V. History  223
19.3 Controladora Comercial Mexicana S.A. de C.V. Key Financials . 223
19.4 Controladora Comercial Mexicana S.A. de C.V. SWOT Analysis  226
19.4.1 Controladora Comercial Mexicana S.A. de C.V. Strengths  226
19.4.2 Controladora Comercial Mexicana S.A. de C.V. Weaknesses. 227
19.4.3 Controladora Comercial Mexicana S.A. de C.V. Opportunities  227
19.4.4 Controladora Comercial Mexicana S.A. de C.V. Threats . 228
20 Company Benchmarking: Esprit Holdings Limited  230
20.1 Esprit Holdings Limited, Scorecard:  230
20.2 Esprit Holdings Limited Company Overview  231
20.2.1 Esprit Holdings Limited Business Description  232
20.2.2 Esprit Holdings Limited Major Products & Services . 233
20.2.3 Esprit Holdings Limited History . 234
20.3 Esprit Holdings Limited Key Financials  235
20.4 Esprit Holdings Limited SWOT Analysis . 237
20.4.1 Esprit Holdings Limited Strengths  237
20.4.2 Esprit Holdings Limited Weaknesses . 238
20.4.3 Esprit Holdings Limited Opportunities  239
20.4.4 Esprit Holdings Limited Threats  240
21 Company Benchmarking: Distribucion y Servicio D&S S.A.  241 
21.1 Distribucion y Servicio D&S S.A., Scorecard:  241
21.2 Distribucion y Servicio D&S S.A. Company Overview . 242
21.2.1 Distribucion y Servicio D&S S.A. Business Description . 243
21.2.2 Distribucion y Servicio D&S S.A. Major Products & Services  244
21.2.3 Distribucion y Servicio D&S S.A. History  245
21.3 Distribucion y Servicio D&S S.A. Key Financials . 246
21.4 Distribucion y Servicio D&S S.A. SWOT Analysis 248
21.4.1 Distribucion y Servicio D&S S.A. Strengths 248
21.4.2 Distribucion y Servicio D&S S.A. Weaknesses  249