瑞银-美股-玩具行业（个股-ToysRUs）-玩具业：ToysRUs在何处关店以及这对于需要意味着什么？-2018.1.29-23页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE19.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch29January2018ToyIndustry:UBSEvidenceLabWhereIsToysRUsClosingStores&WhatItMeansforDemandToysRUsClosing182Storesvs.UBSe183Est.NumberofclosuresforH118inlinewithourexpectations,butwherearethesestoresclosingandhowwillitimpactdemand?Ourgeospatialanalysisreveals(mapbelow)TRUclosuresareinareasthathavelesshousehold-densitybutareslightlymoreaffluent.BabiesRUsstoresthatremainopenhavebothhigherhousehold