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www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE15.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch2February2018U.S.RetailIsGrocerySeasonedForSuccess?ToplinegrowthinGroceryshouldbesolidin‘18despiteLTfearsWhileLTheadwindsremain,wethinkthedegreeofNTpressureinconsumablesretailwon’tbeasintense.Forone,USgroceryisconcentratedlocally.Grocerstendtolookformarketswheretheycandevelopstrongshare&betterleverageexpenses.Further,ahighdegreeofconcentrationmeanscompetitivedynamicsremainlocal(twostoresfromthesamere