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1、 November 2, 2009 China Dept Stores Retailing Monitor 3Q09: Resilient Sales Growth 3Q Highlights: Based on reported results of 42 A-share listed retailers, aggregate sales growth in 3Q was 12%, similar to that of 2Q09 but continued to recover from just 2% in 1Q09. While holiday shift this year has r2、esulted in lower sales for the month of September, sales growth appears to be resilient in most of the regions with only Cross Regional and Western retailers experiencing growth deceleration. Retailers in Shanghai have experienced growth reacceleration in their retail operations in 3Q, likely boding3、 well for other operators with Shanghai exposure. Having said that, overall sales growth has not fully recovered to level seen in 3Q08 at 19%. Looking forward, we expect 4Q sales growth to be stronger than 3Q, benefiting from: 1) positive calendar shift and 2) easier comparison in which growth was just 7% in 4Q08. Nevertheless, we expect sales growth increase would continue at the expense of lower