Retail – In-depth – [NONRATED] – 2H25F Outlook: Better or worsen depends on macro conditions

In 2H25F, we think that the business results of retailers would depend on macro-economic conditions. In which, ICT-CE and Jewelry retail might grow slow compared to 1H25 due to the weak demand. Meanwhile, grocery stores expansion would be slower as BHX has almost completed the expasion plan. For pharmacies, we think that the expansion rate would continue to get slower as the market has turn into the consolidation phase.