EXECUTIVE INSIGHTS VOLUME XII, ISSUE 8

The L.E.K. Retailer Preference Index

Pinpointing exactly why consumers prefer specific retailers can We found that the importance of these factors varies signifi- be elusive, as there are multiple interlocking factors that impact cantly by retailer category and the degree to which retailers how often they visit their favorite stores and how much they differentiate on the key bases of competition itself varies. spend there. L.E.K. Consulting developed the L.E.K. Retailer Preference Index to better gauge why consumers favor The Power of Preference in Retail particular retailers, and how retailers compare across critical selection criteria. Figure 1 shows the variation in preferences that consumers have in a given category. Categories with a large variation L.E.K. surveyed 3,000 U.S. consumers and weighed key factors that shape their shopping location decisions. The reflect a significant dispersion of consumer preference among findings provide retailers with new insights into strategic retailers, while those at the bottom of the list are categories positioning opportunities, and measure specific advantages where consumers are less able to differentiate meaningfully and shortcomings that they have versus their rivals. across numerous choices. Women’s specialty and shoe categories have the greatest disparity in how consumers The L.E.K. Retailer Preference Index ranks retailers in 20 perceive them, while consumers felt that there was relatively categories, and companies at the top of their respective little meaningful differentiation among the national drug stores. segments include Apple, Brooks Brothers, Kohl’s, H&M, L.L.Bean, Neiman Marcus and Target. Interestingly, the top-two retailers in nearly half of these categories are only separated by Figure 1 small margins, which illustrates that consumers in many retail The widest variation of Retailer Preference Scores Department Stores occurred in women’s clothing stores, while there was sectors see little reason for loyalty, even with market leaders. Index Retailer and Rank Key Store Findings very little difference between the drug stores Score Digging deeper beneath the index scores, we have examined Coefficient of variation of preference index scores, by category 1. Kohl’s 67.7 Performed well across the board the factors that drive preference for one retailer vs. another. Women’s Specialty Retailers 7.5 and won hands-down on provid- Shoe Retailers 7.1 ing value for money. These factors included a variety of attributes such as perceived Teen Specialty Retailers 6.9 Sporting Goods 6.9 2. JCPenney 65.5 Seen as doing better than average value for money, variety, quality of service, convenient location, Consumer Electronics 6.8 across all shopping dimensions, fashion leadership and shoppability. Home Improvement 5.6 with no significant shortcomings Discount Stores 4.6 or differentiators. Mass Merchandisers 4.5 Craft Stores 3.5 3. Macy’s 65.2 Viewed as offering a better variety Methodology: The L.E.K. Retailer Preference Index was developed based on Department Stores 3.5 of brands, both overall and within a nationally representative sample of 3,000 adults in the United States with a Men’s Specialty Retailers 3.4 specific product categories. 1.8% margin of error at the 95% confidence level. The L.E.K. RPI is part of Kids’s Specialty Retailers 3.2 Health and Beauty 3.1 4. Dillard’s 62.3 Received the highest marks for L.E.K.’s Consumer Sentiment Survey (CSS), which has tracked consumers’ Pet Supplies 2.5 product quality, but the lowest in changing attitudes and spending behaviors semiannually since fall 2008. Office Supplies 2.5 perceived value-for-money. Club Stores 2.5 Dollar Stores 5. Sears 61.7 Consumers perceive as bottom of Authors: The L.E.K. Retailer Preference Index was written by Andrew Rees, 2.0 Jewelry 1.9 the group in all attributes except Vice President and Retail and Consumer Products Practice Leader; and Dan Premium Department Stores 1.5 value. McKone, Vice President of L.E.K. Consulting. The authors would like to Drug Stores 0.9 acknowledge John Iacoviello, Ph.D., Director of Market Insights, and Lee 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 Barnes, Manager, for their assistance in generating the findings behind this Coefficient of variation (percent) report. Please contact L.E.K. at [email protected] for additional information. Source: L.E.K. Retailer Preference Index Teen Specialty Retailers

Index Retailer and Rank Key Store Findings L.E.K. Consulting Executive Insights LEK.COM Score 1. Charlotte Russe 70.7 Perceived as a well-rounded store with a “sweet spot” for offering the most exciting styles. Craft Stores 2. Forever 21 67.8 Consumers gave the store high Index marks for variety but slightly Retailer and Rank Key Store Findings Score penalized it on perceived product quality. 1. Hobby Lobby 73.6 Provides high-quality products at a good value, while also establishing 3. Hollister 63.9 Scores well on fashions and styles a good shopping experience. carried, but loses some points on perceived value and shopping 2. A.C. Moore 69.2 Consumers see this store as doing experience. fine across a number of catego- ries. 4. American Eagle 63.4 Viewed as pleasant to shop at, but is not well differentiated along a 3. Jo-Ann Stores 68.0 Relatively good sales advice number of other variables. stands out for consumers, but not enough for the retailer to win the 5. Aeropostale 62.4 Middle of the pack overall, not as overall category preference crown. well perceived on offering “excit- ing styles.” 4. Michaels 67.4 Shoppers rated it lower than the competition on quality of service 6. rue21 62.3 No key areas particularly “spiked” and products. positively or negatively for shop- pers. 7. Wet Seal 61.5 Despite offering good value, the retailer was otherwise undifferen- tiated. 8. Hot Topic 59.4 Consumers felt the retailer fell short on offering the latest fashions. 9. Abercrombie & Fitch 54.6 Consumers scored this former market darling low across a variety of dimensions. EXECUTIVE INSIGHTS

The L.E.K. Retailer PreferenceFigur Indexe 1 identifies how retailers The widest variation of Retailer Preference Scores Department Stores are perceived in the market, where consumers believe that occurred in women’s clothing stores, while there was Figure 1 Index they arevery strong little and dif ferwhereence therebetween are theopportunities drug stores for Retailer and Rank Key Store Findings The widest variation of Retailer Preference Scores DepartmentScore Stores improvement.Coefficientoccurr ofed variation in Retailers women’ of preferences with clothing index high scores, stor rankingsby categores, whiley can ther usee was the index 1. Kohl’s 67.7 Performed well across the board Index Women’s Specialty Retailers 7.5 Retailer and Rank Keyand wonStore hands-down Findings on provid- to understandvery little where differ theyence are between succeeding the drug and stor howes to better Score Shoe Retailers 7.1 ing value for money. Coefficient of variation of preference index scores, by category communicateTeen Specialty Retailers their key points of differentiation. 6.9 1. Kohl’s 67.7 Performed well across the board Sporting Goods 6.9 2. JCPenney 65.5 Seen as doing better than average Women’s Specialty Retailers 7.5 and won hands-down on provid- Consumer Electronics 6.8 across all shopping dimensions, Shoe Retailers 7.1 ing value for money. Home Improvement 5.6 Teen Specialty Retailers 6.9 with no significant shortcomings BrandsDiscount that areStores lagging in a category can develop specific Sporting Goods Figure 1 4.6 6.9 2. JCPenney 65.5 Seenor dif feras entiators.doing better than average Mass Merchandisers Consumer Electronics 4.5 6.8 across all shopping dimensions, programsCraft to Storeschange market perceptions.3.5 Alternately, companies 3. Macy’s Department65.2 Viewed Stores as offering a better variety HomeThe Improvemen widestt variation of Retailer Preference Scor5.6es with no significant shortcomings Department Stores 3.5 of brands, both overall and within occurrDiscounted Stores in women’s clothing stores, while4.6 there was or differentiators. inMen’ retails Specialty segments Retailers with little perceived3.4 differentiation should Mass Merchandisers 4.5 Index specific product categories. Kids’s Specialtyvery Retailers little difference between3.2 the drug stores Retailer and Rank Key Store Findings Craft Stores 3.5 3. Macy’s 65.2Score Viewed as offering a better variety use theHealth tool and Beauty to help take corrective actions and better 4. Dillard’s 62.3 Received the highest marks for CoefficientDepartment of variationStores of preference index scores,3. by13. categor5 y of brands, both overall and within Pet Supplies 2.5 1. Kohl’s 67.7 prPerformedoduct quality well, butacr ossthe thelowest boar ind Men’s Specialty Retailers 3.4 specific product categories. distinguishOffice Suppliesthemselves. Women’Kids’s Specialtys Specialty Retailers Retailers 2.5 3.2 7.5 perandceived won value-forhands-down-money on. provid- ShoeClub Retailers Stores 2.5 7.1 Health and Beauty 3.1 4. Dillard’s 62.3 Receiveding value the for highest money. marks for Teen SpecialtyDollar Retailers Stores 2.0 6.9 5. Sears 61.7 Consumers perceive as bottom of Pet Supplies 2.5 product quality, but the lowest in SportingJewelry Goods 1.9 6.9 2. JCPenney 65.5 theSeen gr oupas doing in all betterattributes than except average Office Supplies 2.5 perceived value-for-money. Premium Department Stores 6.8 SpotlightingConsumerClub Electronics Stores Select1.5 Retail2.5 Index Categories value.across all shopping dimensions, Home ImprovemenDrug Stores t 0.9 5.6 Dollar Stores 2.0 5. Sears 61.7 Consumerswith no significant perceive shortcomingsas bottom of Discount Stores 4.6 Jewelry 0.0 0.5 1.0 1.5 2.01. 92.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 theor difgroupferentiators. in all attributes except Mass Merchandisers 4.5 PremiumThe L.E.K.Department Retailer Stores Preference1.5 Coefficient Index isof variationbased (percent on a ) 100-point value. Craft Stores 3.5 3. Macy’s 65.2 Viewed as offering a better variety Drug Stores 0.9 Department Stores 3.5 of brands, both overall and within Source:system L.E.K. Retailerand is Preference scored0.0 0.5 Index based1.0 1.5 2.0 on 2.5 criteria 3.0 3.5 4.0 such 4.5 5.0 as 5.5 preference 6.0 6.5 7.0 7.5 8.0 Teen Specialty Retailers Men’s Specialty Retailers 3.4 specific product categories. Coefficient of variation (percent) Kids’s Specialty Retailers 3.2 relative to competitor stores within a specific category and Index Health and Beauty 3.1 Retailer4. Dillard and’s Rank 62.3 KeyReceived Store the Findings highest marks for Source: L.E.K. Retailer Preference Index Teen SpecialtyScore Retailers other variablesPet Supplies outlined in this document.2.5 By way of example, product quality, but the lowest in Office Supplies 2.5 1. Charlotte Russe 70.7 Perperceivedceived as value-for a well-r-moneyounded. store Club Stores 2.5 Index this report features three categories with different degrees Retailer and Rank Keywith Stoa “sweetre Findings spot” for offering Dollar Stores 2.0 5. Sears Scor61.7e Consumers perceive as bottom of the most exciting styles. of variation –Jewelry craft stores,Craft department1.9 Stores stores and teen the group in all attributes except Premium Department Stores 1. Charlotte Russe 70.7 Perceived as a well-rounded store 1.5 2. Forever 21 67.8 Consumersvalue. gave the store high specialty retailers.Drug Stores Each segment0.9 includes the top retailers with a “sweet spot” for offering Index marks for variety but slightly Retailer and Rank0.0 0.5 1.0 1.5 2.0 2.5Key 3.0 Stor3.5 4.0e 4.5Findings 5.0 5.5 6.0 6.5 7.0 7.5 8.0 the most exciting styles. in each category, along withScoCraftre their Stores rank, index number and penalized it on perceived product Coefficient of variation (percent) 2. Forever 21 67.8 Consumersquality. gave the store high 1. Hobby Lobby 73.6 Provides high-quality products at a marks for variety but slightly Source:associated L.E.K. Retailer consumer Preference Index insights. Index 3. Hollister Teen Specialty63.9 Scores Retailer well on fashionss and styles Retailer and Rank Keygood Stor value,e Findings while also establishing penalized it on perceived product Score carried, but loses some points a good shopping experience. quality. 1. Hobby Lobby 73.6 Provides high-quality products at a Index on perceived value and shopping 2. A.C. Moore 69.2 Consumers see this store as doing Retailer and Rank Key Store Findings good value, while also establishing 3. Hollister 63.9Score Scorexperience.es well on fashions and styles fine across a number of catego- carried, but loses some points a good shopping experience. 4.1. American Charlotte Eagle Russe 63.470.7 ViewedPerceived as pleasantas a well-r toounded shop at, sto butre ries. on perceived value and shopping 2. A.C. Moore 69.2 Consumers see this store as doing iswith not awell “sweet differ spot”entiated for alongoffering a 3. Jo-Ann Stores 68.0 Relatively good sales advice experience. fine across a number of catego- numberthe most of exciting other variables. styles. Craft standsStores out for consumers, but not 4. American Eagle 63.4 Viewed as pleasant to shop at, but ries. 5.2. Aer Foropostaleever 21 62.467.8 MiddleConsumers of the gave pack the overall, store nothigh as enough for the retailer to win the is not well differentiated along a Index wellmarks per forceived variety on ofbutfering slightly “excit- 3.Retailer Jo-Ann andStores Rank 68.0 RelativelyoverallKey Stor category goode Findings sales prefer adviceence crown. number of other variables. Score stands out for consumers, but not ingpenalized styles.” it on perceived product 4. Michaels 67.4 Shoppers rated it lower than the 5. Aeropostale 62.4 Middlequality .of the pack overall, not as enough for the retailer to win the 6. rue21 62.3 No key areas particularly “spiked” 1. Hobby Lobby 73.6 competitionProvides high-quality on quality pr ofoducts service at a well perceived on offering “excit- overall category preference crown. 3. Hollister 63.9 positivelyScores well or negativelyon fashions for and shop- styles andgood pr oducts.value, while also establishing ing styles.” 4. Michaels 67.4 Shoppersa good shopping rated it lower experience. than the pers.carried, but loses some points 6. rue21 62.3 Noon key per arceivedeas particularly value and shopping“spiked” competition on quality of service 7. Wet Seal 61.5 Despite offering good value, the 2. A.C. Moore 69.2 Consumers see this store as doing positivelyexperience. or negatively for shop- and products. retailer was otherwise undifferen- fine across a number of catego- pers. ries. 4. American Eagle 63.4 tiated.Viewed as pleasant to shop at, but 7. Wet Seal 61.5 Despiteis not well offering differ goodentiated value, along the a 8. Hot Topic 59.4 Consumers felt the retailer fell 3. Jo-Ann Stores 68.0 Relatively good sales advice retailernumber was of otherwiseother variables. undifferen- short on offering the latest stands out for consumers, but not tiated. enough for the retailer to win the 5. Aeropostale 62.4 fashions.Middle of the pack overall, not as 8. Hot Topic 59.4 Consumerswell perceived felt theon ofretailerfering fell“excit- overall category preference crown. 9. Abercrombie & Fitch 54.6 Consumers scored this former shorting styles.” on offering the latest market darling low across a variety 4. Michaels 67.4 Shoppers rated it lower than the fashions. competition on quality of service 6. rue21 62.3 ofNo dimensions. key areas particularly “spiked” and products. 9. Abercrombie & Fitch 54.6 Consumerspositively or scor negativelyed this former for shop- marketpers. darling low across a variety of dimensions. 7. Wet Seal 61.5 Despite offering good value, the retailer was otherwise undifferen- tiated. 8. Hot Topic 59.4 Consumers felt the retailer fell short on offering the latest fashions. 9. Abercrombie & Fitch 54.6 Consumers scored this former Page 2 L.E.K. Consulting Executive Insights Vol. XII, Issue 8 market darling low across a varietyLEK.COM of dimensions. EXECUTIVE INSIGHTS

Conclusion Mass Merchandisers Retailer Index Understanding the strengths and weaknesses of a company’s 1Mass Target Merchandisers 68.1 brand relative to the competition is invaluable. In many cases, 2Retailer Walmart 65.9Index however, there is no clear category frontrunner. L.E.K. research 3 1Kmart Target 61.168.1 2 Walmart 65.9 finds that consumers only see a marginal difference among the 3 Kmart 61.1 top-tier retailers in many segments. Soft Goods To that end, the L.E.K. Retailer Preference Index serves as a tool Drug Stores Soft Goods for gaining clarity into customers’ shopping preferences today Retailer Index and understanding the attributes that will encourage them to 1Drug Rite Stor Aides 64.4 spend more at specific stores in the future. This intelligence is 2Retailer Walgreens 63.7Index pivotal to executing programs that will help a retailer establish 3 1CVS/pharmacy Rite Aid 63.164.4 a more distinct brand that addresses unmet market needs 2 Walgreens 63.7 and positions the company to increase share in its category. Health3 CVS/pharmacyand Beauty Stores 63.1 Retailer Index Rankings of Additional Retail Sectors 1 HealthThe Body and ShopBeauty Stores 71.5 2 RetailerGNC 69.6Index

The L.E.K. Retailer Preference Index includes 20 categories, 31 VitaminThe Body World Shop 69.371.5 4 2 BathGNC & Body Works 69.069.6 which are divided into three primary segments: 5 3The V itaminVitamin W Shoppeorld 68.069.3 • Multi Category: Retailers that offer a broad array of products 4 Bath & Body Works 69.0 • Soft Goods: Clothing, drug and apparel stores Jewelry5 The Retailers Vitamin Shoppe 68.0 • Hard Goods: Durable goods Retailer Index 1Jewelry Tiffany Retailers 63.4 2 RetailerHelzberg Diamonds 62.3Index Multi Category 3 1Zales Tiffany 60.963.4 Club Stores 4 2 JarHelzberged Diamonds 60.862.3 Multi Category Retailer Index 5 3 KayZales’s 60.060.9 1 ClubCostco Stores 69.9 4 Jared 60.8 2 RetailerSam’s Club 66.6Index Kid5’s SpecialtyKay’s Retailers 60.0 3 1 BJ’Costcos 66.169.9 Retailer Index 2 Sam’s Club 66.6 1 KidCarter’’s Specialtys Retailers 66.3 Discount3 BJ’ sStores 66.1 2 RetailerThe Children’s Place 63.3Index Retailer Index 3 1 GymboCarter’rese 63.266.3 1 DiscountRoss Stor Stores es 69.3 4 2 GapThe Kids Children’s Place 62.163.3 2Retailer T.J.Maxx 68.2Index 5 3 OshKoshGymbo B’goshree 60.263.2 3 1 MarshallsRoss Stores 68.269.3 4 Gap Kids 62.1 4 2Burlington T.J.Maxx Coat Factory 64.568.2 Men’5 s SpecialtyOshKosh B’goshRetailers 60.2 5 3 BigMarshalls Lots 61.168.2 Retailer Index 4 Burlington Coat Factory 64.5 1Men’ Brookss Specialty Brothers Retailers 73.2 Dollar5 StorBig Lotses 61.1 2 RetailerExpress Men 72.1Index Retailer Index 3 1H&M Brooks Brothers 72.173.2 1 DollarDollar Stor Treees 67.1 4 2 CasualExpr essMale Men 71.072.1 2 RetailerFamily Dollar 64.2Index 5 3 BananaH&M Republic 70.972.1 3 1 DollarDollar General Tree 64.167.1 4 Casual Male 71.0 4 2 99Family Cent OnlyDollar Stores 64.064.2 5 Banana Republic 70.9 3 Dollar General 64.1 Page 3 L.E.K.4 99 Consulting Cent Only Stor Executivees Insights Vol.64.0 XII, Issue 8 LEK.COM Premium Department Stores Pet Supplies Retailer Index Retailer Index 1 Neiman Marcus 67.5 1 PetSmart 66.3 2 Nordstrom 66.3 2 PETCO 63.0 3 Saks Fifth Avenue 65.1 4 Bloomingdales 65.0 Sporting Goods Retailer Index Shoe Retailers 1 L.L.Bean 70.0 Retailer Index 2 Academy Sports 68.4 1 DSW 70.2 3 Cabela’s 65.9 2 Shoe Carnival 68.0 4 REI 65.7 3 Payless 65.3 5 Bass Pro Shops 63.6 4 Famous Footwear 63.8 5 Foot Locker 62.7

Women’s Specialty Retailers Retailer Index 1 H&M 68.7 2 Victoria’s Secret 68.4 3 Old Navy 64.8 4 Ann Taylor LOFT 64.8 5 Limited 63.4

Hard Goods Consumer Electronics Retailer Index 1 Apple Stores 76.5 2 Fry’s Home Electronics 66.3 3 EB Games 65.7 EXECUTIVE INSIGHTS 4 Best Buy 64.8 5 Gamestop 64.8

Premium Department Stores Pet SuppliesHome Improvement Retailer Index RetailerRetailer IndexIndex 1 Neiman Marcus 67.5 1 PetSmart1 Lowe’s 66.3 68.8 2 Nordstrom 66.3 2 PETCO1 Home Depot 63.0 68.8 3 Saks Fifth Avenue 65.1 3 Menards 66.8 Sporting Goods 4 Bloomingdales 65.0 4 Ace Hardware 64.0 Retailer Index 5 True Value 59.0 Shoe Retailers 1 L.L.Bean 70.0 Retailer Index 2 AcademyOffice Supplies Sports 68.4 1 DSW 70.2 3 Cabela’Retailers 65.9 Index 2 Shoe Carnival 68.0 4 REI1 Staples 65.7 65.5 3 Payless 65.3 5 Bass2 PrOfficeo Shops Max 63.6 62.3 4 Famous Footwear 63.8 3 Office Depot 62.0 5 Foot Locker 62.7 Premium Department Stores Pet Supplies Women’Retailers Specialty Retailers Index Retailer Index Retailer1 Neiman Marcus Index67.5 1 PetSmart 66.3 1 H&M2 Nordstrom 68.7 66.3 2 PETCO 63.0 2 V3ictoria’Sakss Secr Fifthet Avenue 68.4 65.1 3 Old4 NavyBloomingdales 64.8 65.0 Sporting Goods 4 Ann Taylor LOFT 64.8 Retailer Index 5 LimitedShoe Retailers 63.4 1 L.L.Bean 70.0 Retailer Index 2 Academy Sports 68.4 1 DSW 70.2 3 Cabela’s 65.9 Hard Goods 2 Shoe Carnival 68.0 4 REI 65.7 Consumer Electronics 3 Payless 65.3 5 Bass Pro Shops 63.6 Retailer Index 4 Famous Footwear 63.8 1 Apple Stores 76.5 5 Foot Locker 62.7 2 Fry’s Home Electronics 66.3 3 EBW omen’Gamess Specialty Retailers 65.7 4 BestRetailer Buy 64.8 Index 5 Gamestop1 H&M 64.8 68.7 2 Victoria’s Secret 68.4 Home Improvement 3 Old Navy 64.8 Retailer Index L.E.K.4 ConsultingAnn Taylor LOFT is a global management64.8 For further information contact: International 1 Lowe’s 68.8 consulting5 Limited firm that uses deep industry63.4 Boston New York Offices: 1 Home Depot 68.8 expertise and analytical rigor to help clients 28 State Street 650 Fifth Avenue Auckland 3 Menards 66.8 solve their most critical business problems. 16th Floor 25th Floor Bangkok 4 HardAce Har Goodsdware 64.0 Boston, MA 02109 New York, NY 10019 Founded more than 25 years ago, L.E.K. Beijing 5 TConsumerrue Value Electronics 59.0 Telephone: 617.951.9500 Telephone: 212.582.2499 employs more than 900 professionals in Facsimile: 617.951.9392 Facsimile: 212.582.8505 London Retailer Index Melbourne Office20 offices Supplies across Europe, the Americas and 1 Apple Stores 76.5 Milan RetailerAsia-Pacific. L.E.K. advises and supportsIndex Chicago San Francisco 2 Fry’s Home Electronics 66.3 One North Wacker Drive 100 Pine Street Mumbai 1 Staples 65.5 global3 companiesEB Games that are leaders in their65.7 39th Floor Suite 2000 Munich industries2 Office4 Best Max – Buyincluding the largest 62.3private64.8 Chicago, IL 60606 San Francisco, CA 94111 New Delhi Telephone: 312.913.6400 Telephone: 415.676.5500 and3 Officepublic5 Gamestop Depot sector organizations, private62.0 64.8 Paris Facsimile: 312.782.4583 Facsimile: 415.627.9071 equity firms and emerging entrepreneurial Shanghai Home Improvement businesses. L.E.K. helps business leaders Los Angeles Singapore Retailer Index consistently make better decisions, deliver 1100 Glendon Avenue Sydney improved1 Lowe’ businesss performance and 68.8 21st Floor Tokyo 1 Home Depot 68.8 Los Angeles, CA 90024 create greater shareholder returns. Wroclaw 3 Menards 66.8 Telephone: 310.209.9800 For more information, go to www.lek.com. Facsimile: 310.209.9125 4 Ace Hardware 64.0 5 True Value 59.0 Page 4 L.E.K. Consulting Executive Insights Vol. XII, Issue 8 LEK.COM Office Supplies Retailer Index 1 Staples 65.5 2 Office Max 62.3 3 Office Depot 62.0