HOLIDAY TRENDS: Shopping for retailers? Look for blend of stores and sites;`Clicks-and-mortar' stocks should outpace shares of online stores.

Pensions & Investments, November, 1999 by Feinberg, Phyllis

"Clicks-and-mortar" retailers will perform better long term, but as far as this holiday shopping season goes, investors predict online retailers will win the day. Despite all of the hoopla surrounding "e-tailers," analysts and portfolio managers interviewed said companies that have both physical stores in which to shop and online selling sites eventually will perform better and their stocks will be rewarded.

Angela Auchey, an analyst with Federated Investors Inc., Pittsburgh, believes all of the talk about strong Internet sales -- even though they will not be a very large part of total holiday sales -- will hurt the stocks of the bricks-and-mortar retailers because of the psychological effect. "We have been underweight the retail stocks. Now we're more...

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