Our retail coverage spreads from Tesco with a market cap of £29bn down to Instore at just over £12m, embracing food retailers, general retailers and the high-growth home shopping sector. The Retail team was voted No.3 in the Thomson Reuters Extel Survey Awards 2009 for the Retail sector. Previously the team has been ranked No.1 for small and mid cap research in the 2007 Extel survey. Our research approach is based on detailed sector reports (e.g. Home Shopping, Private Equity interest in retail), themed conferences and high conviction company-specific notes, backed up by rapid reaction comments on day-to-day newsflow.