The Changing Face of Retail
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The Changing Face of Retail

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Our white paper on how retailers and brands need to adapt to deal with the latest trends in consumer behaviour.

Our white paper on how retailers and brands need to adapt to deal with the latest trends in consumer behaviour.

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The Changing Face of Retail Document Transcript

  • 1. R tis h n ig ea iC a gn l A ey ura yt tk a v na e r o e d o a e d a tg o tee c ign w o p ru ie i 2 1 ? fh x in e p o tnt sn 0 4 t i
  • 2. C ne t o tns T eE ouino teR tiSoe h v lt o fh eal tr –D wesi n e s o s o tl e d h p ? l T eC a gn F c o teC so r o r e h h n ig ae fh u tme J un y –AMut c a n l p rah l-h n e a po c i T eP we o E p r n e h o r f x ei c e –Ce t ga e g gn e vrn n rai n n a ig n i me t n o a de c igc so r n xin u tmes t C n ls n oc i uo N x Se s o B a d a dR ti r e t tp fr rn s n eal s e C lt A t n alo ci o
  • 3. R tiiC a gn eals h n ig A ey ura yt tk a v na e r o e d o a e d a tg o tee c ign w o p r nt s f h xin e p ot ie? t u i D s i ted o a dgo m fo tep n i , e pt h o m n lo r m h u dt e s ta io a b ik a dmo tr ealr aesi rdt n l r s n i c ra rti s r tl e l p re t p s in dt b n fi e o mo s fo te efcl o io e o e e t n r u l r m h y t y h g c a g ss e igteid sr. r ta 7 % u e h n e we pn h n u ty Mo e h n 0 o c n u r lcr nc s e dn si g e tr u h f o s me ee to is p n ig tl o s h o g l s o s a dd s i terc n hg p o l fi rso h p , n e pt h e e t ih rfie al e f e u hg sre rti r s c a C me, lc b se a d ih te t eal s u h s o tBo k u tr n e H ,h fc i tee n ra s no as i i te MV te a ts h r' o e l i f hf n h s g t fn a na n e fr e pet tu ha dfe u d me tl e d o p o l o o c n e l p o u t b fr b yn . r d cs eo e u ig A uv y 5 ‘ppereound,7076.% ‘s rsf of5tatUK7 so h h ‘ ‘ o c n u r p ee t f o s me s rfr o s o i-tr. h p nso e S uc : eal y s o re R tiE e Wh tsc a gn i tewa c n u r c n u t a i h n ig s h y o s mes o d c ter uc a igc c , r e t ah g e tn b h i p rh s n y l d i n o u e xe t y e v ter ea dr eo n w tc n lge . h c aln e h i n i f e e h oo is T e h l g s s e fcn b t mao b a d a dteb ik a dmo tr a ig oh jr rn s n h r s n c ra rti r i h w t o t z ter h n e ofr g eal s s o o pi e h i c a n l f i s e mi en s a t tk a v na eo teo p ru ie ta o s o a e d a tg f h p o tnt s h t i ti p o ie . hsme n d iga ywi hs rvd s T i a s on wa t h o t d die so c so r uc a ig a d umo e d a f u tme p rh s , n n ito u igg n ieyin v t emut h n e nr d cn e un l n o ai v lc a n l i mak t gsrtge whc d l e ac n i e t rei tae is ih ei r o s tn n v s e p r n ea dme s g a e eytu h on. x ei c n e sa e t v r o c p it S uc : edc o re V r it
  • 4. T eE ouin h v lt o o teR tiSoe f h eal tr O c u o at n e p n i y u c so r le me o r u tme wak d tr u htefo t o rb o e tep o u t h o g h r n d o, rws d h r d cs a dma eter yt ac s rgse wi n d h i wa o a h e i r t t h ter h i s N wa a stefo t o r a h i c oc . o d y h r n d o h s e b e rpa e b amut u eo df rn e n e lc d y ltd f i ee t i f dgtl o r, a hrq i n df rn a dy t ii d o s e c e ur g i ee t n e a i f c mpe naysrtge . u t e a s a o lme tr tae is J s b c u e c so r o sat ter o r e u iga u tme n w trs h i ju n y s n lpo o s rp o ed e n t a tee a tp r math n o s o me n h r s o l b t a p o c e t s t f ig h ud e wo p r a h s o ai yn s ter e d h in e . T emo t u c sfl ealr o ti a eh v h s s ce su rti s f hs g a e e a o tdt tec a g b d l eigb s o d pe o h h n e y ei r v n et f b e ditrcin wi ter u tmesa re nea t s t h i c so r t o h e eyp itT eju n yma b gnwi a v r on. h o r e y ei t h s ac e gn , s ca n t r l ko a e rh n ie a o il ewo k i r n fin 'rc mme d t n b tne c c s te r ds e o e n ai , u i a h a e h o win r p e e t c a a da p aigr uet n es rs n a l r n p e l e n ot o tec e k u, t a fw h r lsi tewa h h c o twi s e ude n h h y a p sil. l ka dC l c a dVru l s o s e Ci n ol t n i a b c e t S o o migaejs t faue whc h wr o n r u t wo e trs ih p it otemo ena p o c t c so r on t h d r p r a h o u tme s t fcine r uet tec e k u. ai a t s o n o t o h h co t C so r wh u e b t o l ea di-tr c a n l u tme s o s d oh ni n nso e h n es n s e d3 %mo et a sn l-h n e s o p r. pn 6 r h n igec a n l h p e s S uc Itl o re ne ‘ ‘ Wek o t a a o t 0 o o r nw htbu 6 % f u c so r b yb t o l ea d u tme s u oh ni n n i s o s ot ea p o c i t n h p s h p rah s o ma eia s ltl s a e s o k t b ouey e mls fr t e t mo efo o et t e h m o v rm n o h oh rS t e c nrs ac i t e. o h y a e e rh n o epa ea ds o i t eoh r n lc n h p n h t e, t e c nb yi o epa ea d h y a u n n lc n pc u i t eoh r t ea t f ik p n h t e – h r o s ls s o sse t co s h n es ae i c n i n a r s c a n l, t s t ewh l a p o c i t ma e oh oe p r a h s o k ic a n l g o t . h yr n t t h n e a n si T e ’ o c e e e s p o e t k o o s eo v n u p sd o n w r e r raiewhc c a n lh yr el s ih h n e t e ' e u igb c u eis n o eal sn e a s t o e v rl ' c so r f r u tme of . e ‘ ‘ T erai i ta 9 %o ttl Krti h e ly s h t 0 f oa U eal t p rh s gi si d n i b ik a dmo tr uc a i s tl o e n r s n n l c ra so e a c r igt teO fi eo N t n l trs co dn o h f c f ai a o Sai is s s ce su rti r aelann tt t , o u c sfl eal s r e r ig sc e fs h w t r-n ie r h i i-tr ofr g a t o o ee gn e ter nso e f i en t o t z tee p r n en matr o te o pi e h x ei c o t h w h mi e e ju n yi ma e T i me n as a e s o r e s d . hs a s e mls rlt n hp al dwi b s o b e ds ls eai s i, le o i t e t f re ae h saf nea t n ao gwi i o tn faue tf itrci , ln o t mp ra t e trs h s c a ie t a o l ea dofln p iig a u h s d ni l ni n f ie r n , c n c s lr f o ie t a p o u t h i i e ey i a i n td ni l r d c c oc n v r mi c e c a n l n o p ru ie fr h c so r o h n e a d p o tnt s o te u tme t i s lc ter pi m p rh s p o e siee t h i o t mu uc a e r c s n so e wh te ib vaac s rgse o ter tr, eh r t e i ah e i r r h i t mo i p o e bl h n . e A d Sre, n y te tMD J h L wi P rn rhp o n e s a te s i
  • 5. F r s rti r,h c aln ei h w t o mo t eal st e h l g s o o e e s tht t i s a e s u tme itrcin wi o hs e mls c so r nea t c o fs e o g t me t h ice sn d ma d a t n u h o e t e n ra ig e n s o an w g n rt no dgtl s v y f e e eai f ii l a v o ay c so r. h a s r e ms ob t rpa e u tme s T e n we s e t e o e lc t ec l e t e p r n eo ta i o a so e h od mpy x e i c f rdt n l tr e i fl o b o igwi amo ed n mi a d o r r wsn t h r ya cn itrciee p r n e Go a b a d l e nea t v x e i c . lb l rn s i e k A pea dMir s f aepo e r gt i n w pl n co ot r in e i hs e n a p o c wi rti r s c a D x n i t e p r a h t eal s u h s io s n h h e U , u itk s i a div sme tnsaf K b tt a e t me n n e t n i tf tann ,e h ia ifa tu tr a dc l rl riig tc nc ln rsr cu e n ut a u c a g t ma eiwo kp o e l. h n e o k t r rp r y T eta i o a b ik a dmo tr trs f h rdt n l r s n i c ra so e o tmo r w aels l eyt b sai s ef o ro r e s i l o e tt h l k c b s ds a e a dmo eo as p i iae ae p cs n r f o hs c td t e vr n n wh r s ls tf a t s r se n i me t ee ae saf c a tu td o a vs r t g iet es o p r on tu t h d io s o ud h h p e t o js t e b s c oc o p o u t b t lob yn e t h i f r d cs u as u ig e c a n l. hs s a t ua l tu wh r t e h n es T i i p ri lr r e ee h c y p o u t e urs r e pa ains c a i r d c rq i mo e x ln t e o u h sn c n u r e h oo y wh r pl ' hg ,el o s me tc n lg , ee i e ih s l e m ' c e pi so ygvn wa t amo e e h a s lwl iig y o m r n a c da p o c t c so r aifcin u n e p r a h o u tme s t a t . s o O u s n ‘hnoobinotjsebuybutalo ‘rjogyt makfn,ig s tc l e o u tu e s , n Ihn t i tk s s a y a d t ik hs a e u a oh r in la fr r s n t e ga te p o wad i a he igt a g a fr u n c ivn h t o lo o r c so r. u tme s ‘ ‘ S b sinJ me D x n C O e at a a s io s E T ec a g i t ertiso ee p r n ei h h n e n h eal tr x e i c s e as b igd ie t alr ee tn b t e lo en r n o a g xe t y h v ice s dicd n eo s o o mig wh r a n ra e n ie c f h wr o n , ee s o p r ii aso et e a n ap o u tn h p e vst tr o x mie r d c i s d tib fr rtr igh met b yo l ea eal eo e eu nn o o u ni t n ac e p r r e Ma sv o l erti r s c h a e p i . sie ni eal s u h c n e a A z nh v d fi i l b n fi e fo t i s ma o a e e nt y e e td r m hs e te di rc n y a sb t o t eb ik a d rn n e e t e r, u n w h r s n c mo tr ult aefi higb c wi mo e ra o t s r g t e n ak t h r a p aigp it f aeitrcin a d p el n on o s l nea t , n o i r v dc e k u p o e u e t e t et e mp o e h c o t r c d rs o n i h c c so r op rh s i u tme t u c a e mme itl. daey Te h c a gn h n ig fc ae o te fh c so r utme jun y o re
  • 6. Whl o l es o pn tpc l ofr o r i ni h p ig y ial f lwe e n y e p i sa dab o d r r d c c oc , o s mes re n c ra e p o u t h i c n u r e si p ee t tk t tl rfr o a e i t tu ha dfe te l me o o c n e lh p o u t, n c mp r te a an t tesi a r d cs a d o ae h m g is oh r n l eso ee vr n n, n ti i wh r te i tr n i me ta d hs s ee h v o s ce su rti r aese pn i t tk u c sfl eal s r tp ig n o a e e a v na eo ta o p ru i t c s tes l d a tg f h t p o tnt o l e h ae y o tr u he g gn , x in s lsa t i . h ls h o g n a ig e ct g ae ci t T e a t i vy nn fe o tes lsp o e si b c migmo e ie e t f h ae r c s s e o n r i o tn ta e e. mp ra t h n v r A teoh r n o tesaeweael eyt s e t h te e d f h c l r i l o e k ar ei ten mb r f ealr ofr g i n h u e o rti s f i s e en itgae Cik&C l c s r i s wi ne rtd l c ol t evc , t e e h a dt n l o ceg tp s r i so ofr l ea d io a c n ire y e evc n f (k i e e i fe c po c f ewhl y uwatfr riig re u f of e i o e i o ar n ) v c so r.nso eko k , x rs c e k us u tmes I-tr is s e p e s h c o t a dso ewiefe Wii r oh r e trs n tr d re F ae te faue whc wi b c memo ep p lr ste ih l e o l r o ua a h ta io a rtis a efi hsb c a an t h rdt n l eal p c g t a k g is te i s e da dc n e in eo o l er as p e n o v ne c f ni i l n v . T eso ei c a gn fo apa et ta s c, h tr s h n ig r m lc o rn a t t apa ewh r ac so r ly l a d o lc ee u tme' o at n s y rlt n hpwi ab a dc nb s nfi a t eai s i t o h rn a e i ic nl g y e h n e . u tme e g g me tsb c miga n a c d C so r n a e n i e o n k yp r o tep o e s wi a vc , e at f h r c s, t d i h e d mo srt n a dp o lm s liga a e n tai s n r be ovn s o cu il lme t f eieigo t m c so r r ca ee n o d l r v n pi mu u tme s t fcin ai a t . s o T eta io a fn t no rtiso e ma b h rdt n lu ci f eal trs y e i o c a gn , n ter u esrd cn tr u h h n ig a d h i n mb r e u ig h o g mut h n e atio , u tee lt d u t h t lc a n l t t n b t h r' i l o b ta i ri s te te aeh r t sa . a igas o wid w o h y r ee o ty H vn hp no n tesre e c ua e rc g io a de g g me t h te t n o rg s e o nt n n n a e n i wi b a d , n ic nas h v as nfi a t t rn s a d t a l a e i ic n h o g k o ko efc o tea u t f nierv n e n c n f t n h mo n o o l e n eeu ta teb a dg n rts Tu t ly abgp r i h t h rn e eae . r s pa s i atn c n icn s o p r ta ab a di h r t sa , o vn ig h p es h t rn s ee o ty a dahg sre o mal rs n eofr ta n ih te t r lp e e c f s h t e ra s rn emu hmo eefcieyta armoe e sua c c r f t l hn e t e v o l ewe s e ni n bi . t T e o r f x ei c h P we o E p r ne e A rtie ov ss toi e p r nil s eal v le o o s x ei t e a mak t g T es ca itrcina dtu h rei . h o ilnea t n o n o cy feyn tr o vs igab ik a dmo tr tr e l aue f i t in r sn c ra so e i si c n iee t b ak yp r o teb yn s tl o s rd o e e at f h u ig l d p o e sb ma yc n u r, s e il wi r c s y n o s mes e p cal t y h hg e t k t n mo ec mpe p o u t. h ih r i e a d r o lx r d cs T e c go hi o l es o pn a dters l n rwt n ni h p ig n h e ut t n a s o o migp e o n nh sas s r e t h wr o n h n me o a l ev d o o hg l h h w c rfl ihsre rti r h v ihi t o aeu hg te t eal s a e g e t b n t oain t ter u tmesa d o e o t l ae h i c so r n e d ga eter rn . e rd h i b a d fr h s o p r oe jy P o u t e n tain , o te h p e t no . r d c d mo srt s o itrcieds ly a dmo ee p r s lssaf r nea t v i as n p r x et ae tf ae js s meo tewa steb ik a dmo tr trs ut o fh y h r sn c ra so e aefi higb c . r gt n ak P pu e p r n eso e aeas b c migalre o p x ei c trs r l e o n e o ag r faueo teta io a rtiln sa e wi e tr f h rdt n l eala d c p , t i h a g ne rai ds ly ,ne rtdo l e u me td e ly i a s itgae ni t p n b o iga dta o e tu isi d mo srtr rws n n e ms f nh s t e n tao s a c e g r oe g g tec so r nb a de p r n e , a e t n a e h u tme i rn x ei c s e g me a doh r nee t ga dvb a t v ns a s n te itrsi n irn e e t. n I o h uu e eh o ‘fheadiokittlaboutiftvaton,cyandgexperhecsnufcurr ‘youlng,a’aeftr onoc nolgratnwher t nma at es ae r t l s n i e i ei e e ‘ ‘ a de ct gc so r n x i n u tme s i S b sinJ me D x n C O e at a a s io s E Ce e rti r wi temo t ols t o l e lv r eal s t h e h s t o e o ni n s lsc n iai h v e s rdta te a o t ae a nb l m, a e n ue h t h y d p s asr n o l ep e e c a welt ofe te to g ni rs n e s l o f t h n , s lr o ter ias b t s i o tnl te ue f h i r l u mo tmp ra t h y v , y h v satdt atr h wa ter eal trs a e tre o l te y h i rtiso e e o eaei o d r oma ete mo ev la l p rt n r e t k hm r au be a data t et p o p ciec so r. n t ci o rs e t r v v u tmes Ise do js ofr gac s rgse a ds ef n ta fu t f i en ah e i r n h l t e vr n n,h mo t u c sfl r a o t ga n i me tte s s ce su ae d pi o n mo ee p r nil p r a h ofr ga r x ei t a p o c , f i n e a en e trann a de g gn e vr n n. netiig n n a ig n i me t o J n ta Mas , o nL wi o ah n rh J h e s R tian n i tee te e do ti te d b t eal ime ts h xrme n f hs rn , u t tee n d u t h t h r ei teu eo i-tr h r' o o b ta te i n h s f nso e s s b a da a s d r a dtan ds lsp e e tr i rn mb sa o s n rie ae rs nes s p o igs ce su i wo igb c ds f ce rvn u c sfln on a k i f td ae s o p r o c a an T eh g s ce so pa e l e h p es n e g i. h u e u c s f lc s i k teA peso e , t ter rie c n utnsa d h p l trs wi h i tan d o s l t n h a o e pa s o p r r n l pa go n o as ls p n ln h p e fi dy ly r u d f ae e fl o h ss u rdan w g n rt no o r a p re e e eai f o e p r nil nh s s x ei t e tu i m. e a a
  • 7. T ers l h e ut i t a so e s h t tr s aen w r o ma i sn xmiig t er hi c so r u tme itrcin nea t o ae s ra a drd cn t es a egv no e fr n e u ig h p c ie v r o b sc r d c ds ly ao gwi u ig a i p o u t ipa , ln t sn h vru l ipa s n itrcies o i a ds ly a d nea t t v hp wid ws oe t es o p r t n o t ni h p e s o c e p r n et eb a di amo e x e i c h rn n e r drc wa . i t y e A t eh a t f lt i tc n lg t h e r o alhs e h oo y h we e,is h c mfrigh ma o v rl t e o o t e n u n tu h whc rman alr ea dcu il o c , ih e is a g n r ca p r o t ee u t n B o igp o u t a t f h q ai . r wsn r d cs o ma b e se a dmo eliu eywh n y e a ir n r es rl e d n a h mevat eItr e a dP , oe to i h ne n t n C b t e pes e t ga i t t mo e u p o l e m o rvt e o r a e p r g ia c fo ara p ro x e t ud n e r m e l e s n wh nic me t ma igt efi a e t o s o kn h n l p rh s . h wr o n i l eyt u c a e S o o mig s i l o k o c r e t ee p r n ei ls t a cu wh n h x e i c s e s h n e s t fco y t ee vr n n i c l ai a tr ,h n i me ts od s o a du wec migo t er uet t e n n l o n rh o t o h c e k u i o sr ce b so k h c o ts b tu td y tc p o lms r siga du e g g d r be o misn n n n a e s ls tf T ec aln efr ealr i ae saf h h l g o rti s s . e e tr igs o o migi t ap st e u nn h wr o n n o o i v , i wh rb t ec so r o s nt t e ee y h u tme c me i o h so et tu h fe a de p r n et e tr o o c ,e l n x e i c h e p o u t n t e ut tl b y i r d c a d h n lmaey u s t i fo t erti r o we st. r m h eal s wn b i e e
  • 8. C n ls n oc i uo D s i tec aln e o o eaigi s c a e pt h h l g s f p rt e e n n uh v ltee vr n n,t e msta teeae oai n i me tis e l o h th r r s nfi a t p o tnt sa albefr i ic n o p ru ie v i l o g i a srtgc l o ine rti r a db a d wh tae ial r td eal s n rn s o y e e fc so d l eigc so r e d i o u n ei r v n u tme n e s n wh tv r o m te tk . h bgdf rnitr ae e fr h y a e T e i i ee t o f a i ac mbn t no itlg n tc n lg s o iai f nel e t e h oo y o i c oc s- .. o js d po igtc n lg fr hi e i n tu t e lyn e h oo y o e tc n lg 's k - o pe wi a e h oo ys a e c u ld t n h u d rtn igta a tee do ted yte n esa dn h t t h n f h a h r l o rtii t d l e ah p yc so r oe f eals o ei r a p u tme v e p r n en matr ihc a n lh y x ei c o t whc h n e te e e c o s t u eo o iiaefo h o e o s r r n t r m. g T emao faueta s e c a fo te h jr e tr h t e ms l r r m h e c re t tt o teid sr i tego n u rn sae f h n u ty s h rwig i o tn eo fc t fc mak t ga a mp ra c f a e o a e rei s n n a d dv lec so r evc a db a d d e au u tme s r i n rn e df rnitrItlg n u eo i-tr i ee t o.nel e t s f nso e f a i mak t ga de a g l m, o pe wi a rei n v n ei c u ld t n s h s a e se p r n ewh te o l eo ofln e mls x ei c e eh r ni r f ie n wi e s r ta rtia dtemao b a d ta l n ue h t eal n h l jr rn s h t p we i wi c niu t p o ietec so r o r t l o t e o rvd h u tme , l n wi i rv dc oc , e iit a de s o u e t mp o e h i fl xbly n a e f s h e i a tc n lg i rv sa ds se b c me s e h oo y mp o e n y tms e o mo ep wefl r o ru. T emao fau et a s e c a fo t ec re t tt o t eid sr h jr e tr h t e ms l r r m h u rn sae f h n u ty e i t ego n i o tn eo fc t fc ma k t ga a a d dv le s h r wig mp ra c f a e o a e r ei s n d e au n c so r e vc a db a ddf rn itr u tme s r i n rn i ee t o. e f a T ec re t b e s nwi mut c a n l r h u rn o s si o t h l-h n e o i o i h n e mak t gofr n mn- a n l rei f s o c n e rv lt n r bu p it o s ce si mo en e oui ay le r fr u c s n d r o n rti b t i l awa o d l e t gte eal u s , mpy y f ei ai h n n df rn meh d tr u hwhc rti r a d i ee t to s h o g f ih eal s n e b a d c ne g g wi ter rs e t e rn s a n a e t h i p o p ci h v c so r. h mo t a-e igb a d ara y u tmes T e s frs en rn s l d e u d rtn ta i afw y ast n esa d h tn e e r i teewi me h r l l b n s p rt nb t e ta io a rtia d e o e aai ewe n rdt n l eal n o i mut h n e,t lal iu d r h s mer o, lc a n liwi ls n e te a i l t of wi tes mevs n srtg a dg aso t h a h i o , tae y n o l f i s r igtec so r evn h u tme. I as lr en teat ca df rnit n n i a v i,h ri il i ee t i mi fi f ao b t e mo i , e ko a doh r o tst ewe n bl d s tp n te r ue o e p rh s wi sat obu, ste ara y uc a e l tr t lra h y l d l e h v . h u i igma tai tego n a e T e nf n y nr s h rwig rai t nta teItr e a dteb o e i e l ai h t h nen t n h rws r s s o tefn a na tu h on ta c so r ae h u d me tlo c p it h t u tmes r go n mo t o o tbewi ,re p cieo rwig s c mfra l t i s e t h r v f pafr o s se R ti r a db a d n e lt m r y tm. eal s n rn s e d o e t u d rtn ti a dd a itlg nl wi o n esa d hs n e lnel e t i y t h teo p ru i ti p o ie . h p o tnt hs rvd s y T eema wel es nfi a t fwe rti hr y lb i ic nl e r eal g y o t t i tec migy as b t h o e ta ul s n h o n e r, u te n s h t e rmanwi p o ietekn o s r i o ine e i l rvd h id f evc r td l e e c so r n i n n ta td yi lreyjs a u tme e vr me t h t o a s ag l u t o pp d e m.t ab a en w, x in wo l, n ie ra Is rv e e ct g r a d ' i d o ewh r tedgtl e o rdc so r n ee h ii l mp wee u tme ay s l ie ter o io a tekn o te oi fi s h i p s in s h ig f h d t mak t gte . rei re n T eema wel esg ic n l hr y lb infi a t y fwe rtio t t i t ec mig e r eal ul s n h o n e y a sb t h o e t a rman e r, u t e n s h t e i wi p o iet ekn o s r i l r vd h id f e vc l e o ine c so r n i n n r td u tme e vr me t e o t a td yi lr ey h t o a s ag l js app d e m. u t ie ra
  • 9. n x se s e t tp R ti r eal s e Fv wa s otr S o o migi t ap s iee p r n e ie y t un h wro n n o o iv x ei c t e 1 2 3 4 5 Ie tys eic rd cs ny u sco whc ma d ni p c po u t i o r etr i f fi h y b v lea l t c mp r o s o pn b a ay ig e un rbe o o ai n h p ig y n lzn s s o pn h bt o e ap r d h p ig a i v r ei . s o U ec so ro at s r i s n oh rn e t e t s u tme ly l evc a d te icni s o y e v a p a t s o p r a tep it f ae p e lo h p es th on o sl. F c s t at epi n ofr o y u mo t un rbe o u at ci r ig f s n o r s v lea l r v c e po u t, i aetpcl bgt k ttms rd cswhc r y i l i i e i h ay c e . U etc n lg t fi h tc n lg . ii lo p n a d s eh oo y o g teh oo y Dgt c u o s n a o ec c e pes h c o t r e a ls fh kn n l k x rs c ek u ae x mpe o te id i o tigwhc wo k . fhn i h rs Ma eu eo e a g lt n s eilt tf sls e ms k s f v n ei a d p c i saf ae ta s as t po iea d dv let s o p r a tep it f ae o rvd d e au o h p es th on o sl.
  • 10. n x se s e t tp Ba d rn s Fv tig B a d s o l b d igt tk a v na e ie hn s rn s h ud e on o a e d a tg o tec a gn fc o rti f h h n ig ae f eal 1 Ma eb s u eo ba de a g lt t e pana de tu e k et s f rn v n ei s o x li n nh s s 2 E c ua emoeitrcinwi y u ba da tep it n o rg r neat o t o r rn th on h 3 C mbn y u o l ea di-tr po t n t die o ie o r ni n nsoe rmoi s o r n o v 4 U etep we o mo i t d iec so r t y u s h o r f bl o r e v u tmes o o r 5 C puec so r eal a tep it f aea dva a tr u tme d ti th on o sl n i s c so r a drtisls tf a o th b n fis f u tmes n eal ae saf b u te e e t o y u ba d o r rn . o sl va n o aietc n lge s c a a g ne f ae i in v t eh oo is u h s u me td v rai ds ly a dd mo srt n . e ly i a s n e n t i s t p ao t f c n po ieasa es u tme jun yt r fi a d rvd a e mls c so ro re o y u ba d . o r rn s i-tr rtiba dlct n tru hteu eo dgtl nsoe eal rn o ai s ho g h s f ii o a c u o s n icnie. o p n a d ne t s v o l emi o i s n nc ebo sT i cnb u e fr ni n c se a d i r t h lg. hs a e sd o dgtl reigt dies o p r t rtipe ss ii mak t o r a n v h p es o eal rmi . e
  • 11. clt at n alo ci o C a n l d a tg h n e A v na e O r 0sc n pth. u 3 eo d i . c . 1 2 C a n l d a tg i tefi l mak t ga e c h n e A v na e s h ed rei g n y n o c oc fr h la igtc n lg a dc n u r f h i o te e dn e h oo y n o s me e ee to isb a d i temak t lcr nc rn s n h re. A e s n iliki t ema k t gmi: n se t l n h a n r ei n x o r r fsin l edma k t gdsil eifs s u p oe so a fi l r ei icpi n u e n n lea dv leit ap o u t oa dt a ls 2 %o i n au no r d c t d h ta t 0 f f p ro ma c i so e e fr n e n t r. Ab t r air o p o l: et c l e f e pe e b 3 wep o l,ri, q i, o c , p ri a dmoiaeata rfie tan e up c a h a p as n e t t v em o s e il t rn a a s d r t rp e e t e h oo y f p cai b a d mb sa o s o e rs n tc n lg s p o u t a din v t n l en -n es - ohi so e r d cs n n o ai s i oo e l b t n tr o k e a do s e n n i. t 4 F lt ul i rtia v c ts - me eal d o ae : weaed dc tdt wo kn wi a dc a inn rti r r e iae o r ig t n h mpo ig eal s h e s t a wec nd l e itlg n fi l ma k t g o ht a ei r nel e t ed r ei v i n p o rmme b r eo b ln e isg t o c e t. r ga s o n f aa c d n ih fr l ns i 5 T b s e , e r ,o c e ,r da dtse . o e e n h ad tu h d ti n e td. e . t isr c, d c t o d mo srt. fr i bly rc g io , o n tu te u ae r e n tae. o vs it,e o nt n . i i i p n taina dee ae s ls.olu c , o io o p o t. e ert o n lv td ae . t a n h p s in r r moe. . t . S tho t C a n l d a tg . ’ y u c a n l d a tg . wi c n o h n e A v na e We e o r h n e a v na e r
  • 12. ca n l hn e a v na e d a tg S th do fi l mak t g wi e n ed rei c n C na t o tc A d e B oh o d n rw o t r y B sn s D v lp n D rco u ie s e eo me t i tr e 0 6 85 9 3 12 036 0 8 10 4 7 71 528 a o try @c a n l d a tg . .k b oh o d h n e- v na ec u a o