Table: Wal Mart Changes Retailing's Economics

COMPANY                 SELLING, GENERAL, AND
      (LATEST 12 MONTHS)      ADMINISTRATIVE COSTS
                              AS A PERCENTAGE OF SALES
      
      WAL-MART                        15.8%
      CIRCUIT CITY                    19.0
      KMART                           22.2
      CALDOR                          24.4
      BRADLEES                        29.4
      FEDERATED DEPT. STORES          33.3
      
      DATA: BLOOMBERG FINANCIAL MARKETS, BUSINESS WEEK
      
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