** Investec analysts point to 5 key issues - weaker consumerdemand, sterling weakness, labour cost pressure, change in tradeterms, and the basis on which investment decisions are made
** But none of these issue are new to the UK retailindustry, which the analysts see as better placed than manyother sectors. Analysts point to strength of cash generation andmultiple self-help and growth stories
** Say the economic impact of a Brexit vote would likely bea negative for UK retail demand as it would take 2 yrs tonegotiate an exit, causing uncertainty and potential impact toGDP growth
** Say more restrictive immigration rules could result inhigher labour costs from lower availability of low skilledemployees
** Say cos with international earnings, high margins,flexible cost bases and most UK/local sourcing are probably bestplaced. Name Kingfisher, Dixons, JD Sports, ASOS and boohoo
** Cos with UK earnings and substantial internationalsourcing less well placed
** FTSE 350 General Retailers Index has fallen4.3 pct YTD (Reuters Messaging:noor.hussain.thomsonreuters.com@reuters.net)
