Ann: Chairman's Address to Shareholders-NCK.AX, page-9

Retail, it's a tough gig, and what with the internet and the threat of the Amazon's of this world, not looking like getting any easier.

It's ironic, I think, that in the one space that was in the firing line of the internet threat right from day one, travel, we have perhaps our strongest retailer, FLT.

Does any other retailer have the market stranglehold that FLT has? Add to that mouth watering economics. No need for inventories and thus small shop footprints and low rental costs. No inventory right downs or impairments. Customers paying before suppliers are having to be. Suppliers with constant excess capacity. But how long can the gravy train last?