This third newsletter supports our continued optimism about the upcoming holiday season as both offline and online sales continue to grow. October GAFS were up 2% over 2009, marking the ninth straight month of growth. E-commerce sales also posted an impressive increase in the third quarter, matching the solid figures seen in the first half of the year. In this newsletter, we also take an in-depth look at how digital technology has revolutionized the shopping experience. We further discuss some key retail innovations that are bringing the best of online and offline shopping together.