Analysts contacted by SN agreed the slump among supermarket stocks isn't likely to improve dramatically in 2005, but they were split over the severity of the industry's struggles. Gary Giblen, director of research for C L King & Associates, New York, has a decidedly bearish outlook, likening the decline of conventional supermarkets to that of the U.S. steel industry. "The problem with supermarket stocks is that they've become a value trap: They look cheap, as if things can only get ...

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