So many retailers have benefited in recent years by religiously growing their private-label programs that it would seem like heresy to suggest that store operators are in danger of becoming too entrenched in this activity. But that's more or less what financial analyst Meredith Adler of Lehman Brothers said earlier this month in a speech at the Private Label Manufacturers Association's Store Brand Mania trade show in Rosemont, Ill. (See SN Nov. 19, Page 27) "The investment community does ...

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