The downturn you are talking about happened back in 2012, peak of this cycle wont finish until about 7-10 years from then, seeing as retail hasn't even begun to boom I think we are 3 years from the peak and about 5-7 years until the next real low point.
When retail ramps up it will be 2-3 consecutive years of 5+% inflation adjusted retail sales growth.
This will trade below NTA next bear market but as mentioned above that's happened 5 years ago in a 7-10 year cycle.
Ann: Half Yearly Report and Accounts, page-59
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