Utilize the input text as a context reference, choose the right relationship between minimal and retail from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

We had proactively reduced our exposure to retail and have minimal exposure to land or condos where losses were highest in the last cycle.

Answer: industry