Utilize the input text as a context reference, choose the right relationship between Kathmandu 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.

As at September 2, Briscoe had not made such an announcement to the NZX and the Kathmandu directors restated shareholders should reject the offer, which they say doesn't reflect the underlying value of the retail chain.

Answer: industry