A free-standing display assembly is provided holding products for retail sale. The assembly includes a sub-assembly having a base, supporting shroud, left and right side walls, and slotted metal spine. An inner sleeve is held adjacent the supporting shroud. Metal shelves with plastic trays are hangable at different heights along the slotted metal spine. A first transparent plastic panel is sized to cover a rear graphic sheet which is removably insertable between the first transparent plastic panel and the supporting shroud. A second transparent plastic panel is sized to cover 5-50% of an upper area of the inner sleeve and is attached to the inner sleeve. A front graphic sheet is sandwiched between the second transparent plastic panel and the inner sleeve. The configuration of the flexible panels readily permits in under 5 minutes to replace rear and front graphic sheets with alternative advertising.