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Electrical Goods Retailing - Europe - May 2012

In euro-denominated terms, consumer spending on electrical goods across the countries covered by this report (excluding Switzerland) fell by an estimated 0.3% in aggregate in 2011.

Across many countries, the decline is believed to have been weighted towards the last nine months of 2011 as the implications of the Eurozone crisis dented consumer confidence.

Mintel forecasts that spending on electrical goods will increase by 0.8% in aggregate in 2012 – but this is against relatively weak comparatives and growth is expected to pick up only gradually across the year.

This report covers the 19 leading economies of Europe. In total these countries account for around 95% of all European retail sales, excluding Russia. The remaining ten countries are either too small (eg Luxembourg) or are not sufficiently well developed to warrant detailed coverage (eg Romania and Bulgaria). Many of the developing countries plus Russia and Turkey are covered in Mintel’s annual European Retail Handbook, as well as the Mintel report, Retailing in Emerging Markets – Europe, June 2011.

This data in its entirety is contained in the single copy 19-country report, which gives a full overview of electrical goods retailing in Europe. Single country reports are also available for the UK, France, Germany, Spain and Italy.

The focus of the full European report is the electrical goods specialists, which are generally the dominant players in the market. We have produced major profiles of 13 top electrical retail businesses in Europe including the four major buying groups.

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Table of contents

  1. Executive Summary

    • Consumer spending on electrical goods
      • Figure 1: Europe: Households’ consumer spending on electrical goods: 18 European countries in aggregate, 2007-12f
    • Consumer spending per capita
      • Figure 2: Europe: Annual consumer spending on electricals per capita, 2010 and 2011e
    • Electrical goods specialists’ sales
      • Figure 3: Europe: Forecast annual % change in electrical goods specialists’ retail sales, 2012
      • Figure 4: Europe: Forecast electrical goods specialists’ sector sales, by country, 2012
    • Leading retailers’ market shares
      • Figure 5: Europe: Leading electrical specialists’ shares of sector sales, 2010 and 2011
  2. European Summary and Outlook

    • Consumer spending on electricals
      • Small recovery forecast for 2012
          • Figure 6: Europe: Estimated households’ consumption expenditure on electrical goods, by country, 2007-12f
        • Spending growth, 2011 and 2012
            • Figure 7: Europe: Annual percentage change in consumer spending on electricals, in local currency, 2011 and 2012
          • Spending per capita
            • Figure 8: Europe: Annual consumer spending on electricals per capita, 2010 and 2011
          • Who’s Innovating
            • Figure 9: Verkkokauppa.com’s Helsinki store
            • Figure 10: Microspot.ch store, Bern
            • Figure 11: Google Chrome Zone at Currys-PC World, Tottenham Court Road, London, April 2012
          • Online
            • Levels of online shopping across Europe
              • Figure 12: Europe: Percentage of all individuals purchasing online in the past 12 months, leading countries ranked by purchases of electronic equipment, 2011
              • Figure 13: Europe: Percentage of all individuals purchasing online in the past 12 months, trailing countries ranked by purchases of electronic equipment, 2011
            • Leading online retailers
              • Figure 14: Europe: Leading retailers’ online revenues from electrical goods, 2011
            • Multichannel developments
              • Figure 15: Europe: Recent transactional-website launches, 2010-12
            • The electricals specialists sector
              • 2010-12 performance
                • Figure 16: Europe: Electrical goods specialists’ sector sales, by country, 2010-12f
              • Forecasting 2012
                • Figure 17: Europe: Forecast annual % change in electrical goods specialists’ retail sales, 2012
                • Figure 18: Europe: Forecast electrical goods specialists’ sector sales, by country, 2012
              • Looking ahead to 2017
                • Figure 19: Europe: Electrical goods specialists’ sector sales forecasts, by country, 2011 and 2017f
              • The leading retailers
                • The top 20
                    • Figure 20: Europe: Top 20 electrical goods specialists, 2010 and 2011
                  • European market shares
                    • Figure 21: Europe: Leading electrical goods specialists’ share of total European sector sales, 2010 and 2011
                  • European outlook
                    • Prospects
                      • Exposure to weak markets
                        • Figure 22: Europe: Leading electrical goods retailers’ stores in Southern European countries, 2011
                      • Confidence is key
                        • Figure 23: Europe: Consumer confidence levels, April 2011 and April 2012
                        • Figure 24: Europe: Consumer confidence levels, Feb-Apr 2012
                      • VAT rises ahead
                        • Figure 25: Europe: Planned or anticipated VAT increases, 2012-13
                      • Inflation squeezing consumers
                        • Figure 26: Europe: Annual % change in harmonised indices of consumer prices, Feb and Mar 2012 (values shown)
                    • Report Scope and Technical Notes

                      • Coverage
                        • New for 2012
                          • Definitions
                            • Retail sector sales
                              • Consumer spending
                                • Abbreviations
                                  • Technical notes
                                    • Financial definitions
                                      • Currencies
                                        • Country codes
                                          • Figure 27: Country codes
                                        • VAT
                                            • Figure 28: Europe: Standard VAT rates, 2010-12
                                        • Austria

                                            • The market: Consumer spending on electricals
                                              • Figure 29: Austria: Consumer expenditure on electricals, 2007-12
                                            • Spending on electricals per capita
                                              • Figure 30: Austria: Annual spend on electrical products per capita, 2007-11
                                            • The market: Electricals specialists’ sector
                                              • Figure 31: Austria: Electrical retail sales, 2008-11
                                              • Figure 32: Austria: Electrical retail sales forecasts, 2012-17
                                            • The retailers: Channels of distribution
                                              • The retailers: Leading specialists and market shares
                                                • Figure 33: Austria: Leading electrical specialists, 2011
                                            • Belgium

                                                • The market: Consumer spending on electricals
                                                  • Figure 34: Belgium: Consumer expenditure on electricals and related categories, 2007-12
                                                • The market: Spending on electricals per capita
                                                  • Figure 35: Belgium: Annual spend on electrical products per capita, 2007-11e
                                                • The market: Electricals specialists’ sector
                                                  • Figure 36: Belgium: Retail sales, 2007-11 (e)
                                                  • Figure 37: Belgium: Retail sales forecasts, 2012-17
                                                • The retailers: Channels of distribution
                                                  • The retailers: Leading specialists and market shares
                                                      • Figure 38: Belgium: Leading electricals retailers, 2011
                                                  • Czech Republic

                                                      • The market: Consumer spending on electricals
                                                        • Figure 39: Czech Republic: Households’ consumption expenditure on electricals categories, 2007-12f
                                                      • The Market: Spending on electricals per capita
                                                        • Figure 40: Czech Republic: Annual spend on electrical products per capita, 2007-11e
                                                      • The market: Electricals specialists’ sector
                                                        • Figure 41: Czech Republic: Household goods retailers’ sales, 2007-11 (e)
                                                        • Figure 42: Czech Republic: Household goods retailers’ sales forecasts, 2012-17
                                                      • The retailers: Channels of distribution
                                                        • The retailers: Leading specialists and market shares
                                                            • Figure 43: Czech Republic: Leading electricals retailers, 2010/11
                                                        • Denmark

                                                            • The market: Consumer spending on electricals
                                                              • Figure 44: Denmark: Households’ consumption expenditure on electricals categories, 2007-12f
                                                            • The market: Spending on electricals per capita
                                                              • Figure 45: Denmark: Annual spend on electrical products per capita, 2007-11
                                                            • The market: Electricals specialists’ sector
                                                              • Figure 46: Denmark: Electrical retailers’ sales, 2006-09
                                                              • Figure 47: Denmark: Electrical retailers; sales, 2007-11
                                                              • Figure 48: Denmark: Electrical retailers’ sales, 2012-17
                                                            • The retailers: Channels of distribution
                                                              • The retailers: Leading specialists and market shares
                                                                  • Figure 49: Denmark: Leading electricals retailers, 2010/11
                                                              • Finland

                                                                  • The market: Consumer spending on electricals
                                                                    • Figure 50: Finland: Households’ consumption expenditure on electricals categories, 2007-12
                                                                  • The market: Spending on electricals per capita
                                                                    • Figure 51: Finland: Annual spend on electrical products per capita, 2007-11
                                                                  • The market: Electricals specialists’ sector
                                                                    • Figure 52: Finland: Electrical retailers’ sales, 2007-10
                                                                    • Figure 53: Finland: Electrical retailers’ sales, 2007-11
                                                                    • Figure 54: Finland: Electrical retailers’ sales, 2012-17(f)
                                                                  • The retailers: Channels of distribution
                                                                    • The retailers: Leading specialists and market shares
                                                                        • Figure 55: Finland: Leading electricals retailers, 2010/11
                                                                    • France

                                                                      • Executive Summary
                                                                        • The market: Economic and demographic background
                                                                          • The economy
                                                                              • Figure 56: France: Real-terms, year-on-year GDP growth, Q1 2009-Q1 2012
                                                                              • Figure 57: France: Total unemployment and youth unemployment rates, Q1 2009-Q1 2012
                                                                              • Figure 58: France: Consumer confidence and retail trade confidence, May 2011-Apr 2012
                                                                              • Figure 59: France: Harmonised indices of consumer prices, annual % change, Jan 2006-Jan 2012
                                                                            • Demographics
                                                                              • Figure 60: France: Over-65s as percentage of total population, forecasts, 2010-30
                                                                              • Figure 61: France: Total population, 2006-11
                                                                            • The market: Consumer spending on electricals categories
                                                                              • Definitions
                                                                                • Relative to all spending
                                                                                  • Figure 62: France: Spending on core electrical goods categories as % of all consumer spending, current prices, 2007-11e
                                                                                  • Figure 63: France: Spending on core electrical goods categories as % of all consumer spending, volumes, 2007-10
                                                                                • Spending on electricals
                                                                                  • Figure 64: France: Consumer spending on electricals and related goods, by major category, 2007-12f
                                                                                • Spending on electricals per capita
                                                                                  • Figure 65: France: Annual spend on electrical products per capita, 2007-11e
                                                                                • Real-terms growth rates
                                                                                  • Figure 66: France: Annual % change in consumer spending, real terms, 2006-10
                                                                                • The market: Electricals specialists’ sector
                                                                                  • Figure 67: France: Electrical retail sales, 2007-11
                                                                                  • Figure 68: France: Electrical retail sales forecasts, 2012-17
                                                                                  • Figure 69: France: Breakdown of electricals specialists, by sub-sector, by revenues, 2011
                                                                                • Specialists’ sales relative to spending
                                                                                  • Figure 70: Electricals specialists’ sales as % of consumer spending on electricals, 2007-11e
                                                                                • Enterprise numbers
                                                                                  • Figure 71: France: Number of enterprises, 2009
                                                                                • The retailers: Channels of distribution
                                                                                  • Figure 72: France: Estimated distribution of consumer spending on electrical goods, 2011
                                                                                • The retailers: Online
                                                                                  • Percentage of individuals shopping online
                                                                                    • Figure 73: Any online purchase in the last three months, 2007-11
                                                                                    • Figure 74: Online purchase in the last 12 months, 2007-11
                                                                                  • Leading online retailers
                                                                                    • Leading websites by visitors
                                                                                      • Figure 75: France: Leading electricals retail websites, by total unique visitors, March 2012
                                                                                    • The retailers: Leading specialists and market shares
                                                                                      • Darty struggles for top spot
                                                                                        • Darty: the canary in the mine?
                                                                                          • Fnac looking for solutions
                                                                                            • Segmentation delivering growth for HTM
                                                                                              • Buying groups
                                                                                                  • Figure 76: France: Leading electrical goods specialists, 2011
                                                                                                • Market shares
                                                                                                  • Figure 77: France: Leading electrical specialists’ market shares, 2011
                                                                                              • Germany

                                                                                                • Executive summary
                                                                                                  • The market: Economic and demographic background
                                                                                                    • The economy
                                                                                                      • Figure 78: Germany: Real-terms, year-on-year GDP growth, Q1 2009-Q1 2012
                                                                                                      • Figure 79: Germany: Total unemployment and youth unemployment rates, Q1 2009-Q4 2011
                                                                                                      • Figure 80: Germany: Consumer confidence and retail trade confidence, Apr 2011-Mar 2012
                                                                                                      • Figure 81: Harmonised indices of consumer prices, annual % change, Jan 2006-Jan 2012
                                                                                                    • Demographics
                                                                                                      • Figure 82: Germany: Total population, 2006-11e
                                                                                                      • Figure 83: Germany: Over-65s as percentage of total population, forecasts, 2010-30
                                                                                                    • The market: Consumer spending on electricals categories
                                                                                                      • Definitions
                                                                                                        • Relative to all spending
                                                                                                          • Figure 84: Germany: Spending on core electrical goods categories as % of all consumer spending, current prices, 2007-11e
                                                                                                          • Figure 85: Germany: Spending on core electrical goods categories as % of all consumer spending, volumes, 2007-10
                                                                                                        • Spending on electricals
                                                                                                          • Figure 86: Germany: Consumer spending on electricals and related goods, by major category, 2007-12
                                                                                                        • Spending on electricals per capita
                                                                                                          • Figure 87: Germany: Annual spend on electrical products per capita, 2007-11
                                                                                                        • Real-terms growth rates
                                                                                                          • Figure 88: Annual % change in consumer spending, real terms, 2006-10
                                                                                                        • The market: Electricals specialists’ sector
                                                                                                          • Economic outlook
                                                                                                            • Specialists’ sales and forecast
                                                                                                              • Figure 89: Germany: Electrical retail sales, 2007-11
                                                                                                              • Figure 90: Germany: Electrical retail sales forecasts, 2012-17
                                                                                                              • Figure 91: Breakdown of electricals specialists, by sub-sector, by revenues, 2009
                                                                                                            • Specialists’ sales relative to spending
                                                                                                              • Figure 92: Electricals specialists’ sales as % of consumer spending on electricals, 2007-11e
                                                                                                            • Enterprise and outlet numbers
                                                                                                              • Figure 93: Germany: Number of enterprises, outlets, and employees, 2009
                                                                                                            • The retailers: Channels of distribution
                                                                                                              • Figure 94: Germany: Estimated distribution of consumer spending on electrical goods, 2011
                                                                                                            • The retailers: Online
                                                                                                              • Percentage of individuals shopping online
                                                                                                                • Figure 95: Any online purchase in the last three months, 2007-11
                                                                                                                • Figure 96: Online purchase in the last 12 months, 2007-11
                                                                                                              • Leading online retailers
                                                                                                                • Others
                                                                                                                  • Leading websites by visitors
                                                                                                                    • Figure 97: Leading electricals retail websites, by total unique visitors, March 2012
                                                                                                                    • Figure 98: Leading electricals specialists websites, by total unique visitors, March 2012
                                                                                                                  • The retailers: Leading specialists and market shares
                                                                                                                    • Sector structure
                                                                                                                      • Media Saturn
                                                                                                                        • ProMarkt
                                                                                                                          • Conrad
                                                                                                                            • Voluntary groups
                                                                                                                              • Alpha-Tecc
                                                                                                                                • Figure 99: Germany: Leading electrical specialists, 2011
                                                                                                                              • Market shares
                                                                                                                                • Figure 100: Germany: Leading electrical specialists’ share of sector sales, 2011
                                                                                                                            • Greece

                                                                                                                                • The market: Consumer spending on electricals
                                                                                                                                  • Figure 101: Greece: Households’ consumption expenditure on electricals categories, 2007-12
                                                                                                                                • The market: Spending on electricals per capita
                                                                                                                                  • Figure 102: Greece: Annual spend on electrical products per capita, 2007-11e
                                                                                                                                • The market: Electricals specialists’ sector
                                                                                                                                  • Figure 103: Greece: Retail sales, 2007-11
                                                                                                                                  • Figure 104: Greece: Retail sales forecasts, 2012-17
                                                                                                                                • The retailers: Channels of distribution
                                                                                                                                  • The retailers: Leading specialists and market shares
                                                                                                                                      • Figure 105: Greece: Leading electricals retailers, 2011
                                                                                                                                  • Hungary

                                                                                                                                      • The market: Consumer spending on electricals
                                                                                                                                        • Figure 106: Hungary: Consumer spending, 2007-12
                                                                                                                                      • The market: Spending on electricals per capita
                                                                                                                                        • Figure 107: Hungary: Annual spend on electrical products per capita, 2007-11
                                                                                                                                      • The market: Electricals specialists’ sector
                                                                                                                                        • Figure 108: Hungary: Retail sales, 2007-11
                                                                                                                                        • Figure 109: Hungary: Retail sales forecasts, 2012-17
                                                                                                                                      • The retailers: Channels of distribution
                                                                                                                                        • The retailers: Leading specialists and market shares
                                                                                                                                          • Figure 110: Hungary: Leading electricals specialists, 2011
                                                                                                                                      • Republic of Ireland

                                                                                                                                          • The market: Consumer spending on electricals
                                                                                                                                            • Figure 111: Ireland: Consumer spending, 2007-12
                                                                                                                                          • The market: Spending on electricals per capita
                                                                                                                                            • Figure 112: Ireland: Annual spend on electrical products per capita, 2007-11
                                                                                                                                          • The market: Electricals specialists’ sector
                                                                                                                                            • Figure 113: Ireland: Retail sales, 2007-11
                                                                                                                                            • Figure 114: Ireland: Retail sales forecasts, 2012-17
                                                                                                                                          • The retailers: Channels of distribution
                                                                                                                                            • The retailers: Leading specialists and market shares
                                                                                                                                              • Figure 115: Republic of Ireland: Leading electricals retailers, 2011
                                                                                                                                          • Italy

                                                                                                                                            • Executive summary
                                                                                                                                              • The Market: Economic and demographic background
                                                                                                                                                • Long-standing economic problems
                                                                                                                                                  • The economy
                                                                                                                                                    • Figure 116: Italy: Real-terms, year-on-year GDP growth, Q1 2006-Q1 2012
                                                                                                                                                    • Figure 117: Italy: Consumer confidence and retail trade confidence, Jan 2011-Mar 2012
                                                                                                                                                  • Austerity
                                                                                                                                                    • Consumer price inflation
                                                                                                                                                      • Figure 118: Harmonised indices of consumer prices, annual % change, Jan 2006-Jan 2012
                                                                                                                                                    • Unemployment
                                                                                                                                                      • Figure 119: Italy: Total unemployment and youth unemployment rates, Q1 2009-Q4 2011
                                                                                                                                                    • Demographics
                                                                                                                                                      • Implications for electricals retailers
                                                                                                                                                        • Economy
                                                                                                                                                          • Demographics
                                                                                                                                                            • The Market: Consumer spending on electricals categories
                                                                                                                                                              • Definitions
                                                                                                                                                                • Relative to all spending
                                                                                                                                                                  • Figure 120: Italy: Spending on core electrical goods categories as % of all consumer spending, current prices, 2007-11e
                                                                                                                                                                  • Figure 121: Italy: Consumer spending on electrical and related goods, 2007-12
                                                                                                                                                                • Spending on electricals per capita
                                                                                                                                                                  • Figure 122: Italy: Annual spend on electrical products per capita, 2007-11e
                                                                                                                                                                • The Market: Electrical specialists’ sector
                                                                                                                                                                  • Economic and consumer outlook
                                                                                                                                                                    • Retail sales and forecasts
                                                                                                                                                                      • Figure 123: Italy: Household goods retail sales, 2007-11 (e)
                                                                                                                                                                      • Figure 124: Italy: Household goods retail sales forecasts, 2012-17
                                                                                                                                                                    • Enterprises
                                                                                                                                                                      • Figure 125: Italy: Enterprise numbers for electricals and related retailers, 2009
                                                                                                                                                                    • The retailers: Channels of distribution
                                                                                                                                                                      • The retailers: Online
                                                                                                                                                                        • Percentage of individuals shopping online
                                                                                                                                                                          • Figure 126: Any online purchase in the last three months, 2007-11
                                                                                                                                                                          • Figure 127: Online purchase in the last 12 months, 2007-11
                                                                                                                                                                        • Leading online retailers
                                                                                                                                                                          • Online competition growing
                                                                                                                                                                            • Leading websites by visitors
                                                                                                                                                                              • Figure 128: Leading electricals retail websites, by total unique visitors, March 2012
                                                                                                                                                                            • The Retailers: Leading specialists and market shares
                                                                                                                                                                              • UniEuro turnaround strategy bearing fruit
                                                                                                                                                                                • Kesa puts the brakes on expansion
                                                                                                                                                                                  • Voluntary and buying groups
                                                                                                                                                                                    • Figure 129: Italy: Leading electrical specialists, 2011
                                                                                                                                                                                  • Market shares
                                                                                                                                                                                    • Figure 130: Italy: Leading electricals specialists’ market shares, 2011
                                                                                                                                                                                • Netherlands

                                                                                                                                                                                    • The market: Consumer spending on electricals
                                                                                                                                                                                      • Figure 131: Netherlands: Consumer spending, 2007-12
                                                                                                                                                                                    • The market: Spending on electricals per capita
                                                                                                                                                                                      • Figure 132: Netherlands: Annual spend on electrical products per capita, 2007-11
                                                                                                                                                                                    • The market: Electricals specialists’ sector
                                                                                                                                                                                      • Figure 133: Netherlands: Retail sales, 2007-11
                                                                                                                                                                                      • Figure 134: Netherlands: Retail sales forecasts, 2012-17
                                                                                                                                                                                    • The retailers: Channels of distribution
                                                                                                                                                                                      • The retailers: Leading specialists and market shares
                                                                                                                                                                                          • Figure 135: The Netherlands: Leading electricals retailers, 2011
                                                                                                                                                                                      • Norway

                                                                                                                                                                                          • The market: Consumer spending on electricals
                                                                                                                                                                                            • Figure 136: Norway: Households’ consumption expenditure on electricals categories, 2007-12
                                                                                                                                                                                          • The Market: Spending on electricals per capita
                                                                                                                                                                                            • Figure 137: Norway: Annual spend on electrical products per capita, 2007-11
                                                                                                                                                                                          • The market: Electricals specialists’ sector
                                                                                                                                                                                            • Figure 138: Norway: Electrical retailers’ sales, 2008-10
                                                                                                                                                                                            • Figure 139: Norway: Electrical retailers’ sales, 2007-11
                                                                                                                                                                                            • Figure 140: Norway: Electrical retailers’, 2012-17(f)
                                                                                                                                                                                          • The retailers: Channels of distribution
                                                                                                                                                                                            • The retailers: Leading specialists and market shares
                                                                                                                                                                                                • Figure 141: Norway: Leading electricals retailers, 2011
                                                                                                                                                                                            • Poland

                                                                                                                                                                                                • The market: Consumer spending on electricals
                                                                                                                                                                                                  • Figure 142: Poland: Households’ consumption expenditure, 2007-12f
                                                                                                                                                                                                • The market: Spending on electricals per capita
                                                                                                                                                                                                  • Figure 143: Poland: Annual spend on electrical products per capita, 2007-11
                                                                                                                                                                                                • The market: Electricals specialists’ sector
                                                                                                                                                                                                  • Figure 144: Poland: Estimated electricals specialists’ retail sales
                                                                                                                                                                                                  • Figure 145: Poland: Retail sales, 2007-11
                                                                                                                                                                                                  • Figure 146: Poland: Retail sales forecasts, 2012-17
                                                                                                                                                                                                • The retailers: Channels of distribution
                                                                                                                                                                                                  • The retailers: Leading specialists and market shares
                                                                                                                                                                                                      • Figure 147: Poland: Leading electricals retailers, 2011
                                                                                                                                                                                                  • Portugal

                                                                                                                                                                                                      • The market: Consumer spending on electricals
                                                                                                                                                                                                        • Figure 148: Portugal: Consumer spending, 2007-12f
                                                                                                                                                                                                      • The market: Spending on electricals per capita
                                                                                                                                                                                                        • Figure 149: Portugal: Annual spend on electrical products per capita, 2007-11e
                                                                                                                                                                                                      • The market: Electrical specialists’ sector
                                                                                                                                                                                                        • Figure 150: Portugal: Retail sales, 2007-11
                                                                                                                                                                                                        • Figure 151: Portugal: Retail sales forecasts, 2012-17
                                                                                                                                                                                                      • The retailers: Channels of distribution
                                                                                                                                                                                                        • The retailers: Leading specialists and market shares
                                                                                                                                                                                                            • Figure 152: Portugal: Leading electrical specialists, 2011
                                                                                                                                                                                                        • Spain

                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                            • The market: Economic and demographic background
                                                                                                                                                                                                              • The economy
                                                                                                                                                                                                                • Figure 153: Spain: Real-terms, year-on-year GDP growth, Q2 2009-Q4 2011
                                                                                                                                                                                                                • Figure 154: Spain: Total unemployment and youth unemployment rates, Q1 2009-Q4 2011
                                                                                                                                                                                                                • Figure 155: Spain: Consumer confidence and retail trade confidence, Apr 2011-Mar 2012
                                                                                                                                                                                                                • Figure 156: Harmonised indices of consumer prices, annual % change, Jan 2006-Jan 2012
                                                                                                                                                                                                              • Demographics
                                                                                                                                                                                                                • Figure 157: Spain: Total population, 2000-11
                                                                                                                                                                                                                • Figure 158: Spain: Over-65s as percentage of those aged 15-64, 2010-30
                                                                                                                                                                                                              • The market: Consumer spending on electricals categories
                                                                                                                                                                                                                • Definitions
                                                                                                                                                                                                                  • Spending on electricals
                                                                                                                                                                                                                    • Figure 159: Spain: Consumer spending on electricals and related goods, by major category, 2007-12f
                                                                                                                                                                                                                  • Relative to all spending
                                                                                                                                                                                                                    • Figure 160: Spain: Spending on core electrical goods categories as % of all consumer spending, current prices, 2007-12
                                                                                                                                                                                                                    • Figure 161: Spain: Spending on core electrical goods categories as % of all consumer spending, constant 2005 prices, 2007-10
                                                                                                                                                                                                                  • Spending per capita on electrical goods
                                                                                                                                                                                                                    • Figure 162: Spain: Annual spend per capita on electrical products, 2007-11e
                                                                                                                                                                                                                  • The market: Electricals specialists’ sector
                                                                                                                                                                                                                    • Economic outlook
                                                                                                                                                                                                                      • Technical note on sector sales
                                                                                                                                                                                                                        • Specialists’ sales and forecast
                                                                                                                                                                                                                          • Figure 163: Spain: Electricals specialists’ sales, 2007-11
                                                                                                                                                                                                                          • Figure 164: Spain: Electricals specialists’ sales forecasts, 2012-17
                                                                                                                                                                                                                        • Specialists’ sales relative to electricals spending
                                                                                                                                                                                                                          • Figure 165: Electricals specialists’ sales as % of consumer spending on electrical goods, 2007-11
                                                                                                                                                                                                                        • Enterprise and outlet numbers
                                                                                                                                                                                                                          • Outlets
                                                                                                                                                                                                                            • Figure 166: Spain: Outlet numbers, 2002 and 2007
                                                                                                                                                                                                                          • Enterprises
                                                                                                                                                                                                                            • Figure 167: Spain: Enterprise numbers, 2008 and 2009
                                                                                                                                                                                                                            • Figure 168: Spain: Enterprise numbers, 2004-07
                                                                                                                                                                                                                          • The retailers: Channels of distribution
                                                                                                                                                                                                                            • Figure 169: Spain: Estimated distribution of consumer spending on electrical goods, 2011
                                                                                                                                                                                                                          • The retailers: Online
                                                                                                                                                                                                                            • Percentage of individuals shopping online
                                                                                                                                                                                                                              • Figure 170: Any online purchase in the last three months, 2007-11
                                                                                                                                                                                                                              • Figure 171: Online purchase in the last 12 months, 2007-11
                                                                                                                                                                                                                            • Leading websites by visitors
                                                                                                                                                                                                                              • Figure 172: Leading electricals retail websites, by total unique visitors, March 2012
                                                                                                                                                                                                                            • The retailers: Leading specialists and market shares
                                                                                                                                                                                                                              • Media Markt has ambitious plans
                                                                                                                                                                                                                                • Fragmented sector
                                                                                                                                                                                                                                  • Troubled times
                                                                                                                                                                                                                                    • Opportunities for others
                                                                                                                                                                                                                                      • Figure 173: Spain: Leading electrical specialists, 2011
                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                      • Figure 174: Spain: Leading electrical specialists’ share of sector sales, 2011
                                                                                                                                                                                                                                  • Sweden

                                                                                                                                                                                                                                      • The market: Consumer spending on electricals
                                                                                                                                                                                                                                        • Figure 175: Sweden: Households’ consumption expenditure on electricals categories, 2007-12
                                                                                                                                                                                                                                      • The Market: Spending on electricals per capita
                                                                                                                                                                                                                                        • Figure 176: Sweden: Annual spend on electrical products per capita, 2007-11
                                                                                                                                                                                                                                      • The market: Electricals specialists’ sector
                                                                                                                                                                                                                                        • Figure 177: Sweden: Electrical retailers’ sales, 2007-09
                                                                                                                                                                                                                                        • Figure 178: Sweden: Electricals retailers’ sales, 2007-11
                                                                                                                                                                                                                                        • Figure 179: Sweden: Electricals retailers’ sales forecasts, 2012-17
                                                                                                                                                                                                                                      • The retailers: Channels of distribution
                                                                                                                                                                                                                                        • The Retailers: Leading specialists and market shares
                                                                                                                                                                                                                                            • Figure 180: Sweden: Leading electricals retailers, 2010/11
                                                                                                                                                                                                                                        • Switzerland

                                                                                                                                                                                                                                            • The market: Consumer spending on electricals
                                                                                                                                                                                                                                              • Figure 181: Switzerland: Consumer expenditure, 2007-12f
                                                                                                                                                                                                                                            • The market: Electrical specialists’ sector
                                                                                                                                                                                                                                              • Figure 182: Switzerland: Electrical retail sales, 2007-11
                                                                                                                                                                                                                                              • Figure 183: Switzerland: Electrical retail sales forecasts, 2012-17
                                                                                                                                                                                                                                            • The retailers: Leading specialists and market shares
                                                                                                                                                                                                                                                • Figure 184: Switzerland: Leading electrical goods specialists, 2011
                                                                                                                                                                                                                                            • UK

                                                                                                                                                                                                                                              • Introduction
                                                                                                                                                                                                                                                • Definitions
                                                                                                                                                                                                                                                  • Financial definitions
                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                          • The forecast
                                                                                                                                                                                                                                                              • Figure 185: Electrical goods specialists sector sales and forecast, 2006-16
                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                              • Companies, brands and innovation
                                                                                                                                                                                                                                                                  • Figure 186: Leading retailers estimated share of electrical goods spending*, 2010 and 2011
                                                                                                                                                                                                                                                                • Space allocation
                                                                                                                                                                                                                                                                  • Figure 187: Electricals retailers, summary space allocation, April 2012
                                                                                                                                                                                                                                                                  • Figure 188: Estimated sales breakdown, 2011/12
                                                                                                                                                                                                                                                                • Brand positioning
                                                                                                                                                                                                                                                                  • Figure 189: Attitudes towards and usage of brands in the electrical retail sector, March 2012
                                                                                                                                                                                                                                                                  • Figure 190: Consumer perceptions of current electrical goods retail brand performance, March 2012
                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                  • Figure 191: proportion of consumers who have bought electricals from leading retailers, 2012
                                                                                                                                                                                                                                                                  • Figure 192: Main stores used for buying brown goods, April 2012
                                                                                                                                                                                                                                                                • Consumers are more cautious
                                                                                                                                                                                                                                                                  • Figure 193: Consumer Attitudes to buying electrical products, 2011 and 2012
                                                                                                                                                                                                                                                                • Buying electricals online
                                                                                                                                                                                                                                                                  • Figure 194: Consumer attitudes to buying and researching electrical goods, March 2012
                                                                                                                                                                                                                                                                  • Figure 195: Profile of attitudes to shopping online, March 2012
                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                  • Issues in the market
                                                                                                                                                                                                                                                                    • What is the future for electricals stores? Will the Internet make a store based model redundant?
                                                                                                                                                                                                                                                                      • What is the role of service in electricals retailers?
                                                                                                                                                                                                                                                                        • Can an Internet retailer really lead on price?
                                                                                                                                                                                                                                                                          • Will online grow further?
                                                                                                                                                                                                                                                                            • Is it still possible to make a distinction between online and in-store sales?
                                                                                                                                                                                                                                                                              • So are we heading for major changes in the market?
                                                                                                                                                                                                                                                                                • Future opportunities
                                                                                                                                                                                                                                                                                  • Trend: Experience is all
                                                                                                                                                                                                                                                                                    • Trend: Why buy
                                                                                                                                                                                                                                                                                      • Economic and demographic context
                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                          • Ageing population
                                                                                                                                                                                                                                                                                            • Figure 196: UK: Over-65s as a percentage of the total UK population, 1991-2020
                                                                                                                                                                                                                                                                                          • The economy
                                                                                                                                                                                                                                                                                            • Figure 197: UK: Real-terms, year-on-year GDP growth, Q1 2009-Q1 2012
                                                                                                                                                                                                                                                                                          • Confidence
                                                                                                                                                                                                                                                                                            • Figure 198: UK: Consumer confidence and retail trade confidence, Jan 2011-Mar 2012
                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                            • Figure 199: Consumer prices index household appliances, Jan 2011-Jan 2012
                                                                                                                                                                                                                                                                                            • Figure 200: Consumer prices index audio-visual, telecoms, recording media, Jan 2011-Jan 2012
                                                                                                                                                                                                                                                                                            • Figure 201: Consumer prices index photographic and IT goods, Repairs, Jan 2011-Feb 2012
                                                                                                                                                                                                                                                                                          • Consumer spending on electrical products
                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                              • Electricals spending continues to be hit by deep deflation
                                                                                                                                                                                                                                                                                                • Figure 202: UK: Consumer spending on electrical goods, by major category, 2007-11
                                                                                                                                                                                                                                                                                              • A very different picture in constant prices
                                                                                                                                                                                                                                                                                                • Figure 203: UK: Consumer spending on electrical goods, by major category, 2007-11
                                                                                                                                                                                                                                                                                              • Electrical goods as a share of all spending
                                                                                                                                                                                                                                                                                                • Figure 204: UK: Consumer spending on electrical goods as % of all consumer spending, 2007-11
                                                                                                                                                                                                                                                                                              • Category performance and prospects
                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                    • Sector size
                                                                                                                                                                                                                                                                                                      • Figure 205: Electrical goods specialists sales, 2006-11
                                                                                                                                                                                                                                                                                                      • Figure 206: Electrical goods specialists sales relative to all retailers sales, 2001-11
                                                                                                                                                                                                                                                                                                      • Figure 207: Electrical goods specialists’ sales as % all spending on electrical goods, 2001-11
                                                                                                                                                                                                                                                                                                    • Sector sales forecast
                                                                                                                                                                                                                                                                                                        • Figure 208: Electrical goods specialists sector sales and forecast, 2006-16
                                                                                                                                                                                                                                                                                                        • Figure 209: Electricals retailers sales, 2006-16f
                                                                                                                                                                                                                                                                                                      • Outlet data
                                                                                                                                                                                                                                                                                                        • Figure 210: UK: Electrical goods specialists: Outlet numbers, 2008 and 2009
                                                                                                                                                                                                                                                                                                      • Forecast methodology
                                                                                                                                                                                                                                                                                                        • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                            • Who’s Innovating
                                                                                                                                                                                                                                                                                                              • Try before you buy
                                                                                                                                                                                                                                                                                                                • Figure 211: Ybuy’s homepage, April 2012
                                                                                                                                                                                                                                                                                                              • New store formats
                                                                                                                                                                                                                                                                                                                • Figure 212: Google Chrome store in Currys-PC World, Tottenham Court Road, London, April 2012
                                                                                                                                                                                                                                                                                                                • Figure 213: Currys Black, Westfield Stratford, May 2012
                                                                                                                                                                                                                                                                                                              • Harrods expands with Dixons
                                                                                                                                                                                                                                                                                                                • Figure 214: Harrods Technology, April 2012
                                                                                                                                                                                                                                                                                                              • Currys diversifies
                                                                                                                                                                                                                                                                                                                • Figure 215: Dixon’s Knowhow movie site, April 2012
                                                                                                                                                                                                                                                                                                              • Improved purchasing options
                                                                                                                                                                                                                                                                                                                • Improving own brand
                                                                                                                                                                                                                                                                                                                  • Innovative marketing
                                                                                                                                                                                                                                                                                                                    • Channel of distribution
                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                          • Figure 216: UK: Electricals market, estimated channels of distribution, 2011
                                                                                                                                                                                                                                                                                                                        • Specialists and non-specialists
                                                                                                                                                                                                                                                                                                                          • Home shopping
                                                                                                                                                                                                                                                                                                                            • Direct from manufacturer
                                                                                                                                                                                                                                                                                                                              • Trade distributors
                                                                                                                                                                                                                                                                                                                                • Space allocation summary
                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                    • Space allocation estimates
                                                                                                                                                                                                                                                                                                                                      • Figure 217: Leading electricals retailers, summary space allocation, April 2012
                                                                                                                                                                                                                                                                                                                                      • Figure 218: Electricals retailers, summary space allocation, April 2012
                                                                                                                                                                                                                                                                                                                                      • Figure 219: Summary sales area estimates, April 2012
                                                                                                                                                                                                                                                                                                                                    • Retail product mix
                                                                                                                                                                                                                                                                                                                                        • Figure 220: Estimated sales breakdown, 2011/12
                                                                                                                                                                                                                                                                                                                                      • Estimated sales density by product
                                                                                                                                                                                                                                                                                                                                        • Figure 221: Estimated sales densities, 2011/12
                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                        • Figure 222: Electricals retailers: Estimated Market share, by product category, 2011
                                                                                                                                                                                                                                                                                                                                      • Leading Retailers
                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                          • Leading electrical specialists
                                                                                                                                                                                                                                                                                                                                            • Sector consolidation
                                                                                                                                                                                                                                                                                                                                              • Three main groupings remain
                                                                                                                                                                                                                                                                                                                                                • Best Buy exits while Comet returns to its low price roots
                                                                                                                                                                                                                                                                                                                                                  • Further sales contraction in 2011
                                                                                                                                                                                                                                                                                                                                                    • Figure 223: UK: Leading electrical and computing specialists, 2010/11
                                                                                                                                                                                                                                                                                                                                                  • Leading non-specialists and non-store retailers
                                                                                                                                                                                                                                                                                                                                                    • Figure 224: leading non-specialists and non-store retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                  • Non-specialist and non-store retailers’ profiles
                                                                                                                                                                                                                                                                                                                                                    • Argos
                                                                                                                                                                                                                                                                                                                                                        • Figure 225: Argos shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                        • Figure 226: Argos shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                      • Amazon
                                                                                                                                                                                                                                                                                                                                                          • Figure 227: Amazon shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                          • Figure 228: Amazon shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                        • John Lewis
                                                                                                                                                                                                                                                                                                                                                            • Figure 229: John Lewis shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                            • Figure 230: John Lewis shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                          • Tesco
                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Tesco shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                              • Figure 232: Tesco shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                            • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                              • Leading Non-Specialists and Non-Store Retailers
                                                                                                                                                                                                                                                                                                                                                                • Figure 233: leading non-specialists and non-store retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                              • Non-specialist and non-store retailers’ profiles
                                                                                                                                                                                                                                                                                                                                                                • Argos
                                                                                                                                                                                                                                                                                                                                                                    • Figure 234: Argos shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                    • Figure 235: Argos shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                  • Amazon
                                                                                                                                                                                                                                                                                                                                                                      • Figure 236: Amazon shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Amazon shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                    • John Lewis
                                                                                                                                                                                                                                                                                                                                                                        • Figure 238: John Lewis shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                        • Figure 239: John Lewis shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                      • Tesco
                                                                                                                                                                                                                                                                                                                                                                          • Figure 240: Tesco shoppers in last three years, by gender, age and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                          • Figure 241: Tesco shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                        • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                            • Leading retailers of electrical goods – share of all consumer spending on this category
                                                                                                                                                                                                                                                                                                                                                                              • Figure 242: Leading retailers estimated share of electrical goods spending*, 2010 and 2011
                                                                                                                                                                                                                                                                                                                                                                            • Electricals specialists - share of all sales through the electricals specialists sector
                                                                                                                                                                                                                                                                                                                                                                              • Figure 243: Leading electrical and computing specialists’ estimated shares of the specialists sector*, 2010 and 2011
                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                              • A fragmented online market
                                                                                                                                                                                                                                                                                                                                                                                • Can pure play specialists survive?
                                                                                                                                                                                                                                                                                                                                                                                  • Play.com will be hit by the tax loophole closure
                                                                                                                                                                                                                                                                                                                                                                                    • Non-specialists have a rosier future
                                                                                                                                                                                                                                                                                                                                                                                      • Direct from suppliers
                                                                                                                                                                                                                                                                                                                                                                                        • Online spending
                                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 244: leading online retailers: estimated online electrical sales, 2010 and 2011
                                                                                                                                                                                                                                                                                                                                                                                          • Online buying trends
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 245: UK: types products purchased on the internet in the last three months, 2009-11
                                                                                                                                                                                                                                                                                                                                                                                          • Electrical specialists – online visitor data
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 246: Leading electrical retailers and suppliers websites, three-month average to march 2012
                                                                                                                                                                                                                                                                                                                                                                                          • Advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                              • Leading advertisers
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 247: Leading electricals retailers’ advertising spending, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                              • Spending relative to turnover
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 248: Leading electricals specialists’ advertising spending as % of sales, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                              • Spending by media
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 249: Leading electricals retailers’ spending on advertising, by media, 2011
                                                                                                                                                                                                                                                                                                                                                                                                • Major TV campaigns
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 250: Currys-PC World’s Star Wars campaign
                                                                                                                                                                                                                                                                                                                                                                                                • Brand Research
                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 251: Attitudes towards and usage of brands in the electrical retail sector, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                    • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                                                      • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 252: Attitudes, by electrical goods retail brand, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                      • Brand personality
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 253: Electrical good retail brand personality – macro image, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 254: Electrical goods retail brand personality – micro image, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                      • Brand experience
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 255: Electrical goods retail brand usage, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 256: Satisfaction with various electrical goods retail brands, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 257: Consideration of electrical goods retail brands, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 258: Consumer perceptions of current electrical goods retail brand performance, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 259: Electrical goods retail brand recommendation – Net Promoter Score, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                      • Brand index
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 260: Electrical goods retail brand index, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 261: Electrical goods retail brand index vs. recommendation, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                      • Target group analysis
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 262: Target groups, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 263: Electrical goods retail brand usage, by target groups, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                      • Group One – Conformists
                                                                                                                                                                                                                                                                                                                                                                                                        • Group Two – Simply the Best
                                                                                                                                                                                                                                                                                                                                                                                                          • Group Three – Shelf Stalkers
                                                                                                                                                                                                                                                                                                                                                                                                            • Group Four – Habitual Shoppers
                                                                                                                                                                                                                                                                                                                                                                                                              • Group Five – Individualists
                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer – Where people buy electricals
                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                    • Who has bought what
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 264: Electricals products bought in the last three years, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 265: Who buys what electrical goods, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                      • Where do people buy?
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 266: Electricals products bought in the last three years, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                        • Retailer customer profile – all purchases
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 267: Retailer customer profile for all electricals purchases, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                          • Retailer customer profile – brown goods
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 268: Main stores used for buying brown goods, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                            • Retailer customer profile – White goods
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 269: Main stores used for buying White goods, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                            • What people buy and where they buy it
                                                                                                                                                                                                                                                                                                                                                                                                                              • The Consumer - Attitudes to buying electrical goods
                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 270: Consumer attitudes to buying electrical products, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 271: Consumer attitudes to buying electrical products, 2010-2012
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 272: Consumer attitudes to buying electrical goods, by age and socio-economic group, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 273: Consumer attitudes to shopping and shops used for electricals products, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 274: Consumer attitudes to shopping and shops used for electricals products, March 2012 (cont)
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 275: Consumer attitudes to shopping and electricals products bought, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 276: Consumer attitudes to shopping and electricals products bought, March 2012 (cont)
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Consumer - Electricals and the internet – consumer attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 277: Consumer attitudes to retailers used, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 278: Profiles of electricals buyers attitudes, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes by products bought
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 279: Consumer attitudes to retailers and electricals products bought, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 280: Consumer attitudes to retailers and electricals products bought, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 281: Consumer attitudes to retailers, by retailer bought from, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 282: Consumer attitudes to retailers, by retailer bought from, March 2012 (cont)
                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer - Target groups
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 283: Electricals shoppers, target groups, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 284: Attitudes of target group, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 285: Target groups profile, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Target groups shopping habits
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 286: Target groups use of electricals retailers, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 287: Target group shopping preferences, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Apple Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 288: Apple Retail UK: Sales as share of electrical/PC/telecoms specialists’ sales in UK, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail outlets
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 289: Apple Retail: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                • 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 290: Apple Retail: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 291: Apple Retail: European stores, May 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 292: Apple Retail, Summary space allocation, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 293: Apple Retail: space allocation, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 294: Apple.com: Online consumer demographics, three month average to March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • BAS Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 295: Dexcom: Estimated sales as share of all electricals retailers’ sales in Netherlands, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 296: Dexcom: Estimated group sales performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 297: BAS Group: Estimated group sales performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 298: BAS Group: Outlet data, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Boulanger/HTM Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 299: Boulanger/HTM Group: Estimated sales as share of electrical specialists’ sales in Europe, 2007-11e
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Successful branding and positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Finally has strategic size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Internet operations help growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Long term goal remains domestic market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 300: Boulanger: Estimated group sales performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 301: HTM Group/Boulanger: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Comet Group Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 302: Comet Group Ltd: Sales as share of all electricals specialists’ sales in UK, 2007-11(est)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cut loose from Kesa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 303: Comet’s refreshed store look (post-2010), Croydon store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Heading in the wrong direction?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Long-term growth demands investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Synergies with Game?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 304: Comet Group Ltd: Financial performance, 2006/07-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 305: Comet Group Ltd: Financial performance, H1 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 306: Comet Group Ltd: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 307: Comet shoppers in last three years, by gender, age, and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 308: Comet shoppers in last three years, by region, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 309: Comet shoppers in last three years, by working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 310: Comet, Summary space allocation, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 311: Comet space allocation, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 312: Comet sales, space and market share estimates, 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 313: Comet Group Ltd: Online product offer broken down, by number of SKUs offered, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 314: Comet Group Ltd: Estimated e-commerce sales, years ending April, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 315: Comet.co.uk: Profile of visitors, three-month average to March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Conrad Electronic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lack of physical expansion points to slow growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online competition likely to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Need for segmentation to widen appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 316: Conrad: Estimated group sales performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dixons Retail Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 317: Dixons Retail: Group sales as share of electrical specialists’ sales in Europe, 2008-2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 318: Dixons retail UK: Sales as share of electrical/PC/telecoms specialists’ sales in the UK, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Economic climate holds back Renewal and Transformation programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 319: Dixons Retail: Group financial performance, 2007/08-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 320: Dixons Retail: First half financial performance, 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 321: Dixons Retail: sales performance, 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Multi-branded European network moving to larger footprint
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 322: Dixon Retail: Outlet data, by country, 2009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 323: Dixons Retail: Group and UK & Ireland Outlet data, 2007-09 to 2010-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Customer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Currys Digital (high street stores)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 324: Currys high street shoppers in last three years, by gender, age, and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 325: Currys Digital shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 326: Currys/PC world shoppers in last three years, by gender, age, and socio-economic group, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 327: Currys/PC world shoppers in last three years, by region and working status, April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 328: Currys: Online consumer demographics, three month average to April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 329: PC World: Online consumer demographics, three month average to April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expert Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 330: Expert Europe: Sales and outlets, by country, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 331: Expert International, online shopping availability, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-Square

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online still a challenge for EP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 332: E-Square: Members and websites, by country of operation, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • EP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • EDA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 333: E-Square: Estimated Retail sales, by country, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 334: ElectronicPartner: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 335: E-Square: Store numbers, by country, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 336: ElectronicPartner: Membership data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 337: ElectronicPartner: Affiliated branded stores and membership, by country, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 338: E-Square: Affiliated online stores, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Euronics International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 339: Euronics: Estimated sales as share of electrical specialists’ sales in Europe, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 340: Euronics: Estimated sales as share of electrical/pc/telecoms specialists’ sales in UK, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Three strands to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leveraging the brand name
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Slowly embracing multi-channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growing threat in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 341: Euronics: European members and fascia, by country of operation, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • European electricals sector slows in 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 342: Euronics International: Sales, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail sales by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 343: Euronics International: Total retail sales for major countries, 2006 and 2009-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wide coverage with smaller than average stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Run by owner/managers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store numbers volatile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Euronics fascia growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 344: Euronics International: Outlet data 2011-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Membership developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fnac

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 345: Fnac Europe: Sales as share of electrical specialists’ sales in Europe, 2007-11e
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Profits decline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Exposure to troubled Eurozone
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Transition to online may be too slow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 346: Fnac: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 347: Fnac: Sales, by product category, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 348: Fnac: Outlet data, 2007-11*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kesa Electricals

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A sigh of relief as Comet is divested
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 349: Kesa Electricals: Composition of revenues (%), excluding Comet, Years to April, 2011 and 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • France is now core
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Performance weakens
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 350: Sales growth, by segment, total and like-for-like, year ending April 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 351: Sales growth, by segment, total and like-for-like, year ending April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Proposition and prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 352: Darty store merchandising emphasising its USP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 353: Annual % growth in online sales, by segment, 2010/11 and first-half 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 354: Kesa Electricals: Group financial performance, 2006/07-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 355: Kesa Electricals: Group financial performance, H1 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 356: Comet: Group financial performance, H1 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 357: Kesa Electricals: Distribution of stores (%), by segment, excl. Comet, April 2011 and April 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 358: Kesa Electricals: Store numbers, by country, years ending April, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 359: Kesa Electricals: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 360: Kesa Electricals: Estimated e-commerce sales, years ending April, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Maplin Electronics Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 361: Maplin Electronics Ltd: Sales as share of all electricals retailers’ sales in UK, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 362: Maplin Electronics Ltd: Group financial performance, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 363: Maplin: Direct sales as % of total sales and annual % change in direct sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 364: Maplin Electronics Ltd: Outlet data, 2006-2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 365: Maplin: Online customer profile, three-month average to March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Media Markt/Saturn

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 366: Media Mark/Saturn: Sales as share of electrical retailers’ sales in Europe, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Finally presses button on online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A strong multichannel proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Own brand could help improve margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Southern Europe exposure is a worry
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 367: Media Markt/Saturn: Financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 368: Media Markt/Saturn: Outlet data, by country, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 369: Media Markt/Saturn: Websites, by country, March 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 370: Europe: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 371: Europe: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 372: Europe: Population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 373: Europe: Population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 374: Europe: GDP, at current prices, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 375: Europe: GDP growth rates, at current prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 376: Europe: GDP growth rates, at constant prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 377: Europe: Households’ consumer spending, at current prices, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 378: Europe: Households’ consumer spending growth rates, at current prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 379: Europe: Households’ consumer spending growth rates, at constant prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 380: Europe: Harmonised index of consumer prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 381: Europe: Average rate of unemployment, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 382: Europe: Interest rates, 2005-Q4 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 383: Europe: Consumer confidence, Apr 2011-Mar 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • AEG Domestic Appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Apple Retail UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bang & Olufsen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bank of England
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bennetts (Retail) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bose Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clas Ohlson UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Dell Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Euronics UK (C.I.H)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Google UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hewlett-Packard Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Ipsos MORI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Gillman & Sons (Electricals) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Logitech Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • M&C Saatchi Worldwide Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Maplin Electronics Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Microsoft Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Miele
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Panasonic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Richer Sounds Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Selfridges Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shop Direct Home Shopping Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Siemens plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sony Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Toshiba Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Twitter, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Walt Disney Company, The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Warner Bros. Entertainment Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • YouTube, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Zanussi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Electrical Goods Retailing - Europe - May 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  US $3,748.74 (Excl.Tax)