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Electrical Retailing - Europe - June 2010

This report series covers the 19 leading economies of Europe. In total these countries account for around 91% 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). These developing countries plus Russia and Turkey are covered in the Mintel report “Retailing in Emerging Markets – Europe, May 2009”.

The focus of the report is the electricals specialists, and they are the dominant players in the market. But the electricals sector faces some major challenges:

  • The lingering economic hangover.

  • Wavering consumer confidence and a slow recovery in discretionary spending.

  • Competition from non-specialists and in particular internet pure players and supermarkets.

  • Continuing pressure on prices and sales volumes.

  • Product convergence which could put further pressure on sales volumes.

  • Multi-channel development which is fast becoming the option of choice for consumers but is costly for retailers to implement.

  • Customer service which is the new battleground for specialists and inextricably linked to multi-channel development, but represents another major investment for retailers.

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Table of contents

  1. Market in Brief

    • Retail sales forecasts
      • Outlook for electricals retailing
        • Market size and performance
          • The European competitive landscape
          • Report Scope

              • Company coverage
                • Definitions
                  • Retail sector sales
                    • Market sizes
                      • Abbreviations
                        • Technical notes
                          • Financial definitions
                            • Currencies
                              • Country codes
                                • Figure 1: Country codes
                              • VAT
                                • Figure 2: Europe: Standard VAT rates, 2010
                            • European Summary and Outlook

                              • European market size
                                • Spending contracts sharply in 2009
                                    • Figure 3: Europe: Estimated electricals market size, by country, 2006-09
                                  • UK overtaken by Germany during the recession…
                                    • Figure 4: Europe: Percentage change in consumer spending on electricals (in local currency), 2008-09
                                  • …but Nordics lead by spend per capita
                                    • Figure 5: Europe: Spending on electricals per capita, 2009
                                  • Europe – Retail competitor analysis
                                    • Leading retailers
                                        • Figure 6: Top 20 leading electricals retailers, 2008 and 2009
                                      • European market shares
                                          • Figure 7: Europe: Leading electricals market share of consumer spending on electricals, 2008-09
                                        • Electrical specialists
                                          • Sector sales slide in 2008…
                                              • Figure 8: Europe: Electrical specialists sector sales, by country, 2005-09
                                            • …and contraction accelerates in 2009
                                                • Figure 9: Europe: Electrical specialists sector sales growth in local currency, 2008-09
                                              • European outlook
                                                • Sector sales forecasts
                                                    • Figure 10: Europe: Sector sales forecasts, 2010 and 2015
                                                  • Where next?
                                                    • Lingering economic hangover
                                                      • Nordics will lead the recovery
                                                        • Capitalising on global events
                                                          • Relentless consolidation
                                                            • Product development drives trend to larger ‘departmental’ stores …
                                                              • …and so does product convergence
                                                                • A more complex and demanding marketplace raises service standards
                                                                  • An alternative pure play model
                                                                    • Buying groups can’t afford to be left out in the cold
                                                                      • All eyes on Best Buy
                                                                      • Austria

                                                                        • Market in brief
                                                                          • Sector size and forecast
                                                                            • The economy
                                                                              • Retailers’ prospects
                                                                                  • Figure 11: Austria: All retail and food retail sales, 2005-15
                                                                                • Market size
                                                                                  • Figure 12: Austria: Consumer spending on electricals, 2005-09
                                                                                • Channels of distribution
                                                                                  • Retail competitor analysis
                                                                                    • Key points
                                                                                      • Media Saturn dominates the sector
                                                                                        • Cosmos goes bankrupt, Niedermeyer continues
                                                                                          • Buying groups
                                                                                            • Hartlauer going strong
                                                                                              • Other players
                                                                                                • Figure 13: Austria: Leading electricals retailers, 2009
                                                                                              • Market shares
                                                                                                  • Figure 14: Austria: Leading retailers’ share of electrical specialists sales, 2008/09
                                                                                                • Retail enterprises
                                                                                                  • Figure 15: Austria: Retail businesses, 2001-07
                                                                                              • Belgium

                                                                                                • Market in brief
                                                                                                  • Sector size and forecast
                                                                                                    • The economy
                                                                                                      • Retailers’ prospects
                                                                                                        • Market size
                                                                                                          • Figure 16: Belgium: Consumer spending on electricals, 2004-09
                                                                                                        • Channels of distribution
                                                                                                          • Retail competitor analysis
                                                                                                            • Key points
                                                                                                              • Media-Saturn dominates the sector
                                                                                                                • Krëfel hangs on to third place
                                                                                                                  • Other international players
                                                                                                                    • Other players
                                                                                                                      • Figure 17: Belgium: Leading electircals retailers, 2009
                                                                                                                    • Market shares
                                                                                                                        • Figure 18: Belgium: Leading retailers’ share of electrical specialists sales, 2009
                                                                                                                      • Retail outlets and enterprises
                                                                                                                        • Figure 19: Belgium: Retail businesses, 2003-07
                                                                                                                        • Figure 20: Belgium: Retail outlets, 2008
                                                                                                                    • Czech Republic

                                                                                                                      • Market in brief
                                                                                                                        • Electricals market size
                                                                                                                          • Figure 21: Czech Republic: Household expenditure on electricals, 2004-08
                                                                                                                        • Channels of distribution
                                                                                                                          • Sector size and forecast
                                                                                                                            • The economy
                                                                                                                              • The electricals retail sector
                                                                                                                                • Figure 22: Czech Republic: Household goods retailers’ sales, 2005-15
                                                                                                                              • Retailer competitor analysis
                                                                                                                                • Leading retailers
                                                                                                                                  • Expert
                                                                                                                                    • Electro World
                                                                                                                                      • Datart
                                                                                                                                        • Euronics
                                                                                                                                          • Figure 23: Czech Republic: Leading electricals retailers, 2008/09
                                                                                                                                        • Online
                                                                                                                                          • Market shares
                                                                                                                                            • Figure 24: Czech Republic: Top five electricals retailers share of electrical specialists sales, 2008
                                                                                                                                        • Denmark

                                                                                                                                          • Market in brief
                                                                                                                                            • Market size
                                                                                                                                              • Figure 25: Denmark: Household expenditure on electricals, 2004-08
                                                                                                                                            • Channels of distribution
                                                                                                                                              • Sector size and forecast
                                                                                                                                                • The economy
                                                                                                                                                  • The electricals retail sector
                                                                                                                                                      • Figure 26: Denmark: Retail sales, 2005-15
                                                                                                                                                    • Forecast
                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                        • Expert growing through acquisition
                                                                                                                                                          • El Giganten now in second position
                                                                                                                                                            • Foreign entrants finding favour
                                                                                                                                                              • Online driving growth
                                                                                                                                                                • Figure 27: Denmark: Leading electricals retailers, 2008/09
                                                                                                                                                              • Market shares
                                                                                                                                                                • Figure 28: Denmark: Leading retailers’ share of electrical specialists’ sales, 2008
                                                                                                                                                              • Enterprise data
                                                                                                                                                                • Figure 29: Denmark: Specialist electricals retailers’ enterprise numbers, 2005-08
                                                                                                                                                            • Finland

                                                                                                                                                              • Market in brief
                                                                                                                                                                • Electricals market size
                                                                                                                                                                  • Figure 30: Finland: Household expenditure on electricals, 2004-08
                                                                                                                                                                • Channels of distribution
                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                    • The economy
                                                                                                                                                                      • The electricals retail sector
                                                                                                                                                                          • Figure 31: Finland: Retail sales, 2005-15
                                                                                                                                                                        • Forecast
                                                                                                                                                                          • Outlet and enterprise data
                                                                                                                                                                            • Figure 32: Finland: Number of electricals retail enterprises, 2003-07
                                                                                                                                                                            • Figure 33: Finland: Number of electricals retail enterprises, 2007-08
                                                                                                                                                                          • Retail competitor analysis
                                                                                                                                                                            • DSGi leads with Gigantti but rationalises Markantalo
                                                                                                                                                                              • Kesko innovating but sales falling
                                                                                                                                                                                • Expert expanding
                                                                                                                                                                                  • Euronics
                                                                                                                                                                                    • Verkkokauppa.com
                                                                                                                                                                                      • OnOff scaling down
                                                                                                                                                                                        • Figure 34: Finland: Leading electricals retailers, 2008/09
                                                                                                                                                                                      • Market shares
                                                                                                                                                                                        • Figure 35: Finland: Leading retailers share of electrical specialists sales, 2008
                                                                                                                                                                                    • France

                                                                                                                                                                                      • Market in brief
                                                                                                                                                                                        • Market size and performance
                                                                                                                                                                                          • The competitive landscape
                                                                                                                                                                                            • Internal market environment
                                                                                                                                                                                              • Key points
                                                                                                                                                                                                • Consumer attitudes
                                                                                                                                                                                                  • E-commerce a fast-growing channel in France
                                                                                                                                                                                                    • Waiting to pay a premium
                                                                                                                                                                                                      • Care for the environment
                                                                                                                                                                                                        • Figure 36: Attitudes towards the internet, technology and the environment, by country, 2009
                                                                                                                                                                                                      • Consumer trends
                                                                                                                                                                                                          • Figure 37: Trends in attitudes towards shopping, the internet and technology, France, 2005-09
                                                                                                                                                                                                        • Who thinks what
                                                                                                                                                                                                          • Reviews influence top earners most
                                                                                                                                                                                                            • Figure 38: Attitudes towards internet, by gender, age and income group, France, 2009
                                                                                                                                                                                                          • Economic recovery to boost the premium end
                                                                                                                                                                                                            • Figure 39: Attitudes towards technology, by gender, age and income group, France, 2009
                                                                                                                                                                                                          • Young people still less engaged with the environment
                                                                                                                                                                                                            • Figure 40: Attitudes towards environment, by gender and age, France, 2009
                                                                                                                                                                                                          • Website usage
                                                                                                                                                                                                              • Figure 41: France: Top retail websites, by number of unique visitors, December 2009
                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                • The market in context
                                                                                                                                                                                                                    • Figure 42: France: Consumer spending on electricals and other selected categories, 2004-08
                                                                                                                                                                                                                  • Weaker economy affects spending on electricals
                                                                                                                                                                                                                    • Price deflation impacts white goods…
                                                                                                                                                                                                                      • …but is even worse for brown and grey goods
                                                                                                                                                                                                                        • Figure 43: France: Consumer price index for selected categories, 2000-09
                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                            • Economic outlook
                                                                                                                                                                                                                              • Retail sales forecasts
                                                                                                                                                                                                                                • Figure 44: France: Electricals retail sales, 2005-15
                                                                                                                                                                                                                              • Prospects for electricals specialists
                                                                                                                                                                                                                                • Enterprise and outlet data
                                                                                                                                                                                                                                  • Figure 45: France: Electricals specialists, enterprise data, 2004-08
                                                                                                                                                                                                                                  • Figure 46: France: Electricals specialists, outlet data, 2005-09
                                                                                                                                                                                                                                  • Figure 47: France: Electricals specialists, outlet numbers by size class, 2005-09
                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                  • Key findings
                                                                                                                                                                                                                                    • Kesa is market leader
                                                                                                                                                                                                                                      • Fnac in second place
                                                                                                                                                                                                                                        • Boulanger turns to Euronics for scale
                                                                                                                                                                                                                                          • Buying groups
                                                                                                                                                                                                                                            • Media-Saturn trails behind
                                                                                                                                                                                                                                              • Figure 48: France: Leading electricals players, 2008/09
                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                              • Figure 49: France: Electrical specialists’ market shares, 2008/09
                                                                                                                                                                                                                                          • Germany

                                                                                                                                                                                                                                            • Market in brief
                                                                                                                                                                                                                                              • Market size and performance
                                                                                                                                                                                                                                                • The competitive landscape
                                                                                                                                                                                                                                                  • Internal market environment
                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                      • Consumer attitudes
                                                                                                                                                                                                                                                        • Electricals not developing online, but investment expected
                                                                                                                                                                                                                                                          • Willing to pay more
                                                                                                                                                                                                                                                            • The environment, what’s in it for me?
                                                                                                                                                                                                                                                              • Figure 50: Attitudes towards the internet, technology and the environment, by country, 2009
                                                                                                                                                                                                                                                            • Consumer trends
                                                                                                                                                                                                                                                              • Figure 51: Trends in attitudes towards the internet and technology, Germany, 2005-09
                                                                                                                                                                                                                                                            • Who thinks what
                                                                                                                                                                                                                                                              • Top earners cautious but see the information opportunities online
                                                                                                                                                                                                                                                                • Figure 52: Attitudes towards internet, by gender, age and income group, Germany, 2009
                                                                                                                                                                                                                                                              • Young follow the latest technological trends, but can’t afford them
                                                                                                                                                                                                                                                                • Figure 53: Attitudes towards technology, by gender, age and income group, Germany, 2009
                                                                                                                                                                                                                                                              • Least affluent most engaged with the environment
                                                                                                                                                                                                                                                                • Figure 54: Attitudes towards environment, by gender and age, Germany, 2009
                                                                                                                                                                                                                                                              • Website usage
                                                                                                                                                                                                                                                                  • Figure 55: Germany: Top retail websites, by number of unique visitors, December 2009
                                                                                                                                                                                                                                                                • Broader market environment
                                                                                                                                                                                                                                                                  • Key findings
                                                                                                                                                                                                                                                                    • Competitive context
                                                                                                                                                                                                                                                                      • Key findings
                                                                                                                                                                                                                                                                          • Figure 56: Germany: Consumer spending on electricals and related goods, by major category, 2005-09
                                                                                                                                                                                                                                                                        • Spending on white goods holds up well…
                                                                                                                                                                                                                                                                          • …but brown and grey goods suffer
                                                                                                                                                                                                                                                                            • Impact of deflation
                                                                                                                                                                                                                                                                              • Figure 57: Germany: Consumer price index for selected categories, 2000-09
                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                • Key findings
                                                                                                                                                                                                                                                                                  • Economic outlook
                                                                                                                                                                                                                                                                                    • Retail sales – past performance
                                                                                                                                                                                                                                                                                      • Figure 58: Germany: Electricals sector retail sales, 2005-09
                                                                                                                                                                                                                                                                                    • Retail sales forecasts
                                                                                                                                                                                                                                                                                      • Figure 59: Germany: Electricals sector retail sales forecast, 2009-15
                                                                                                                                                                                                                                                                                    • Prospects for electricals specialists
                                                                                                                                                                                                                                                                                      • Outlet and enterprise data
                                                                                                                                                                                                                                                                                        • Figure 60: Germany: Retail enterprises and outlets, 2004-07
                                                                                                                                                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                                                                                                                                                        • Key findings
                                                                                                                                                                                                                                                                                          • Leading specialists
                                                                                                                                                                                                                                                                                            • Media Markt dominates
                                                                                                                                                                                                                                                                                              • Buying groups
                                                                                                                                                                                                                                                                                                • ProMarkt in the ascent
                                                                                                                                                                                                                                                                                                  • Others
                                                                                                                                                                                                                                                                                                    • Figure 61: Germany: Leading electrical specialists, 2008/09
                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                      • Figure 62: Germany: Electrical specialists’ market shares, 2008/09
                                                                                                                                                                                                                                                                                                  • Greece

                                                                                                                                                                                                                                                                                                    • Market in brief
                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                        • The economy
                                                                                                                                                                                                                                                                                                          • Retailers’ prospects
                                                                                                                                                                                                                                                                                                              • Figure 63: Greece: All retail and electricals specialists’ retail sales, 2005-15
                                                                                                                                                                                                                                                                                                            • Market size and channels of distribution
                                                                                                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                  • DSGi leads the sector
                                                                                                                                                                                                                                                                                                                    • Germanos close behind
                                                                                                                                                                                                                                                                                                                      • Strong performance at Media Markt
                                                                                                                                                                                                                                                                                                                        • Domestic players
                                                                                                                                                                                                                                                                                                                          • Figure 64: Greece: Leading electircals retailers, 2009
                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                            • Figure 65: Greece: Leading retailers’ share of electrical specialists sales, 2009
                                                                                                                                                                                                                                                                                                                          • Retail enterprises
                                                                                                                                                                                                                                                                                                                            • Figure 66: Greece: Retail businesses, 2003-07
                                                                                                                                                                                                                                                                                                                        • Hungary

                                                                                                                                                                                                                                                                                                                          • Market in brief
                                                                                                                                                                                                                                                                                                                            • Electricals market size
                                                                                                                                                                                                                                                                                                                              • Figure 67: Hungary: Household expenditure on electricals, 2004-08
                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                • The economy
                                                                                                                                                                                                                                                                                                                                  • The electricals retail sector
                                                                                                                                                                                                                                                                                                                                      • Figure 68: Hungary: Retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                    • Outlet and enterprise data
                                                                                                                                                                                                                                                                                                                                      • Figure 69: Hungary: Specialist electricals retailers’ outlet numbers, 2004-08
                                                                                                                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                      • Media Markt dominates
                                                                                                                                                                                                                                                                                                                                        • But DSGi pulls out…
                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                            • Casualties in a tough market
                                                                                                                                                                                                                                                                                                                                              • Figure 70: Hungary: Leading electricals specialists, 2008/09
                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                              • Figure 71: Hungary: Leading retailers’ estimated share of electrical specialists’ sales, 2008
                                                                                                                                                                                                                                                                                                                                          • Republic of Ireland

                                                                                                                                                                                                                                                                                                                                            • Market in brief
                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                • The economy
                                                                                                                                                                                                                                                                                                                                                  • Retailers’ prospects
                                                                                                                                                                                                                                                                                                                                                      • Figure 72: Republic of Ireland: All retail and electricals specialists’ retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                    • Market size
                                                                                                                                                                                                                                                                                                                                                      • Figure 73: Republic of Ireland: Consumer spending on electricals, 2005-09
                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                          • Expert takes top spot
                                                                                                                                                                                                                                                                                                                                                            • Losses at DSGi
                                                                                                                                                                                                                                                                                                                                                              • Power City largest domestic player
                                                                                                                                                                                                                                                                                                                                                                • D.I.D. Electricals teams up with Curleys’
                                                                                                                                                                                                                                                                                                                                                                  • Figure 74: Republic of Ireland: Leading electricals retailers, 2009
                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                  • Figure 75: Republic of Ireland: Leading retailers’ share of electrical specialists sales, 2009
                                                                                                                                                                                                                                                                                                                                                                • Retail enterprises
                                                                                                                                                                                                                                                                                                                                                                  • Figure 76: Republic of Ireland: Retail businesses, 2003-07
                                                                                                                                                                                                                                                                                                                                                              • Italy

                                                                                                                                                                                                                                                                                                                                                                • Market in brief
                                                                                                                                                                                                                                                                                                                                                                  • Market size and performance
                                                                                                                                                                                                                                                                                                                                                                    • The competitive landscape
                                                                                                                                                                                                                                                                                                                                                                      • Internal market environment
                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                          • Website usage
                                                                                                                                                                                                                                                                                                                                                                              • Figure 77: Italy: Top retail websites, by number of unique visitors, December 2009
                                                                                                                                                                                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                  • Key findings
                                                                                                                                                                                                                                                                                                                                                                                    • Spending on electricals weak
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 78: Italy: Consumer expenditure on electricals, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                      • Price deflation impacts growth
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 79: Italy: Consumer price index for selected categories, 2000-09
                                                                                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                            • Key findings
                                                                                                                                                                                                                                                                                                                                                                                              • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                • Technical notes
                                                                                                                                                                                                                                                                                                                                                                                                  • Past performance
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 80: Italy: Retail sales indices, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                  • Retail sales forecast
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 81: Italy: Retail sales 2009-15
                                                                                                                                                                                                                                                                                                                                                                                                  • Electricals specialists’ prospects
                                                                                                                                                                                                                                                                                                                                                                                                    • Enterprise data
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 82: Italy: Electricals retailers, enterprise numbers, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                      • Key findings
                                                                                                                                                                                                                                                                                                                                                                                                        • Media-Saturn is market leader
                                                                                                                                                                                                                                                                                                                                                                                                          • UniEuro the next largest multiple
                                                                                                                                                                                                                                                                                                                                                                                                            • Strong performance for Euronics
                                                                                                                                                                                                                                                                                                                                                                                                              • Expert
                                                                                                                                                                                                                                                                                                                                                                                                                • Gre
                                                                                                                                                                                                                                                                                                                                                                                                                  • Other players
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 83: Italy: Leading players in the electricals sector, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 84: Italy: Leading electricals specialists’ market shares, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                  • The Netherlands

                                                                                                                                                                                                                                                                                                                                                                                                                    • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                        • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                          • Retailers’ prospects
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 85: The Netherlands: Retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 86: Netherlands: Consumer spending on electricals, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Media Saturn faced with sales decline
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Buying groups
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Impact Retail continues expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Disappointing performance for BCC
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Other players
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 87: The Netherlands: Leading electricals retailers, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 88: Netherlands: Leading retailers’ share of electrical specialists sales, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Outlet and enterprise data
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 89: The Netherlands: Electricals retailers, enterprise data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 90: The Netherlands: Electricals outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Norway

                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Electricals market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 91: Norway: Household expenditure on electricals, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The electricals retail sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 92: Norway: Retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Enterprise and outlet data
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: Norway: Specialist electricals retailers’ outlet numbers, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 94: Norway: Specialist electricals retailers’ enterprise numbers, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Elkjøp leads
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Komplett focusing close to home
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Buying groups still important
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Internationalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Norway: Leading electircals retailers, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 96: Norway: Leading retailers share of electrical specialists sales, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Poland

                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Electricals market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 97: Poland: Household expenditure on electricals, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The electricals retail sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 98: Poland: All retail and -food retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail enterprises and outlets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 99: Poland: Breakdown of retail enterprises, by number of outlets, 2005-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 100: Poland: Number of electrical goods outlets, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Media-Saturn dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Avans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • RTV Euro AGD (Euro-net)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Electro World sold to Mix Electronics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sferis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce growing in importance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 101: Poland: Leading electricals retailers, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 102: Poland: Leading retailers’ estimated market shares, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Portugal

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retailers’ prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 103: Portugal: All retail and estimated electricals specialists’ retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Modelo Continente dominates the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Complimentary products boost Fnac
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Media Markt’s growth stalls
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Buying groups proving key to survival
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 104: Portugal: Leading electrical specialists, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 105: Portugal: Leading retailers’ share of electrical specialists sales, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail enterprises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 106: Portugal: Retail businesses, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market size and performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The competitive landscape
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Internal market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Premium lines failing to inspire
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 107: Attitudes towards the internet, technology and the environment, by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 108: Trends in attitudes towards technology, Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Who thinks what
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young keen to keep up with new technologies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 109: Attitudes towards technology, by gender, age and income group, Spain, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Website usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Spain: Top retail websites, by number of unique visitors, December 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spending on electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 111: Spain: Consumer spending on selected categories of goods, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Deflationary pressures for white goods…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 112: Spain: Consumer price index for selected categories, 2000-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …but much worse for brown and grey goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 113: Spain: Retail sales forecast, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Electricals specialists’ prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retailer competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consolidation amongst buying groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Establecimientos Miró and Fnac
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • British presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sonae acquires Boulanger
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 114: Spain: Leading electrical specialists, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Spain: Leading electrical specialists’ market shares, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sweden

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Electricals market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 116: Sweden: Household expenditure on electricals, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The electricals retail sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 117: Sweden: Retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Outlet and enterprise data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 118: Sweden: Specialist electricals retailers’ enterprise numbers, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 119: Sweden: Specialist electricals retailers’ enterprise numbers, 2004-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Media Markt impacts the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Expert struggling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • El-Giganten under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • NetOnNet branching out…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Up and coming Kjell & Company
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 120: Sweden: Leading electricals retailers, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 121: Sweden: Leading retailers’ share of electrical specialists sales, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Switzerland

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retailers’ prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 122: Switzerland: All retail and estimated electricals specialists’ retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Coop leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Media-Saturn returns to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • M-Electronics expanding steadily
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Other players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 123: Switzerland: Leading electricals retailers, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 124: Switzerland: Leading retailers’ share of electrical specialists sales, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • United Kingdom

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Issues in the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Main themes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Future opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Upping engagement with white goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Service for all
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recession impacts the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growth drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail sector forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Specialists competitive landscape
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Internal market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • More Britains use the internet as an information tool
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Making life easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Not automatically seeking payback
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 125: Attitudes towards the internet, technology and the environment, by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 126: Trends in attitudes towards the internet and technology, GB, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Who thinks what
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Reviews influence top earners most
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 127: Attitudes towards internet, by gender, age and income group, GB, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Men want the latest technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 128: Attitudes towards technology, by gender, age and income group, GB, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young people still less engaged with the environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 129: Attitudes towards environment, by gender and age, GB, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Website usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: UK: Top retail websites, by number of unique visitors, December 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Implications for electricals retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • DSGi goes for megastores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Catering to the ageing population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expansion in support services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Increasing web functionality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Targeting women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expanding the range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Non-specialists also up their game
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Experiential stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Electricals market in context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: UK: Consumer spending on goods, by major category, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The recession hits most electricals categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Digital convergence a double edged sword
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Deflation remains prevalent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 132: UK: Consumer price inflation, 2000-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 133: UK: Electrical specialists’ sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Electricals specialists prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Outlet and enterprise data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 134: UK: Electricals retailers, number of outlets and enterprises, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 135: UK: Electricals market, estimated channels of distribution, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grocery retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mixed goods retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Others
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • DSGi recovery gathers momentum at expense of Comet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Arrival of Best Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ambitious expansion plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Apple in the ascent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Maplin also going strong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Others
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 136: UK: Leading electical retailers, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Technical notes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 137: UK: Leading retailers’ share of specialists’ sales, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising expenditure by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Total spend down sharply in 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The top two dominate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 138: UK: Electrical specialists’ retailing advertising expenditure, by retailer, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising expenditure by media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 139: UK: Electrical specialists’ retailing advertising expenditure, by media, 2008 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising themes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand elements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 140: Attitudes towards and visits to electrical retail brands, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand qualities of electrical retail brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Apple and John Lewis top for service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 141: Personalities of various electrical retail brands, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Experience of electrical retail brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Accessible Amazon and Argos most attractive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 142: Consumer visits to various electrical retail brands, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand consideration for electrical retail brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More knowledge of electrical retailers needed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 143: Consideration of various electrical retail brands, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand satisfaction for electrical retail brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Apple offers best experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 144: Satisfaction with various electrical retail brands, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand commitment to electrical retail store brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon has highest loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Commitment to various electrical retail store brands, January-February
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand intentions for electrical retail stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon keeps them coming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 146: Future visitation intentions for various electrical retail stores, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand recommendation for electrical retail brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Electrical specialists least recommended
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: Recommendation of various electrical retail brands, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Comet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 148: Attitudes towards the Comet brand, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 149: Attitudes towards the Dixons.co.uk brand, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Apple Store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 150: Attitudes towards the Apple Store brand, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Attitudes towards the Argos brand, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 152: Attitudes towards the Amazon.co.uk brand, January-February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – Where they buy electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they buy audio-visual products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • DSGi dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Argos comfortably ahead of Comet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • But Comet closes the gap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco steps up the competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 153: Where they bought audio-visual products in the last three years, February 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they buy domestic appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • White goods bought less often
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Competition grows from non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 154: Where they bought large domestic appliances in the last three years, February 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Trend data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Service-led operators hold onto shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: UK: Where they shop for audio-visual goods, 2003-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Less volatile on large domestic appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: UK: Where they shop for large domestic appliances, 2003-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Winners and losers in audio-visual
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Those gaining or maintaining shopper numbers showed a bias to:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 157: Selected electrical retailers, audio-visual goods, by top income group, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: Selected electrical retailers, audio-visual goods, by socio-economic and age group, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 159: Selected electrical retailers, audio-visual goods, by 55-64-year-olds, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Those losing shoppers showed a bias to:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 160: Selected electrical retailers, audio-visual goods, by socio-economic group and age, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 161: Selected electrical retailers, audio-visual goods, by housing tenure and size, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Repertoire – a third of shoppers stick to one store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: Stores from where audio-visual equipment bought in the last three years, by repertoire of number of stores from where bought, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Few repertoire differences by demographic group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 163: Repertoire of number of stores from where audio-visual equipment bought in the last three years, by demographics, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Consumer – The Way They Shop for Electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Replacement market drives sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Families most likely to postpone
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Price – not a universal driver
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 164: The way they shop for electricals, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The over 55s voted for quality and trust ….
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 165: Way in which the 55+ age group shopped for electricals, February, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …and for physical over virtual shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 166: Way in which they shop, by age group, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ‘White collar families’ under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 167: Way in which the ABC1 35-54s and 55+ shop, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pent up demand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 168: Those agreeing they will probably have to replace an old product soon, by age and socio-economic group, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 169: Where the ABC1 35-54 demographic were most likely to have shopped for audio visual equipment, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 170: Where the ABC1 35-54 demographic were most likely to have shopped for large domestic appliances, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pent up demand on appliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – Attitudes to electricals shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retailers struggle to generate loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • But trust matters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ecological or economical?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Scrappage schemes – raising the bar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 171: Attitudes to shopping for electricals, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The gender divide
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Men are
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 172: Difference in attitudes to electricals shopping, by gender, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women are
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 173: Further difference in attitudes to electricals shopping, by gender, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hard pressed families
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Families are
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 174: Difference in attitudes to buying from a trusted retailer, by lifestage, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 175: Difference in attitudes to energy-efficient models to save money, by lifestage, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 176: Difference in attitudes to buying from unknown websites, by lifestage, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 177: Europe top five: Population breakdown, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 178: Europe top five: Population breakdown, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 179: Europe top five: Population breakdown, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 180: Europe top five: Population breakdown, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 181: Europe top five: GDP (in current prices) 2000-Q1 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 182: Europe top five: GDP growth rates (in constant prices), 2000-Q1 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 183: Europe top five: Consumer spending (in current prices) 2001-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 184: Europe top five: Consumer spending growth rates (in constant prices) 2001-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 185: Europe top five: Consumer prices, 2000-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 186: Europe top five: Average rate of unemployment, 2000-Q1 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 187: UK and Eurozone: Interest rates, 2004-Q1 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 188: Europe top five: Consumer confidence, Oct 2008-Mar 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Where they shop for electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 189: Most popular stores from where audio-visual equipment bought in the last three years, by demographics, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 190: Next most popular stores from where audio-visual equipment bought in the last three years, by demographics, February 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: Other stores from where audio-visual equipment bought in the last three years, by demographics, February 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: Most popular stores from where large kitchen appliances bought in the last three years, by demographics, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Next most popular stores from where large kitchen appliances bought in the last three years, by demographics, February 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – The way they shop for electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 194: Most popular shopping habits of consumers buying electrical goods, such as audio-visual or large kitchen appliances, by demographics, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 195: Next most popular shopping habits of consumers buying electrical goods, such as audio-visual or large kitchen appliances, by demographics, February 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 196: Other shopping habits of consumers buying electrical goods, such as audio-visual or large kitchen appliances, by demographics, February 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Attitudes to Electricals Shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 197: Most popular attitudes towards buying electrical goods, such as audio-visual or large kitchen appliances, by demographics, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 198: Next most popular attitudes towards buying electrical goods, such as audio-visual or large kitchen appliances, by demographics, February 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Boulanger

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 199: Boulanger: Estimated sales as share of electrical specialists’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 200: Boulanger: Estimated group sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 201: Boulanger: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Conrad Electronic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 202: Conrad: Estimated group sales performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cosmos/Niedermeyer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dexcom

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Dexcom: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • DSG International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 204: DSG International: Group sales as share of electrical specialists’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 205: DSGi UK: Sales as share of electrical/PC/telecoms specialists’ sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: DSG International: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: DSGi: First half financial performance, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 208: DSGi: First and second half sales performance, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: DSG International: Outlet data, 2007/08-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 210: DSG International: Outlet data, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 211: DSG International: Store performance data, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • EDA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 212: EDA: Members and websites, by country of operation, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 213: EDA: Estimated retail sales, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 214: EDA: Member store numbers, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 215: EDA: Sales mix by purchase volume, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 216: EDA: Affiliated online stores, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ElectronicPartner

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 217: ElectronicPartner: Estimated sales as share of electrical retailers sales in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Membership structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 218: EP: Membership data, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 219: ElectronicPartner: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 220: ElectronicPartner: Membership data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales and outlets by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 221: ElectronicPartner: Affiliated branded stores and membership, by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Establecimientos Miró

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 222: Establecimientos Miró: Sales performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 223: Establecimientos Miró: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Euronics International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 224: Euronics: Estimated sales as share of electrical retailers sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 225: Euronics: European members and websites, by country of operation, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 226: Euronics International: Sales by country, 2001-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 227: Euronics International: Sales by country, 2005, 2006 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 228: Euronics International: Outlet data 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 229: Euronics International, sales mix by purchase volume, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expert International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 230: Expert: European operations by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 231: Expert International, online shopping availability, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fnac

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 232: Fnac: Sales as share of electrical specialists’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 233: Fnac: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 234: Fnac: Sales by product category, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 235: Fnac: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fust and Interdiscount (Coop Schweiz)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 236: Fust and Interdiscount: Sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 237: Fust and Interdiscount: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kesa Electricals

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 238: Comet: Sales as share of electrical retailers’ sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 239: Darty France: Sales as share of electrical retailers’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 240: Kesa Electricals: Group financial performance, 2006/07-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 241: Kesa Electricals: First half financial performance, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 242: Kesa Electricals: Second half and full year sales performance, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 243: Kesa Electricals: Outlet data, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 244: Kesa Electricals: E-commerce sales, UK and France, 2005/06-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 245: Kesa Electricals: Websites, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Komplett

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 246: Komplett: Consumer sales as share of electricals retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 247: Komplett Norway: Consumer sales as share of electricals retailers’ sales in Norway, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 248: Komplett: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 249: Komplett: Sales by product category, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Krëfel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Maplin

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 250: Maplin: Sales as share of electrical specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 251: Maplin: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 252: Maplin: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Media Markt/Saturn

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 253: Media-Saturn group: Sales as share of electrical retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 254: Media-Saturn Germany: Sales as share of electrical retailers’* sales in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 255: Media Markt/Saturn: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 256: Media Markt/Saturn: Germany, Western Europe & Eastern Europe – share of sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 257: Media Markt/Saturn: Outlet data, by country, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 258: Media Markt/Saturn: Description of outlets, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 259: Media Markt/Saturn: Websites by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M-Electronics

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 260: M-Electronics: Sales data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: M-Electronics: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Modelo Continente (Sonae)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 262: Modelo Continente: Group sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 263: Modelo Continente: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Musta Pörssi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 264: Musta Pörssi: Sales as share of electricals in Finland, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Musta Pörssi: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 266: Musta Pörssi: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Power City

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 267: Power City: Financial performance, 2004/05-08/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 268: Power City: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Apple Computer UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Richer Sounds Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Electrical Retailing - Europe - June 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            US $3,597.04 (Excl.Tax)