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European Retail Briefing - April 2011

European Retail Briefing is a monthly briefing providing news and analysis that includes company results, store openings, cross-border moves, M & A activities, executive changes and property developments.

Additionally each month, European Retail Briefing focuses on a key issue or specific European retail sector. The month's retail news is then analysed sector by sector, making this an invaluable resource for all with an interest in the European retail industry.

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Table of contents

  1. Analyst Comment

    • Carrefour: Taking the hypermarket to a new Planet
      • Carrefour lagging behind
        • French revolution
          • Encouraging early performance
          • Headlines for the Month

            • Food retailers
              • Clothing retailers
                • Footwear retailing
                  • Multi-sector retailing
                    • DIY
                      • Home shopping
                        • Health and beauty
                        • Retail Sales Review

                          • Key points
                            • France
                              • Figure 1: France: Retail sales trends, 2010-11
                            • Inflation
                              • Figure 2: France: Inflation, 2010-11
                            • Germany
                              • Figure 3: Germany: Retail sales trends, 2010-11
                            • Inflation
                              • Figure 4: Germany: Inflation, 2010-11
                            • Italy
                              • Figure 5: Italy: Retail sales trends, 2010-11
                            • Inflation
                              • Figure 6: Italy: Inflation, 2010-11
                            • Netherlands
                              • Figure 7: The Netherlands: Retail sales trends, 2010-11
                            • Inflation
                              • Figure 8: The Netherlands: Inflation, 2010-11
                            • Spain
                              • Figure 9: Spain: Retail sales trends, 2010-11
                            • Inflation
                              • Figure 10: Spain: Inflation, 2010-11
                            • UK
                              • Figure 11: Retail sales trends, 2010-11
                            • Inflation
                              • Figure 12: UK: Annual percentage change in Consumer Price Index for selected product groups, 2010-11
                          • Beauty Retailing in Europe

                              • Market size and performance
                                • Specialists’ retail sales
                                  • Channels of distribution
                                    • The European competitive landscape
                                      • Outlook for beauty retailing
                                      • A.S. Watson (Europe)

                                          • Figure 13: A.S. Watson (Europe): Sales as share of European health and beauty specialists’ sales, 2005-09
                                        • Strategic evaluation
                                            • Figure 14: Rossmann: Outlets per million population, 2009
                                          • Group
                                            • Recent history
                                              • Figure 15: A.S.Watson: European health and beauty chains, 2009
                                            • Financial performance
                                                • Figure 16: A.S. Watson: Estimate European sales and store numbers, 2005-09
                                                • Figure 17: Rossmann Eastern Europe (joint venture): Estimated total European sales and store numbers, 2005-09
                                              • Store portfolio
                                                  • Figure 18: A.S.Watson Europe: Estimated store numbers, 2005-09
                                                • UK operations
                                                  • Figure 19: A.S. Watson UK: Sales as share of UK health and beauty specialists’ sales, 2005-09
                                                • Financial performance
                                                  • Superdrug back on the road to profit
                                                    • Can Savers beat the competition?
                                                      • The Perfume Shop continues its strong performance
                                                        • Figure 20: AS Watson UK: Financial performance, 2005-09
                                                      • Store portfolio
                                                        • Figure 21: AS Watson UK: Outlet data, 2005-09
                                                      • Retail offering
                                                        • Superdrug focusing on beauty
                                                          • Savers’ wider offer
                                                            • The Perfume Shop’s successful niche
                                                              • Advertising
                                                                • Continental Europe operations
                                                                  • Benelux
                                                                    • Financial performance
                                                                      • Figure 22: A.S.Watson Benelux: Estimated sales contribution by fascia, 2009
                                                                    • Store portfolio
                                                                      • Figure 23: A.S.Watson: Benelux: Health and beauty store numbers, 2005-09
                                                                    • Retail offering
                                                                      • E-commerce
                                                                        • Marionnaud
                                                                          • Figure 24: A.S.Watson: Estimated Marionnaud sales as share of health & beauty specialists’ sales in Europe, 2005-09
                                                                        • Financial performance
                                                                            • Figure 25: A.S. Watson: Marionnaud: Estimated sales, 2005-09
                                                                          • Store portfolio
                                                                              • Figure 26: A.S. Watson: Marionnaud outlets (estimated), 2005-09
                                                                              • Figure 27: A.S. Watson: Marionnaud’s store portfolio, by country (estimated), 2005-09
                                                                            • Retail offer
                                                                              • Eastern Europe
                                                                                • Rossmann joint venture
                                                                                  • Baltic operations
                                                                                    • Other Eastern operations
                                                                                      • Figure 28: A.S. Watson: Eastern European operations, 2005-09
                                                                                  • News Analysis

                                                                                    • Grocers
                                                                                      • Bulgaria: Lidl to expand network by a third
                                                                                        • Denmark: Fakta reports record full year results
                                                                                          • Estonia: Prisma chain ends 2010 with loss
                                                                                            • Estonia: Rimi Eesti sales fall
                                                                                              • Europe: Lidl posts FY results, with sales up 4%
                                                                                                • Finland: S Group reports solid full year results
                                                                                                  • France: Carrefour exec joins Casino as head of food buying
                                                                                                    • France: ITM grows sales 4% in 2010
                                                                                                      • Hungary: CBA reports modest full-year sales growth
                                                                                                        • Norway: NorgesGruppen reports solid FY growth
                                                                                                          • Slovenia: Mercator stake receives initial sale bids
                                                                                                            • Spain: Mercadona reports 2010 sales up
                                                                                                              • Switzerland: Migros reports quiet full year results
                                                                                                                • UK: Asda receives the all-clear for Netto takeover
                                                                                                                  • UK: Co-op
                                                                                                                    • …partners beforeIshop as online coupon provider
                                                                                                                      • …profits rise despite like-for-like dip
                                                                                                                        • UK: Food retailers back Government healthy living pledge
                                                                                                                          • UK: Greggs sees another good year
                                                                                                                            • UK: Midcounties Co-operative profits up 35%
                                                                                                                              • UK: Morrisons
                                                                                                                                • …annual profit up
                                                                                                                                  • …buys 10% stake in FreshDirect
                                                                                                                                    • UK: Sainsbury's
                                                                                                                                      • …cocktail bay sees spirit sales lift
                                                                                                                                        • …sees continued growth in Q4 2011
                                                                                                                                          • UK: Spar companies A.F. Blackmore and Capper merge
                                                                                                                                            • UK: Supermarkets to collect plastic packaging on-site
                                                                                                                                              • UK: Tesco
                                                                                                                                                • …enters used car market
                                                                                                                                                  • …forced to offer refunds after price checker failure
                                                                                                                                                    • …acquisition of Mills Group given go ahead
                                                                                                                                                      • Off-licences
                                                                                                                                                        • UK: Oddbins
                                                                                                                                                          • …applies for administration
                                                                                                                                                            • …in administration
                                                                                                                                                              • Clothing retailing
                                                                                                                                                                • Europe: Inditex EBITDA rises 25% in 2010
                                                                                                                                                                  • France: Chevignon targets Europe with iconic jackets
                                                                                                                                                                    • Ireland: Arcadia to cut over 100 Irish jobs over rental rates
                                                                                                                                                                      • Italy: Benetton profits fall
                                                                                                                                                                        • Italy: OVS Industry to launch in France at the La Millenaire shopping centre
                                                                                                                                                                          • Italy: Prada improves earnings ahead of expected IPO
                                                                                                                                                                            • Italy: Versace makes a loss but sales grow
                                                                                                                                                                              • Spain: Bimba & Lola hunt for London store
                                                                                                                                                                                • Sweden: H&M UK sales up 14%
                                                                                                                                                                                  • UK: All Saints close to sale deal
                                                                                                                                                                                    • UK: Ann Summers hit by rising product costs
                                                                                                                                                                                      • UK: Boux Avenue store opens
                                                                                                                                                                                        • UK: Burberry to boost brand with 'statement stores'
                                                                                                                                                                                          • UK: Freemans chasing £40m in sales from new plus-size site
                                                                                                                                                                                            • UK: French Connection posts pre-tax profit of £7.3m
                                                                                                                                                                                              • UK: Gap
                                                                                                                                                                                                • …to develop jewellery range as part of strategy shift
                                                                                                                                                                                                  • …UK portfolio to see 'minimal closures'
                                                                                                                                                                                                    • UK: Henley retail arm in administration
                                                                                                                                                                                                      • UK: Hermes to sell its Jean-Paul Gaultier stake
                                                                                                                                                                                                        • UK: Inditex to push lesser known brands in UK
                                                                                                                                                                                                          • UK: Jaeger expands delivery to seven further countries
                                                                                                                                                                                                            • UK: Moss Bros narrows pre-tax losses
                                                                                                                                                                                                              • UK: Mulberry profits to "exceed expectations"
                                                                                                                                                                                                                • UK: New Look
                                                                                                                                                                                                                  • …chief exec Carl McPhail resigns
                                                                                                                                                                                                                    • …launches mobile shopping site
                                                                                                                                                                                                                      • UK: Next
                                                                                                                                                                                                                        • …drops womenswear prices by 7%
                                                                                                                                                                                                                          • …posts profit rise but warns of retail landscape
                                                                                                                                                                                                                            • UK: Officers Club on brink of administration
                                                                                                                                                                                                                              • UK: Peacocks considers sale of Bonmarché
                                                                                                                                                                                                                                • UK: Reiss to launch anniversary collection and push overseas expansion
                                                                                                                                                                                                                                  • UK: River Island's predecessor to be revived
                                                                                                                                                                                                                                    • UK: SuperGroup chief operating officer steps down
                                                                                                                                                                                                                                      • UK: Ted Baker pre-tax profits rise
                                                                                                                                                                                                                                        • UK: TK Maxx to open Haymarket store despite faltering performance
                                                                                                                                                                                                                                          • UK: Tommy Hilfiger helps PVH beat expectations
                                                                                                                                                                                                                                            • UK: Urban Outfitters posts lacklustre Q4 results
                                                                                                                                                                                                                                              • UK: White Stuff set for sale or flotation
                                                                                                                                                                                                                                                • Footwear retailing
                                                                                                                                                                                                                                                  • Hungary: Deichmann sees 2010 sales rise
                                                                                                                                                                                                                                                    • UK: Schuh launches an iPhone app
                                                                                                                                                                                                                                                      • Multi-sector retailing
                                                                                                                                                                                                                                                        • France: M&S unveils bricks and clicks launch in France
                                                                                                                                                                                                                                                          • Germany: Metro Group
                                                                                                                                                                                                                                                            • …achieves record earnings
                                                                                                                                                                                                                                                              • …highlights focus on Media-Saturn with new buy
                                                                                                                                                                                                                                                                • Russian Federation: Kesko aims for €500m Russia food sales by 2015
                                                                                                                                                                                                                                                                  • Switzerland: Dufry sees full year growth but remains cautious
                                                                                                                                                                                                                                                                    • UK: 99p Stores mulls sale as advisors appointed
                                                                                                                                                                                                                                                                      • UK: Alworths goes into administration
                                                                                                                                                                                                                                                                        • UK: HMV
                                                                                                                                                                                                                                                                          • …considers offers for Waterstone's
                                                                                                                                                                                                                                                                            • …issues another profit warning
                                                                                                                                                                                                                                                                              • UK: Halfords
                                                                                                                                                                                                                                                                                • …launches 240 autocentres across the UK
                                                                                                                                                                                                                                                                                  • …Q4 retail like-for-likes down 6.8%
                                                                                                                                                                                                                                                                                    • UK: Home Retail Group lowers profit forecast
                                                                                                                                                                                                                                                                                      • UK: Mothercare struggles in UK, but internationally strong
                                                                                                                                                                                                                                                                                        • UK: M&S
                                                                                                                                                                                                                                                                                          • …general merchandise sales drop
                                                                                                                                                                                                                                                                                            • …to help recycle 500,000 clothes in one day
                                                                                                                                                                                                                                                                                              • UK: Sunglass Hut sees promotions hit profit margins
                                                                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                                                                  • France: Chevignon targets Europe with iconic jackets
                                                                                                                                                                                                                                                                                                    • UK: Beales set to buy Co-op department stores
                                                                                                                                                                                                                                                                                                      • UK: Debenhams
                                                                                                                                                                                                                                                                                                        • …first half profits set to beat last year's
                                                                                                                                                                                                                                                                                                          • …reaches £1m sales through iPhone app
                                                                                                                                                                                                                                                                                                            • UK: Harvey Nichols to trial new format as profits rise
                                                                                                                                                                                                                                                                                                              • UK: House of Fraser scouting for small click-and-collect stores
                                                                                                                                                                                                                                                                                                                • UK: John Lewis
                                                                                                                                                                                                                                                                                                                  • …bond fully subscribed
                                                                                                                                                                                                                                                                                                                    • …first foray into Australia and the US
                                                                                                                                                                                                                                                                                                                      • UK: Laura Ashley celebrates record profits
                                                                                                                                                                                                                                                                                                                        • UK: Liberty is to revamp beauty hall
                                                                                                                                                                                                                                                                                                                          • UK: TJ Hughes
                                                                                                                                                                                                                                                                                                                            • …loses credit insurance
                                                                                                                                                                                                                                                                                                                              • …sold
                                                                                                                                                                                                                                                                                                                                • DIY retailing
                                                                                                                                                                                                                                                                                                                                  • France: Adeo reports strong full-year growth
                                                                                                                                                                                                                                                                                                                                    • Germany: Hornbach reports strong full year growth
                                                                                                                                                                                                                                                                                                                                      • Germany: Praktiker forecasts quiet year after decline in 2010
                                                                                                                                                                                                                                                                                                                                        • Romania: BauMax targets €200m sales
                                                                                                                                                                                                                                                                                                                                          • UK: Allied Carpets sold by Hilco
                                                                                                                                                                                                                                                                                                                                            • UK: Carpetright
                                                                                                                                                                                                                                                                                                                                              • …shuts Irish branches as sales drop over 50%
                                                                                                                                                                                                                                                                                                                                                • …warns on profits
                                                                                                                                                                                                                                                                                                                                                  • UK: Focus wins deal to keep monthly rents
                                                                                                                                                                                                                                                                                                                                                    • UK: Kingfisher enjoys strong growth across main divisions
                                                                                                                                                                                                                                                                                                                                                      • UK: Topps Tiles like-for-likes up 1.8% in first half
                                                                                                                                                                                                                                                                                                                                                        • Electrical retailing
                                                                                                                                                                                                                                                                                                                                                          • UK: Bennets
                                                                                                                                                                                                                                                                                                                                                            • …collapses into administration
                                                                                                                                                                                                                                                                                                                                                              • …bought out of administration
                                                                                                                                                                                                                                                                                                                                                                • UK: Best Buy sees Q4 sales fall
                                                                                                                                                                                                                                                                                                                                                                  • UK: Dixons warns on profits after poor trading
                                                                                                                                                                                                                                                                                                                                                                    • UK: Jessops to open new store format in Birmingham
                                                                                                                                                                                                                                                                                                                                                                      • UK: Phones4U
                                                                                                                                                                                                                                                                                                                                                                        • …sold to BC Partners
                                                                                                                                                                                                                                                                                                                                                                          • …to double store openings in 2011
                                                                                                                                                                                                                                                                                                                                                                            • UK: Ryness lighting specialist up for sale
                                                                                                                                                                                                                                                                                                                                                                              • Furniture retailing
                                                                                                                                                                                                                                                                                                                                                                                • UK: Bathstore sale talks on verge of collapse
                                                                                                                                                                                                                                                                                                                                                                                  • UK: DFS half year EBITDA flat with sales rising 1%
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Easy Living furniture chain collapses
                                                                                                                                                                                                                                                                                                                                                                                      • UK: SCS set to forge ahead with new stores despite trading slowdown
                                                                                                                                                                                                                                                                                                                                                                                        • UK: World of Sofas bought in pre-pack deal by management
                                                                                                                                                                                                                                                                                                                                                                                          • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                            • Europe: Retail websites now reach 75% of European internet audience each month
                                                                                                                                                                                                                                                                                                                                                                                              • France: BrandAlley benefits from repositioning
                                                                                                                                                                                                                                                                                                                                                                                                • UK: Argos to launch TV shopping channel
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: BeCheeky.com on verge of liquidation
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Flying Brands
                                                                                                                                                                                                                                                                                                                                                                                                      • …forecasts better profits in 2011
                                                                                                                                                                                                                                                                                                                                                                                                        • …sees profits fall due to poor weather conditions
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Ocado appoints Belsham to lead non-food team
                                                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                              • Germany: Celesio
                                                                                                                                                                                                                                                                                                                                                                                                                • …announces surprise departure of CEO
                                                                                                                                                                                                                                                                                                                                                                                                                  • …reports strong FY growth but remains cautious
                                                                                                                                                                                                                                                                                                                                                                                                                    • Germany: Drogerie Markt signs major deal with Hypercom
                                                                                                                                                                                                                                                                                                                                                                                                                      • Romania: Sephora perfume stores headed towards 100m lei sales
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Alliance Boots boss Andy Hornby to step down
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Perfume Shop develops new 'accessible luxury' campaign
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Lush sales boosted by new European stores
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Shanghai Pharmaceuticals considering buying stake in Celesio
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Superdrug
                                                                                                                                                                                                                                                                                                                                                                                                                                  • …concept store to open this week
                                                                                                                                                                                                                                                                                                                                                                                                                                    • …launches new shopfit as part of 'take another look' strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Blackwell halves full-year losses
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Clinton Cards sees first half profits fall
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Foyles acquires Grant & Cutler book store
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: WHSmith launches legal service in store
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Europe: Nike's spring orders set to boost ailing profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • France: Sport 2000 hopes to retake the offensive in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Italy: Moncler Group set to float on Italian stock exchange
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: American Golf owner starts £80m sale talks
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: DW Sports joins buying group Intersport
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Go Outdoors
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …launches superstore
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …to sell stake to private equity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: JD Sports Fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …puts end to talks with JJB Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …rescues Fenchurch from administration - but axes all staff
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: JJB Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …has CVA approved
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …sales down as it reports revised business plan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …to improve 'retail basics' with £65m fundraising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Aurum Jewellery Group put up for sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Signet UK like-for-likes fall 1.4% in 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Hawkin's Bazaar aims to double store count
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ireland: Outlook bad for property prices in Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: BRC and Google to produce Online Retail Monitor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: CPI annual inflation rose to 4.4% in February 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Discounters the winners as grocery growth slows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Food inflation drops as grocers increase promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Govt to introduce plain packaging for cigarettes and ban on retail displays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: ONS shows volume and value up for February
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Retail sales growth picks up but underlying trend remains subdued
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Scottish non-food sales fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Shopping centre development at lowest level for 16 years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Study shows manufacturers are increasing their online presence

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                European Retail Briefing - April 2011

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