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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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 99p Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A. S. Watson (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Adeo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alexander McQueen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Allied Floors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Allied Irish Bank
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • American Golf Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Anglia Regional Co-operative Society Ltd - Food and Department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ann Summers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Apax Partners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Association of Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aurum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bank of Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Barclays Global Investors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bathstore.com Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • bauMax (Romania)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beale Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BeCheeky
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Benetton Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bennetts (Retail) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bershka France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Biba
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bimba & Lola
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BlackRock, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Blackwell UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bonmarché
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BrandAlley
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brico Depôt (France)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Burger King Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Calvin Klein, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Capper & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Caprice Holdings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carlyle Group (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carolina Herrera New York
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Casino (France) other
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Castorama (Russia)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • CBA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Celesio Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Chevignon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Choice Discount Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Competition Commission
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Confederation of British Industry
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Coop Danmark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cortefiel (fascia)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dalziel & Pow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Deichmann Schuh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department of Health
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • dm-Drogerie Markt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dorothy Perkins old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • DUFRY
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Electra Partners Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ernest Jones Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Evans old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fakta
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Farmfoods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fenchurch International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • First Quench Retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Flying Brands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Focus Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Freemans Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gap Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gianni Versace S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Go Outdoors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Goldsmiths Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gossard
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Groupement des Mousquetaires (Intermarché/ITM Entreprises)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • H Samuel Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hawkin's Bazaar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Henleys Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hermes (GB) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HM Revenue & Customs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hornbach Holding
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hornbach-Baumarkt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hughes Electrical Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inditex UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Intersport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Irish Life & Permanent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jean Paul Gaultier SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • K-rauta
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kesko
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • KFC Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Konzum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • La Senza Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lakeside Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Land of Leather Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Land Securities Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leroy Merlin (Group)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lidl (Denmark)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Luxottica Group S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mappin & Webb Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • McDonald's Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Meadowhall Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mercadona
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mercator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Midcounties Co-operative Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Migros (Switzerland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mills Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Miss Selfridge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mitchells & Butlers Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Moncler Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Morgan Stanley
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nike
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nokia Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • NorgesGruppen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Oddbins Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Omega Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • One Stop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Otto Group (Multichannel Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • OXFAM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Past Times
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Permira Advisers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Phillips-Van Heusen Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pizza Hut
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Playtex Apparel Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Plus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Prada (I Pellettieri d'Italia S.p.A.)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Praktiker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Prisma
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Puig Beauty & Fashion Group, S.L.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pull & Bear UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ryness Electrical Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Saturn Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Screwfix UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ScS Upholstery Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Select Service Partner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sephora Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Signet Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sofas UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Stella McCartney
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sunglass Hut
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TAG Heuer International SA 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Carphone Warehouse Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Officers Club Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tommy Hilfiger Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Topman old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Topps Tiles Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Town Centre Securities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Trafford Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Unwins Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • W&G Foyle Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wallis old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Watches of Switzerland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • White Stuff Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whittard of Chelsea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wolseley plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Woolworths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Zara Home (Spain)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                European Retail Briefing - April 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                £295.00 (Excl.Tax)