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European Retail Briefing - April 2014

The European retail briefing provides commentary, data and news analysis from across Europe ensuring that you keep in contact with the latest retail news.

In this report we include:

  • An analyst comment looking at Kingfisher and the possibility of acquiring French DIY chain Mr Bricolage.
  • An overview of the the latest European retail sales data across the five Major European economies.
  • A profile of Tesco. This is taken from our recently published Online grocery retailing report.
  • Monthly headlines and retail news analysis across Europe.
  • less

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Table of contents

  1. Analyst Comment

    • Building a bigger Kingfisher
      • A complementary proposition
        • A move into franchising
          • The market context
            • What we think
            • European Retail Sales

                  • Figure 1: Major European economies: Year on year retail sales value growth, 2013-14
                  • Figure 2: Major European economies: Year on year retail sales volume growth, 2013-14
                  • Figure 3: Major European economies: All items CPI, 2013-14
                  • Figure 4: Major European economies: Food price inflation, 2013-14
              • Headlines for the Month

                • Grocers
                  • Clothing retailing
                    • Mixed goods retailing
                      • Multi-sector retailing
                        • Department stores
                          • DIY retailing
                            • Electrical retailing
                              • Home shopping
                                • Sport and Leisure goods retailing
                                • News Analysis – Food and Drink

                                  • Co-ops
                                    • UK: Co-op
                                      • …CEO Euan Sutherland resigns
                                        • …delay annual results, initiate management reconstruction
                                          • …prepares to sell pharmacies
                                            • …reform plans rejected
                                              • …Documents leaked over Co-op salary increases
                                                • …Lord Myners quits The Co-operative Group over planned reforms
                                                  • …Tesco looks to buy Co-op pharmacies
                                                    • …signs for 54 new stores
                                                      • …to enter the mobile phone market
                                                        • Convenience stores
                                                          • UK: 7-Eleven to enter the UK
                                                            • UK: McColl's like-for-like sales up 1.4%
                                                              • Grocers
                                                                • Belgium: Delhaize Group announces 2013 results
                                                                  • France: Carrefour
                                                                    • …Q1 sales
                                                                      • …to complete takeover of 128 Coop Alsace Stores
                                                                        • …The Moulin family acquires 6.1% stake in Carrefour
                                                                          • Germany: Edeka breaks the 50 billion mark
                                                                            • Germany: Kaufland invests in 20 new stores
                                                                              • Germany: Lidl chief executive leaves over ‘unbridgeable’ strategy differences
                                                                                • Ireland: Tesco market share falls 1.2% in Ireland
                                                                                  • Switzerland: Migros reports record profits
                                                                                    • UK: Aldi
                                                                                      • …and Lidl increase market share
                                                                                        • …ASA uphold complaint over Aldi ad
                                                                                          • UK: Morrison’s
                                                                                            • …chief executive declines bonus
                                                                                              • …‘Disappointing year’ for Morrisons as full-year results are published
                                                                                                • …loses head of digital
                                                                                                  • …to take on Aldi and Lidl with price cuts
                                                                                                    • UK: Sainsbury’s
                                                                                                      • …launches UK’s first ‘grown by women’ coffee
                                                                                                        • …sales fall in Q4
                                                                                                          • …sells off stake in Anobii
                                                                                                            • UK: Tesco
                                                                                                              • …finance director to leave company
                                                                                                                • …launches Clubcard Fuel Save scheme
                                                                                                                  • …to face judicial review over ‘Price Promise’
                                                                                                                    • …to introduce New York deli-diner
                                                                                                                      • …to pilot pizza delivery
                                                                                                                        • …finance director could be on the way out
                                                                                                                          • UK: Waitrose
                                                                                                                            • …expands newspaper and TV offering
                                                                                                                              • …to open first national distribution centre
                                                                                                                                • Off-licences
                                                                                                                                  • UK: Majestic warns that pre-tax profit will be flat
                                                                                                                                  • News Analysis – Non Food

                                                                                                                                    • Clothing retailing
                                                                                                                                      • Denmark: Jack & Jones launches Produkt
                                                                                                                                        • Europe: Hugo Boss announces fourth-quarter sales increase
                                                                                                                                          • Europe: TJX Europe plans 40 new stores
                                                                                                                                            • France: Primark opens first Parisian store
                                                                                                                                              • France: Vivarte enters voluntary debt restructuring talks
                                                                                                                                                • Germany: Takko Fashion announces Q3 results
                                                                                                                                                  • Ireland: Forever 21’s Irish flagship losses €12.5m
                                                                                                                                                    • Spain: Desigual gets £240m investment
                                                                                                                                                      • Spain: Inditex to accelerate investment in 2014 after 5% sales growth
                                                                                                                                                        • Spain: Mango sales up 9%
                                                                                                                                                          • Sweden: H&M release quarterly results
                                                                                                                                                            • UK: Ann Summers is to put Knickerbox up for sale
                                                                                                                                                              • UK: Better Capital is pumping £7.5 million into its Jaeger stores
                                                                                                                                                                • UK: BHS Food
                                                                                                                                                                  • …will undercut its rivals
                                                                                                                                                                    • …signs food supply deal with Booker
                                                                                                                                                                      • UK: Eight stores closed by Internaçionale administrators
                                                                                                                                                                        • UK: Esprit considers UK retail exit
                                                                                                                                                                          • UK: Forever 21 reports losses in the UK
                                                                                                                                                                            • UK: French Connection narrows full-year losses
                                                                                                                                                                              • UK: IRO to open London Flagship
                                                                                                                                                                                • UK: J Crew looks to open two new stores
                                                                                                                                                                                  • UK: Jack Wills to hire Lord Davies as chairman
                                                                                                                                                                                    • UK: Jigsaw is to open a new flagship ‘emporium’
                                                                                                                                                                                      • UK: King’s Road Sporting Club to close
                                                                                                                                                                                        • UK: Moss Bros sales up 4.2%
                                                                                                                                                                                          • UK: Mulberry chief executive quits
                                                                                                                                                                                            • UK: Next
                                                                                                                                                                                              • …reveal results of a ‘great year’
                                                                                                                                                                                                • …Lord Wolfson giving away his £4m bonus
                                                                                                                                                                                                  • …to launch branded spin-off website
                                                                                                                                                                                                    • …to overtake rival Marks & Spencer
                                                                                                                                                                                                      • UK: Ted Baker sees 24.6% rise in retail sales
                                                                                                                                                                                                        • Mixed goods retailing
                                                                                                                                                                                                          • Denmark: Tiger considers potential IPO
                                                                                                                                                                                                            • Germany: B&M Bargains acquires JA Woll Handels
                                                                                                                                                                                                              • Germany: Xenos to further expand German operations
                                                                                                                                                                                                                • UK: Poundland given £750m valuation
                                                                                                                                                                                                                  • Multi-sector retailing
                                                                                                                                                                                                                    • Europe: Globus announces sales increase
                                                                                                                                                                                                                      • Germany: REWE Group
                                                                                                                                                                                                                        • …turnover up 2.9%
                                                                                                                                                                                                                          • …tests petrol station concept
                                                                                                                                                                                                                            • UK: Argos reshapes management structure
                                                                                                                                                                                                                              • UK: Home Retail
                                                                                                                                                                                                                                • …and Shop Direct to put aside provisions for mis-sold PPI
                                                                                                                                                                                                                                  • …to exceed profit expectations after strong end of year sales
                                                                                                                                                                                                                                    • UK: Laura Ashley sales fall 0.4%
                                                                                                                                                                                                                                      • UK: M&S
                                                                                                                                                                                                                                        • …Q4 results
                                                                                                                                                                                                                                          • …two top executives to leave M&S
                                                                                                                                                                                                                                            • Department stores
                                                                                                                                                                                                                                              • Denmark: Magasin to open a new department store in Denmark
                                                                                                                                                                                                                                                • UK: House of Fraser enters acquisition talks
                                                                                                                                                                                                                                                  • UK: Jo Hooper to leave John Lewis
                                                                                                                                                                                                                                                    • UK: Sanpower to acquire House of Fraser
                                                                                                                                                                                                                                                      • DIY retailing
                                                                                                                                                                                                                                                        • France: Adeo see sales grow
                                                                                                                                                                                                                                                          • France: Brico Depot to launch franchise model
                                                                                                                                                                                                                                                            • France: Kingfisher enters talks to acquire Mr Bricolage
                                                                                                                                                                                                                                                              • Germany: Hornbach see sales increase by 4.3%
                                                                                                                                                                                                                                                                • UK: Kingfisher announces a 5.2% rise in sales
                                                                                                                                                                                                                                                                  • Electrical retailing
                                                                                                                                                                                                                                                                    • Europe: Euronics has reported a 12% decline in sales
                                                                                                                                                                                                                                                                      • France: Carphone Warehouse to sell stake in MVNO Omea Telecom
                                                                                                                                                                                                                                                                        • UK: £4bn merger of Dixons and Carphone Warehouse requires deadline extension
                                                                                                                                                                                                                                                                          • UK: Vodafone to open 150 new UK stores
                                                                                                                                                                                                                                                                            • Footwear retailing
                                                                                                                                                                                                                                                                              • UK: Sole Trader profits rise 24.6%
                                                                                                                                                                                                                                                                                • Carpet retailing
                                                                                                                                                                                                                                                                                  • UK: Carpertright issues profit warning
                                                                                                                                                                                                                                                                                    • UK: OFT probe inspires change in five furnishers
                                                                                                                                                                                                                                                                                      • Furniture retailing
                                                                                                                                                                                                                                                                                        • Ireland: IKEA Ireland sees 96% increase in profits
                                                                                                                                                                                                                                                                                          • UK: DFS sales down 1.3% in the first half of the year
                                                                                                                                                                                                                                                                                            • Homewares retailing
                                                                                                                                                                                                                                                                                              • UK: Dunelm Q3 sales up 9.9%
                                                                                                                                                                                                                                                                                                • Home shopping
                                                                                                                                                                                                                                                                                                  • Europe: French Connection to launch first overseas website
                                                                                                                                                                                                                                                                                                    • France: 3 Suisses to discontinue its catalogue
                                                                                                                                                                                                                                                                                                      • France: H&M launch French online store
                                                                                                                                                                                                                                                                                                        • Germany: Bauhaus makes online move
                                                                                                                                                                                                                                                                                                          • Germany: Zalando to become a European Company
                                                                                                                                                                                                                                                                                                            • UK: Amazon given option on Yodel
                                                                                                                                                                                                                                                                                                              • UK: ASOS
                                                                                                                                                                                                                                                                                                                • …reports 26% sales growth
                                                                                                                                                                                                                                                                                                                  • …sales up 34%
                                                                                                                                                                                                                                                                                                                    • UK: Boohoo.com
                                                                                                                                                                                                                                                                                                                      • …makes its stock market debut
                                                                                                                                                                                                                                                                                                                        • …sees EBITDA rise by 200%
                                                                                                                                                                                                                                                                                                                          • UK: Bourne to open first store
                                                                                                                                                                                                                                                                                                                            • UK: Jacamo and Simply Be to make Oxford Street debut
                                                                                                                                                                                                                                                                                                                              • UK: Littlewoods wins £1.2bn tax victory
                                                                                                                                                                                                                                                                                                                                • UK: M and M Direct eyes £150m sale
                                                                                                                                                                                                                                                                                                                                  • UK: Moonpig.com owner planning IPO
                                                                                                                                                                                                                                                                                                                                    • UK: Ocado posts strong sales growth in the 12 weeks to 23 February 2014
                                                                                                                                                                                                                                                                                                                                      • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                        • UK: Walgreens and Alliance Boots partnership ‘exceeding expectations’
                                                                                                                                                                                                                                                                                                                                          • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                            • Ireland: WH Smith Ireland sees pre-tax profit rise by 185%
                                                                                                                                                                                                                                                                                                                                              • UK: Smiggle to expand outside of London
                                                                                                                                                                                                                                                                                                                                                • UK: WHSmith first half pre-tax profit up, like-for-like sales down
                                                                                                                                                                                                                                                                                                                                                  • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                    • Ireland: New owners of Elverys chosen
                                                                                                                                                                                                                                                                                                                                                      • UK: JD Sports invests in Mainline Menswear
                                                                                                                                                                                                                                                                                                                                                        • UK: Mike Ashley
                                                                                                                                                                                                                                                                                                                                                          • …sells stake in Sports Direct
                                                                                                                                                                                                                                                                                                                                                            • …Sports Direct cancels AGM
                                                                                                                                                                                                                                                                                                                                                              • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                • UK: Sales rise 1.3% for The Entertainer
                                                                                                                                                                                                                                                                                                                                                                  • UK: The Toy Store to enter the UK
                                                                                                                                                                                                                                                                                                                                                                    • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                                                                                                      • UK: Albemarle & Bond shares suspended
                                                                                                                                                                                                                                                                                                                                                                        • UK: Bids for Kiddicare expected by the end of April
                                                                                                                                                                                                                                                                                                                                                                          • UK: Evans Cycles profits soar
                                                                                                                                                                                                                                                                                                                                                                            • UK: Mothercare
                                                                                                                                                                                                                                                                                                                                                                              • …hires ex-Shop Direct boss as interim CEO
                                                                                                                                                                                                                                                                                                                                                                                • …Q4 sales dip
                                                                                                                                                                                                                                                                                                                                                                                  • UK: Pets at Home
                                                                                                                                                                                                                                                                                                                                                                                    • …and Poundland set prices for floats
                                                                                                                                                                                                                                                                                                                                                                                      • …former Britvic CEO joins Pets at Home
                                                                                                                                                                                                                                                                                                                                                                                        • Economy
                                                                                                                                                                                                                                                                                                                                                                                          • Europe: Buy-one-get-one-free offers are ‘too wasteful’
                                                                                                                                                                                                                                                                                                                                                                                            • UK: ONS announces 4.7% rise in February retail spend
                                                                                                                                                                                                                                                                                                                                                                                              • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                • …retail sales slow in February
                                                                                                                                                                                                                                                                                                                                                                                                  • …shop prices fall 1.7% in March
                                                                                                                                                                                                                                                                                                                                                                                                    • …UK footfall drops in February 2014
                                                                                                                                                                                                                                                                                                                                                                                                    • Online Grocery Retailing

                                                                                                                                                                                                                                                                                                                                                                                                        • Tesco
                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                            • Prices – much less important that they are thought to be
                                                                                                                                                                                                                                                                                                                                                                                                              • Investing in the business
                                                                                                                                                                                                                                                                                                                                                                                                                • Non-food changes
                                                                                                                                                                                                                                                                                                                                                                                                                  • Online leader
                                                                                                                                                                                                                                                                                                                                                                                                                    • The future
                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 5: Tesco UK: Sales growth, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 6: Tesco Plc: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                        • Online grocery sales
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 7: Tesco UK: Estimated online grocery revenues, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlets
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 8: Tesco UK: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                        European Retail Briefing - April 2014

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