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European Retail Briefing - August 2011

While most countries are now out of recession, single currency Europe still stands on the brink of crisis. Bailouts have been paid to Greece, Ireland and Portugal while fears remain that either Italy or Spain could yet require similar assistance, something that could prove to be too much for the remaining members to support and leading to a break-up of the single currency. Even if such an issue was avoided, a downgrade of the French economy could yet result in a similar outcome.

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Table of contents

  1. Analyst Comment

    • 2011: the year of uncertainty
      • What we’ve seen
        • The end of Europe as we know it?
          • A mixed bag
            • The good
              • Figure 1: Europe’s strong performing markets, retail sales growth H1 2011
            • The bad
              • Figure 2: Figure 2: Europe’s weak performing markets, retail sales growth H1 2011
            • The retailer response
              • What it means
              • Headlines for the Month

                • Grocers
                  • Clothing retailing
                    • Multi-sector retailing
                      • Department stores
                        • Mixed goods retailers
                          • Electricals retailing
                            • Home shopping
                              • Health and beauty
                                • Jewellery
                                • Retail Sales Review

                                  • Key points
                                    • France
                                      • Figure 3: France: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 4: France: Inflation, 2010-11
                                    • Germany
                                      • Figure 5: Germany: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 6: Germany: Inflation, 2010-11
                                    • Italy
                                      • Figure 7: Italy: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 8: Italy: Inflation, 2010-11
                                    • Netherlands
                                      • Figure 9: The Netherlands: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 10: The Netherlands: Inflation, 2010-11
                                    • Spain
                                      • Figure 11: Spain: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 12: Spain: Inflation, 2010-11
                                    • UK
                                      • Figure 13: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 14: UK: Annual percentage change in Consumer Price Index for selected product groups, 2010-11
                                  • News Analysis

                                    • Grocers
                                      • Austria: Spar to launch convenience store
                                        • France: Carrefour profits fall
                                          • France: Casino
                                            • …plans to take full control of Brazil's CBD
                                              • …reports rising sales
                                                • Germany: Rewe Group
                                                  • …to sell Billa Italia
                                                    • …Penny to focus on own brand
                                                      • Latvia: Maxima Latvija sees dip in profits
                                                        • Latvia: Rimi Latvia 2010 consolidated turnover down
                                                          • Netherlands: C1000 to split up units after modest full year growth
                                                            • Romania: Rewe to invest in Penny Chain
                                                              • Russian Federation: O'Key reports strong second quarter
                                                                • Russian Federation: X5 Retail and Magnit report strong growth
                                                                  • UK: Co-operative Food launches new Free From and Wholefoods ranges
                                                                    • UK: Iceland founder hires Rothschild
                                                                      • UK: Morrisons
                                                                        • …hopes to acquire Iceland stores
                                                                          • …is fastest growing of the big four retailers
                                                                            • UK: Nisa-Today to pay £5m to members following record performance
                                                                              • UK: Sainsbury's
                                                                                • …and Jamie Oliver split after 11 years
                                                                                  • …launches non-food app
                                                                                    • Ireland: Superquinn sold to the Musgrave group
                                                                                      • UK: Tesco
                                                                                        • …struggling to find partners in online venture
                                                                                          • …superstore & retail park approved
                                                                                            • …to offer customers free WiFi internet service
                                                                                              • UK: Waitrose
                                                                                                • …plots clothing launch
                                                                                                  • …sales grow in first half
                                                                                                    • UK: Whole Foods Market to expand north of the UK border
                                                                                                      • Food specialists
                                                                                                        • UK: Greggs reports profits fall but sales rise
                                                                                                          • UK: Thorntons’ like-for-like sales fall
                                                                                                            • Clothing retailing
                                                                                                              • France: Etam Group benefit from earlier sales period
                                                                                                                • Germany: Hugo Boss predicts positive second half of 2011
                                                                                                                  • Italy: Benetton Group interim profits down
                                                                                                                    • Spain: Inditex chairman steps down
                                                                                                                      • Sweden: H&M
                                                                                                                        • …like-for-likes fall 4%
                                                                                                                          • …team up with David Beckham
                                                                                                                            • UK: Aquascutum receives £8m loan
                                                                                                                              • UK: Arcadia expects profits fall
                                                                                                                                • UK: Bond Street Association campaign to smarten area up
                                                                                                                                  • UK: Burberry like-for-like up 15%
                                                                                                                                    • UK: Forever 21 opens in Oxford Street
                                                                                                                                      • UK: French Connection reports as expected first half results
                                                                                                                                        • UK: Hobbs aims to expand stores as range grows
                                                                                                                                          • UK: Jack Wills eyes sale or float next year
                                                                                                                                            • UK: Lipsy to open 40 international stores
                                                                                                                                              • UK: Matalan reports quarterly sales drop
                                                                                                                                                • UK: Next reports solid first half sales
                                                                                                                                                  • UK: Nicole Farhi relocates London flagship store
                                                                                                                                                    • UK: Primark sees strong sales growth but margins down
                                                                                                                                                      • UK: River Island return to print ads
                                                                                                                                                        • UK: SuperGroup more than doubles full-year profits
                                                                                                                                                          • UK: Zara UK sees increase in sales and profits
                                                                                                                                                            • Footwear retailing
                                                                                                                                                              • Italy: Tod's Group reports 30% growth
                                                                                                                                                                • Spain: Coolway to open UK store in Oxford Street
                                                                                                                                                                  • Multi-sector retailing
                                                                                                                                                                    • Czech Republic: Makro launches group discount site
                                                                                                                                                                      • Estonia: Tallinna Kaubamaja Group increases revenue by 4.6% in first half of 2011
                                                                                                                                                                        • Germany: Metro Group
                                                                                                                                                                          • …could sell Kaufhof to El Corte Ingles
                                                                                                                                                                            • …posts stable sales development
                                                                                                                                                                              • …Media-Saturn report loss
                                                                                                                                                                                • Europe: LVMH profits up as demand for luxury goods show no signs of slowing
                                                                                                                                                                                  • France: PPR
                                                                                                                                                                                    • …considering buying Brioni
                                                                                                                                                                                      • …increases stake in Puma
                                                                                                                                                                                        • …preparing to sell Redcats
                                                                                                                                                                                          • UK: Marks & Spencer sales rise and group increases market share
                                                                                                                                                                                            • Department stores
                                                                                                                                                                                              • Finland: Stockmann issues profit warning
                                                                                                                                                                                                • UK: Allders launches transactional website
                                                                                                                                                                                                  • UK: Debenhams
                                                                                                                                                                                                    • …completes £650m refinancing
                                                                                                                                                                                                      • UK: House of Fraser
                                                                                                                                                                                                        • …opening click-and-collect store
                                                                                                                                                                                                          • …sales up
                                                                                                                                                                                                            • UK: John Lewis to open 10 smaller stores
                                                                                                                                                                                                              • UK: Liberty to launch kidswear
                                                                                                                                                                                                                • UK: TJ Hughes
                                                                                                                                                                                                                  • …begins store closures
                                                                                                                                                                                                                    • …stores bought by Lewis's Home Retail
                                                                                                                                                                                                                      • Mixed goods retailers
                                                                                                                                                                                                                        • UK: Original Factory Shop posts fall in profits
                                                                                                                                                                                                                          • Ireland: Poundland expands into Ireland
                                                                                                                                                                                                                            • DIY retailing
                                                                                                                                                                                                                              • Germany: Praktiker
                                                                                                                                                                                                                                • …CEO resigns and share price in free fall
                                                                                                                                                                                                                                  • …posts a loss for the first half of 2011
                                                                                                                                                                                                                                    • UK: B&Q plans to lease products
                                                                                                                                                                                                                                      • UK: Kingfisher sales harmed by Focus collapse
                                                                                                                                                                                                                                        • UK: Robert Dyas could be sold
                                                                                                                                                                                                                                          • UK: Topps Tiles sees Q3 sales fall
                                                                                                                                                                                                                                            • UK: Travis Perkins reports 54% revenue increase
                                                                                                                                                                                                                                              • Miscellaneous specialists
                                                                                                                                                                                                                                                • UK: United Carpets reports level profits
                                                                                                                                                                                                                                                  • UK: Carpetright reports 1.5% drop in group sales
                                                                                                                                                                                                                                                    • UK: Mothercare UK sales hit by tough conditions
                                                                                                                                                                                                                                                      • UK: Halfords like-for-like sales drop by 1.1%
                                                                                                                                                                                                                                                        • Electricals retailing
                                                                                                                                                                                                                                                          • Denmark: Skousen sold off to rival
                                                                                                                                                                                                                                                            • France: Fnac five-year plan to lift flagging sales
                                                                                                                                                                                                                                                              • UK: Best Buy to launch customer magazine
                                                                                                                                                                                                                                                                • UK: Carphone Warehouse sees mixed quarter one results
                                                                                                                                                                                                                                                                  • UK: Comet
                                                                                                                                                                                                                                                                    • …bidders exit battle for store
                                                                                                                                                                                                                                                                      • …sets first-round bids deadline
                                                                                                                                                                                                                                                                        • UK: Dixons to open in Harrods
                                                                                                                                                                                                                                                                          • UK: Jessops post sales growth in first half of 2011
                                                                                                                                                                                                                                                                            • Furniture retailing
                                                                                                                                                                                                                                                                              • UK: Dreams' supplier cover cut by credit insurer
                                                                                                                                                                                                                                                                                • UK: Lombok closes half its estate
                                                                                                                                                                                                                                                                                  • Homewares retailing
                                                                                                                                                                                                                                                                                    • UK: Achica receives investment from Balderton Capital
                                                                                                                                                                                                                                                                                      • UK: Cath Kidston hires Claire's Stores boss as CEO
                                                                                                                                                                                                                                                                                        • UK: Garden Centre Group
                                                                                                                                                                                                                                                                                          • …acquires Country Homes & Gardens
                                                                                                                                                                                                                                                                                            • …sales up 8%
                                                                                                                                                                                                                                                                                              • UK: The White Company
                                                                                                                                                                                                                                                                                                • …EBITDA rises as boss plans exit
                                                                                                                                                                                                                                                                                                  • …opens second lifestyle store
                                                                                                                                                                                                                                                                                                    • Home shopping
                                                                                                                                                                                                                                                                                                      • France: Damartex reports slight growth
                                                                                                                                                                                                                                                                                                        • France: RueduCommerce sees sharp growth from La Galerie
                                                                                                                                                                                                                                                                                                          • UK: Amazon to open new UK fulfilment centre
                                                                                                                                                                                                                                                                                                            • UK: Asos sales rise 69%
                                                                                                                                                                                                                                                                                                              • UK: BrandAlley launches TV channel
                                                                                                                                                                                                                                                                                                                • UK: Findel group reports sales up 1.1%
                                                                                                                                                                                                                                                                                                                  • UK: Flying Brands enters personalised cards market
                                                                                                                                                                                                                                                                                                                    • UK: N Brown signs Flintoff as new face of Jacamo
                                                                                                                                                                                                                                                                                                                      • UK: Ocado to open new distribution centre in Oxford
                                                                                                                                                                                                                                                                                                                        • UK: Photobox buys Moonpig for £120m
                                                                                                                                                                                                                                                                                                                          • UK: Wiggle sees increase in performances and expands into Holland
                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                              • Poland: PGF seeks one more deal this year
                                                                                                                                                                                                                                                                                                                                • UK: Superdrug's Beautycard sees 4m sign up
                                                                                                                                                                                                                                                                                                                                  • UK: The Fragrance Shop reports rising profits
                                                                                                                                                                                                                                                                                                                                    • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                      • UK: Card Factory acquires online rival
                                                                                                                                                                                                                                                                                                                                        • UK: Clintons gets new CEO from October 2011
                                                                                                                                                                                                                                                                                                                                          • UK: HobbyCraft reports 13% sales increase
                                                                                                                                                                                                                                                                                                                                            • UK: Paperchase profits hit by Borders fall
                                                                                                                                                                                                                                                                                                                                              • UK: The Works targets online
                                                                                                                                                                                                                                                                                                                                                • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                  • Europe: Go Sport Group reduces its net loss
                                                                                                                                                                                                                                                                                                                                                    • Germany: Intersport Deutschland first-half sales down
                                                                                                                                                                                                                                                                                                                                                      • UK: Blacks
                                                                                                                                                                                                                                                                                                                                                        • …potentially taken over by Mike Ashley
                                                                                                                                                                                                                                                                                                                                                          • …sales fall
                                                                                                                                                                                                                                                                                                                                                            • UK: JJB Sports
                                                                                                                                                                                                                                                                                                                                                              • …makes "good progress" in turnaround plan
                                                                                                                                                                                                                                                                                                                                                                • …saves itself from administration
                                                                                                                                                                                                                                                                                                                                                                  • UK: Sports Direct profits rise
                                                                                                                                                                                                                                                                                                                                                                    • Jewellers
                                                                                                                                                                                                                                                                                                                                                                      • Switzerland: Swatch first-half earnings up
                                                                                                                                                                                                                                                                                                                                                                        • UK: Aurum continues sales growth
                                                                                                                                                                                                                                                                                                                                                                          • UK: Pandora sales fall and CEO exits
                                                                                                                                                                                                                                                                                                                                                                            • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                              • UK: Game to sell digital games in-store
                                                                                                                                                                                                                                                                                                                                                                                • UK: Games Workshop sees revenues and profits slip
                                                                                                                                                                                                                                                                                                                                                                                  • UK: Hamleys reports operating profit increase of over 40%
                                                                                                                                                                                                                                                                                                                                                                                    • Economy
                                                                                                                                                                                                                                                                                                                                                                                      • Ireland: Irish retail sales fall by 6%
                                                                                                                                                                                                                                                                                                                                                                                        • UK: BAA increases net retail income per passenger
                                                                                                                                                                                                                                                                                                                                                                                          • UK: BRC: June retail sales better than expected
                                                                                                                                                                                                                                                                                                                                                                                            • UK: BRC: Retail growth is modest in July
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Capital Shopping Centres reports rising retail sales
                                                                                                                                                                                                                                                                                                                                                                                                • UK: CSL and Mamas & Papas sign up to Lakeside extension
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Ecommerce growth slows
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Fewer trips made to non-food stores in June
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Food inflation slows in July
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Government to cut red tape for retailers
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Grocers fined for price fixing on dairy products
                                                                                                                                                                                                                                                                                                                                                                                                            • UK: June inflation falls back to 4.2%
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: London to home world's first pop-up mall
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Mobile retail searches rise 216% in second quarter
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: OFT call for return of RRP on electrical items
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Retail administrations increase 8% year-on-year
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Retail employment falls by 0.4%
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Sales volumes rise 0.8% month-on-month
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Shop vacancy rates fall
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Shoppers spent £5.3bn online in June 2011
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Shopping centres in Wales and Scotland purchased
                                                                                                                                                                                                                                                                                                                                                                                                                              • Luxury Goods Sector – Global

                                                                                                                                                                                                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strong performance in 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Possible faltering in later 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Variable outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market factors
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Potential problems
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tipping point?
                                                                                                                                                                                                                                                                                                                                                                                                                                                • HNWIs are key
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market breakdown: where and what
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Asia to overtake Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Prospects for the Americas
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bounce back for hard luxury
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Perfumes and cosmetics outpaced
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Soft luxury buoyant
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Focusing on boutiques
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Flagship openings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online investments

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    European Retail Briefing - August 2011

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