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European Retail Briefing - December 2009

European Retail Briefing is a monthly briefing providing news and analysis that includes company results, store openings, cross-border moves, M & A activities, executive changes and property developments. Additionally each month, European Retail Briefing focuses on a key issue or specific European retail sector. The month's retail news is then analysed sector by sector, making this an invaluable resource for all with an interest in the European retail industry.

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Table of contents

  1. Analyst Comment

    • French outlet stores struggling despite the recession
      • Touted for success, heading for failure
        • Low prices don't buy success
        • Headlines of the Month

          • Food retailing
            • Clothing
              • Multi-sector
                • Department stores
                  • DIY
                    • Electricals
                      • Health and beauty
                        • Books and stationery
                          • Sports
                          • Retail Sales Review

                            • Key points
                              • France
                                • Figure 1: France: Retail sales trends, 2008-09
                              • Inflation
                                • Figure 2: France: Inflation, 2008-09
                              • Germany
                                • Figure 3: Germany: Retail sales trends, 2008-09
                              • Inflation
                                • Figure 4: Germany: Inflation, 2008-09
                              • Italy
                                • Figure 5: Italy: Retail sales trends, 2008-09
                              • Inflation
                                • Figure 6: Italy: Inflation, 2008-09
                              • Netherlands
                                • Figure 7: The Netherlands: Retail sales trends, 2008-09
                              • Inflation
                                • Figure 8: The Netherlands: Inflation, 2008-09
                              • Spain
                                • Figure 9: Spain: Retail sales trends, 2008-09
                              • Inflation
                                • Figure 10: Spain: Inflation, 2008-09
                              • UK
                                • Figure 11: Retail sales trends, 2008-09
                              • Inflation
                                • Figure 12: UK: Annual percentage change in Retail Price Index for selected product groups, 2008-09
                            • News Analysis

                              • Bakers (retail)
                                • UK: Greggs eyes Threshers stores for expansion
                                  • Co-ops (retail)
                                    • UK: Co-operative wades into Christmas price war
                                      • UK: Waitrose wades into Champagne price war
                                        • Convenience stores
                                          • UK: Costcutter pulls out of bid for First Quench stores
                                            • Grocers
                                              • Belgium: Colruyt posts H1 profit
                                                • Belgium: Delhaize outlines €300 million cost-cutting plan
                                                  • France: Auchan to stick with hypermarket investment plans
                                                    • France: Casino reshuffles Geant hypermarkets management
                                                      • Ireland: Casino-owned CDiscount collapses
                                                        • Netherlands: Ahold posts €265 million operating income
                                                          • Netherlands: Jumbo given approval for Super de Boer takeover
                                                            • Russian Federation: Magnit
                                                              • …posts sales and profits increase
                                                                • …sees sales and profit growth slow in November
                                                                  • Russian Federation: Dixy reports 14% sales rise
                                                                    • Russian Federation: X5
                                                                      • …acquires Paterson for $265 million
                                                                        • …posts Q3 profit boost
                                                                          • UK: Asda moves first in Christmas price war, records sales increase
                                                                            • UK: Hagar chief asks Walker for cash
                                                                              • UK: Haldanes
                                                                                • …opens new store and Scottish HQ
                                                                                  • …unveils expansion plans
                                                                                    • UK: Morrisons LFLs up 4.3%
                                                                                      • UK: Ocado ponders Carrefour link up
                                                                                        • UK: Sainsbury's
                                                                                          • …boasts 'strong sales'
                                                                                            • …plans Northern Irish expansion
                                                                                              • UK: Tesco
                                                                                                • …announces £100 million Chinese expansion
                                                                                                  • …launches early Clubcard offer to woo Christmas shoppers
                                                                                                    • …plans superstore splurge
                                                                                                      • …posts "solid" sales growth
                                                                                                        • …signs deal with C&W for broadband
                                                                                                          • …to open network of 'dark stores'
                                                                                                            • …Irish store plan refused
                                                                                                              • UK: Waitrose
                                                                                                                • …MD tipped as next Morrisons chief
                                                                                                                  • …to sell goods in Shell petrol stations
                                                                                                                    • Off-licences
                                                                                                                      • UK: First Quench announces more job cuts
                                                                                                                        • UK: Majestic Wine profit up 9%
                                                                                                                          • UK: Threshers franchisees form action group
                                                                                                                            • Clothing retailing
                                                                                                                              • Europe: TJX Europe Q3 LFLs up 1%
                                                                                                                                • Spain: Inditex profits down 1%
                                                                                                                                  • Sweden: H&M LFLs down in October
                                                                                                                                    • UK: Alexon LFLs down 14%
                                                                                                                                      • UK: French Connection posts sales increase
                                                                                                                                        • UK: Jaeger FY profits halve
                                                                                                                                          • UK: Matalan
                                                                                                                                            • …attracts suitors
                                                                                                                                              • …receives five first-round bids
                                                                                                                                                • UK: Moss Bros enjoys sales rise
                                                                                                                                                  • UK: New Look appoints advisers for IPO
                                                                                                                                                    • UK: Peacocks to start selling music
                                                                                                                                                      • UK: Primark has "best ever" trading day in London
                                                                                                                                                        • UK: Ted Baker sales up 19.8%
                                                                                                                                                          • Mixed goods retailing
                                                                                                                                                            • UK: Mothercare posts £7.1 million loss
                                                                                                                                                              • Multi-sector retailing
                                                                                                                                                                • France: PPR
                                                                                                                                                                  • …to list CFAO unit to raise €1 billion
                                                                                                                                                                    • …to raise funds by selling parts of retail portfolio
                                                                                                                                                                      • Portugal: Sonae profit doubles in Q3
                                                                                                                                                                        • UK: M&S
                                                                                                                                                                          • …appoints Bolland as new chief
                                                                                                                                                                            • …offers 1p delivery for online shoppers
                                                                                                                                                                              • …ponders European return
                                                                                                                                                                                • Department stores
                                                                                                                                                                                  • Italy: Gruppo Coin posts 58% profit boost
                                                                                                                                                                                    • UK: Debenhams
                                                                                                                                                                                      • …acquires Magasin for £12.3 million
                                                                                                                                                                                        • …to open in Vietnam
                                                                                                                                                                                          • UK: John Lewis reports record week
                                                                                                                                                                                            • DIY retailing
                                                                                                                                                                                              • UK: Kingfisher profits up 28%
                                                                                                                                                                                                • UK: Topps Tiles FY profit down
                                                                                                                                                                                                  • Electricals retailing
                                                                                                                                                                                                    • UK: Carphone Warehouse posts 88% profit boost
                                                                                                                                                                                                      • UK: DSGi
                                                                                                                                                                                                        • …to sue legal advisers over French withdrawal
                                                                                                                                                                                                          • …posts £17.6 million loss
                                                                                                                                                                                                            • UK: Phones 4U launches free wi-fi in-store
                                                                                                                                                                                                              • Music and video goods retailing
                                                                                                                                                                                                                • UK: HMV losses narrow
                                                                                                                                                                                                                  • Furniture retailing
                                                                                                                                                                                                                    • UK: Habitat bought by Hilco
                                                                                                                                                                                                                      • Home shopping
                                                                                                                                                                                                                        • Sweden: Netonnet suffers Q2 profit dive
                                                                                                                                                                                                                          • UK: Asos enjoys sales and profits boost
                                                                                                                                                                                                                            • UK: Findel
                                                                                                                                                                                                                              • …appoints new chief
                                                                                                                                                                                                                                • ...posts H1 loss
                                                                                                                                                                                                                                  • UK: Net-a-porter H1 profits surge 56%
                                                                                                                                                                                                                                    • UK: Shop Direct looking to relaunch Woolworths on the high street
                                                                                                                                                                                                                                      • Health and beauty retailing
                                                                                                                                                                                                                                        • Germany: Celesio swings to Q3 loss
                                                                                                                                                                                                                                          • UK: Alliance Boots plans overseas expansion
                                                                                                                                                                                                                                            • Books and stationery retailing
                                                                                                                                                                                                                                              • UK: Borders
                                                                                                                                                                                                                                                • …falls into administration
                                                                                                                                                                                                                                                  • …head office staff made redundant
                                                                                                                                                                                                                                                    • UK: Clinton Cards LFLs rise 3.9%
                                                                                                                                                                                                                                                      • UK: WH Smith
                                                                                                                                                                                                                                                        • …suffers sales drop
                                                                                                                                                                                                                                                          • …withdraws Borders bid
                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                              • UK: Blacks Leisure CVA nears completion
                                                                                                                                                                                                                                                                • UK: JD Sports Fashion
                                                                                                                                                                                                                                                                  • …posts solid results
                                                                                                                                                                                                                                                                    • …offloads JJB stake
                                                                                                                                                                                                                                                                      • …appoints new chief executive
                                                                                                                                                                                                                                                                        • UK: Sports Direct pre-tax profit down 40.8%
                                                                                                                                                                                                                                                                          • Jewellers
                                                                                                                                                                                                                                                                            • UK: Signet records $10.5 million loss
                                                                                                                                                                                                                                                                              • Toys and games retailing
                                                                                                                                                                                                                                                                                • UK: Game Group suffers large sales fall
                                                                                                                                                                                                                                                                                  • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                    • UK: Halfords profit up 24%
                                                                                                                                                                                                                                                                                      • UK: Hobbycraft
                                                                                                                                                                                                                                                                                        • …sales boosted by revival of traditional hobbies
                                                                                                                                                                                                                                                                                          • …to be put up for sale
                                                                                                                                                                                                                                                                                            • Luxury goods retailing
                                                                                                                                                                                                                                                                                              • UK: Burberry
                                                                                                                                                                                                                                                                                                • …plans Indian venture
                                                                                                                                                                                                                                                                                                  • …profits down 19.6%
                                                                                                                                                                                                                                                                                                    • UK: Mulberry posts strong results
                                                                                                                                                                                                                                                                                                      • Economy
                                                                                                                                                                                                                                                                                                        • Germany: German retail sales improve slightly in October
                                                                                                                                                                                                                                                                                                          • UK: BRC: November retail sales "disappointing"
                                                                                                                                                                                                                                                                                                            • UK: London LFLs up 4.2% in October
                                                                                                                                                                                                                                                                                                              • UK: London retail sales up 13.3%
                                                                                                                                                                                                                                                                                                                • UK: ONS: Retail sales up in October
                                                                                                                                                                                                                                                                                                                  • UK: Retail sales volumes up, says CBI
                                                                                                                                                                                                                                                                                                                    • UK: Scottish retail sales fall behind rest of UK
                                                                                                                                                                                                                                                                                                                    • Food Retailing in Europe

                                                                                                                                                                                                                                                                                                                        • Key findings
                                                                                                                                                                                                                                                                                                                          • Light at the end of some tunnels
                                                                                                                                                                                                                                                                                                                            • Demand for food
                                                                                                                                                                                                                                                                                                                              • Food retailers
                                                                                                                                                                                                                                                                                                                                • Figure 13: Europe: Sales by food retailers, 2007 and 2008
                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                  • Figure 14: Europe: Top 20 leading food retailers, 2007 and 2008
                                                                                                                                                                                                                                                                                                                                • Auchan
                                                                                                                                                                                                                                                                                                                                  • Figure 15: Auchan: Sales as share of all food retailers’ sales in Europe, 2004-08
                                                                                                                                                                                                                                                                                                                                  • Figure 16: Auchan: Sales as share of all food retailers’ sales in France, 2004-08
                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                      • Figure 17: Auchan: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                      • Figure 18: Auchan: Estimated European sales, by country, 2004-08
                                                                                                                                                                                                                                                                                                                                      • Figure 19: Auchan: Share of group sales, by region, 2004-08
                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                        • Figure 20: Auchan: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                        • Figure 21: Auchan (Europe) fascia type, by market, 2008
                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                        • Market positioning
                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                            • Figure 22: Auchan: Breakdown of own brands in Europe, 2009
                                                                                                                                                                                                                                                                                                                                          • Product offer
                                                                                                                                                                                                                                                                                                                                            • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping

                                                                                                                                                                                                                                                                                                                                              European Retail Briefing - December 2009

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