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European Retail Briefing - December 2011

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

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Table of contents

  1. Analyst Comment

    • Different year, same old problems at Carrefour
      • What we’ve seen
        • Brief turnaround
          • Figure 1: Year on year quarterly growth at Carrefour vs wider grocery sector in France, 2008-Q3 2011
        • The Olofsson impact
          • An impressive but costly legacy
            • Figure 2: Carrefour Planet stores
          • Price competitiveness still undermines performance
            • What it means
            • 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: UK: Retail sales trends, 2010-11
                • Inflation
                  • Figure 14: UK: Annual percentage change in Consumer Price Index for selected product groups, 2010-11
              • Headlines for the Month

                • Grocers
                  • Clothing retailers
                    • Footwear retailing
                      • Mixed goods retailing
                        • Miscellaneous specialist retailing
                          • Multi-sector retailing
                            • Department stores
                              • DIY retailing
                                • Electricals retailing
                                  • Music and video goods retailing
                                    • Furniture retailing
                                      • Homewares retailing
                                        • Home shopping
                                          • Health and beauty retailing
                                            • Books and stationery retailing
                                              • Sports and leisure goods retailing
                                                • Jewellers
                                                • News Analysis

                                                  • Grocers
                                                    • Austria: Rewe tests new format in Vienna
                                                      • Belgium: Delhaize
                                                        • …plans major expansion
                                                          • …reports weak Q3
                                                            • …to speed up expansion
                                                              • Europe: Carrefour expands into Albanian market
                                                                • France: Carrefour possibly looking to buy out Guyenne et Gascogne
                                                                  • Germany: Edeka among bidders for C1000
                                                                    • Germany: Globus launches click-and-collect
                                                                      • Germany: Metro shares fall due to profit warning
                                                                        • Germany: Rewe continues with convenience format expansion
                                                                          • Netherlands: Ahold
                                                                            • ...aims to triple online grocery revenue
                                                                              • …beats forecasts
                                                                                • …to open ten stores in Germany
                                                                                  • Netherlands: Jumbo to buy C1000 from CVC
                                                                                    • Norway: Orkla sells bakery unit to NorgesGruppen
                                                                                      • Russian Federation: Auchan to open six new hypermarkets
                                                                                        • Slovenia: Mercator drops support for Agrokor bid
                                                                                          • Spain: DIA cuts FY forecast
                                                                                            • Switzerland: Coop to trial new drive-in concept
                                                                                              • UK: Asda
                                                                                                • …directors exit
                                                                                                  • …launches mobile app
                                                                                                    • …like-for-likes rise 1.3%
                                                                                                      • UK: Co-op
                                                                                                        • …continues expansion but closes more Somerfield stores
                                                                                                          • …revamps electrical offering
                                                                                                            • …re-vamps its electricals site
                                                                                                              • UK: Costcutter
                                                                                                                • …bought by Bibby Line Group
                                                                                                                  • …seeks acquisitions
                                                                                                                    • UK: East of England Co-operative Society's profits suffer
                                                                                                                      • UK: Iceland
                                                                                                                        • …founder lines up Blackstone for bid
                                                                                                                          • …to potentially expand into non-food
                                                                                                                            • UK: Morrison's
                                                                                                                              • …£100m Christmas campaign
                                                                                                                                • …like-for-likes rise 2.4%
                                                                                                                                  • UK: Musgrave to launch SuperValu own brand products in UK
                                                                                                                                    • UK: Sainsbury's
                                                                                                                                      • …‘Christmas will come late… but shoppers will still be keen to buy’
                                                                                                                                        • …plans first standalone pharmacy
                                                                                                                                          • …targets local communities with bespoke air and online panto campaign
                                                                                                                                            • …to create 800 jobs in Scotland
                                                                                                                                              • …to launch Million Meal appeal
                                                                                                                                                • UK: Kantar reports Tesco loses market share
                                                                                                                                                  • UK: Tesco
                                                                                                                                                    • …announces new chairman
                                                                                                                                                      • …Big Price Drop drives volume growth
                                                                                                                                                        • …House of Fraser deal
                                                                                                                                                          • …offering shoppers free online movie service
                                                                                                                                                            • …shareholder to increase his stake
                                                                                                                                                              • …to launch Big Christmas Price Drop
                                                                                                                                                                • …trials web and store augmented technology
                                                                                                                                                                  • UK: Waitrose
                                                                                                                                                                    • …and Travelodge in hotel-and-retail co-development programme
                                                                                                                                                                      • …sales rise in Q3
                                                                                                                                                                        • Off-licences
                                                                                                                                                                          • UK: Majestic Wine
                                                                                                                                                                            • …launches first TV ad
                                                                                                                                                                              • …reports increased profits
                                                                                                                                                                                • Food specialists
                                                                                                                                                                                  • UK: Hotel Chocolat reports rising pre-tax profits
                                                                                                                                                                                    • Clothing retailing
                                                                                                                                                                                      • Germany: Abercrombie & Fitch opens first store in Germany
                                                                                                                                                                                        • Germany: Kik launches in Poland
                                                                                                                                                                                          • Italy: Calzedonia to open in London
                                                                                                                                                                                            • Italy: Gruppo Coin back in children's clothes market with Iana acquisition
                                                                                                                                                                                              • UK: Aquascutum targets overseas expansion via licensing deal
                                                                                                                                                                                                • UK: Arcadia profits fall and mass store closures confirmed
                                                                                                                                                                                                  • UK: Blue Inc gets backing from Sir Stuart Rose
                                                                                                                                                                                                    • UK: Bonmarché
                                                                                                                                                                                                      • …launches TV and iPad initiatives
                                                                                                                                                                                                        • UK: Burberry half year profits up 26%
                                                                                                                                                                                                          • UK: French Connection like-for-like fall
                                                                                                                                                                                                            • UK: H&M announces March 2012 launch of Marni collection
                                                                                                                                                                                                              • UK: Irisa to close nearly a third of standalone stores
                                                                                                                                                                                                                • UK: Jack & Jones and Swarovski open first UK out-of-town stores
                                                                                                                                                                                                                  • UK: Jaeger launches transactional mobile site
                                                                                                                                                                                                                    • UK: Mulberry reports soaring profits
                                                                                                                                                                                                                      • UK: Peacocks
                                                                                                                                                                                                                        • …'considering 200 store closures'
                                                                                                                                                                                                                          • …sees interest from Goldman Sachs
                                                                                                                                                                                                                            • UK: Primark to increase menswear after early Selfridges success
                                                                                                                                                                                                                              • UK: Pringle owners inject £10.9m
                                                                                                                                                                                                                                • UK: Reiss posts 44% rise in EBITDA
                                                                                                                                                                                                                                  • UK: River Island launches accessories shop
                                                                                                                                                                                                                                    • UK: SockShop launches mobile site
                                                                                                                                                                                                                                      • UK: Superdry to open new flagship
                                                                                                                                                                                                                                        • UK: Ted Baker
                                                                                                                                                                                                                                          • …opens 'Tedbury Village' in Bluewater
                                                                                                                                                                                                                                            • …sales up
                                                                                                                                                                                                                                              • UK: TM Lewin posts rising profits
                                                                                                                                                                                                                                                • UK: Versace launches H&M collection
                                                                                                                                                                                                                                                  • Footwear retailing
                                                                                                                                                                                                                                                    • UK: Barratts 'near administration for second time'
                                                                                                                                                                                                                                                      • UK: Boxpark plans a second site
                                                                                                                                                                                                                                                        • UK: Dr Martens to open Scottish store
                                                                                                                                                                                                                                                          • UK: Dune Group posts fall in profits
                                                                                                                                                                                                                                                            • UK: Foot Locker to launch new fascia
                                                                                                                                                                                                                                                              • UK: Jones plans click and collect service
                                                                                                                                                                                                                                                                • UK: Kurt Geiger reports rising EBITDA
                                                                                                                                                                                                                                                                  • Miscellaneous specialists
                                                                                                                                                                                                                                                                    • UK: Halford
                                                                                                                                                                                                                                                                      • …targets Scotland for £1m autocentre investment
                                                                                                                                                                                                                                                                        • …profits fall 20%
                                                                                                                                                                                                                                                                          • Mixed goods retailing
                                                                                                                                                                                                                                                                            • UK: Mothercare sees poor first half and begins review
                                                                                                                                                                                                                                                                              • UK: National Geographic to relocate flagship
                                                                                                                                                                                                                                                                                • UK: Poundland to open first Dealz store in UK
                                                                                                                                                                                                                                                                                  • UK: Poundworld to launch wholesale site
                                                                                                                                                                                                                                                                                    • UK: QD plans pop-up stores
                                                                                                                                                                                                                                                                                      • Multi-sector retailing
                                                                                                                                                                                                                                                                                        • France: M&S Paris flagship opens
                                                                                                                                                                                                                                                                                          • UK: M&S
                                                                                                                                                                                                                                                                                            • …fashion boss considers rivals
                                                                                                                                                                                                                                                                                              • …Plan A is on course
                                                                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                                                                  • Germany: Kaufhof acquires interest
                                                                                                                                                                                                                                                                                                    • UK: Debenhams
                                                                                                                                                                                                                                                                                                      • …to launch 'Christmas Spectacular' Sale
                                                                                                                                                                                                                                                                                                        • …trials mobile payments
                                                                                                                                                                                                                                                                                                          • UK: John Lewis
                                                                                                                                                                                                                                                                                                            • …and Waitrose to pilot virtual window
                                                                                                                                                                                                                                                                                                              • …four-day sales up 10.5% year-on-year
                                                                                                                                                                                                                                                                                                                • …reports mid-week sales up 3.7%
                                                                                                                                                                                                                                                                                                                  • …sales flat this week
                                                                                                                                                                                                                                                                                                                    • …sees 'Christmas momentum building'
                                                                                                                                                                                                                                                                                                                      • …to give customers energy-saving advice
                                                                                                                                                                                                                                                                                                                        • …weekly sales exceed £113m
                                                                                                                                                                                                                                                                                                                          • UK: Liberty sees pay off from revamped beauty department
                                                                                                                                                                                                                                                                                                                            • DIY retailing
                                                                                                                                                                                                                                                                                                                              • UK: B&Q profits rise in third quarter
                                                                                                                                                                                                                                                                                                                                • UK: Topps Tiles posts 36% fall in FY pre-tax profits
                                                                                                                                                                                                                                                                                                                                  • UK: Wickes
                                                                                                                                                                                                                                                                                                                                    • …appoints former Asda COO to position of MD
                                                                                                                                                                                                                                                                                                                                      • …to open smaller store formats
                                                                                                                                                                                                                                                                                                                                        • Electrical retailing
                                                                                                                                                                                                                                                                                                                                          • Europe: Metro Group to expand Media-Saturn fascia in Turkey
                                                                                                                                                                                                                                                                                                                                            • UK: Comet and Amazon launch 'mega sales'
                                                                                                                                                                                                                                                                                                                                              • UK: Comet
                                                                                                                                                                                                                                                                                                                                                • …launches £17m advertising pitch
                                                                                                                                                                                                                                                                                                                                                  • …to expand into eBay
                                                                                                                                                                                                                                                                                                                                                    • UK: Dixons group losses widen
                                                                                                                                                                                                                                                                                                                                                      • UK: Everything Everywhere to launch transactional site
                                                                                                                                                                                                                                                                                                                                                        • UK: Kesa reports like-for-likes in its half year down 7.9%
                                                                                                                                                                                                                                                                                                                                                          • UK: Phones 4U
                                                                                                                                                                                                                                                                                                                                                            • …introduces wi-fi to all stores
                                                                                                                                                                                                                                                                                                                                                              • …suffers from insurance payouts
                                                                                                                                                                                                                                                                                                                                                                • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                                  • UK: Game downgrades sales forecast
                                                                                                                                                                                                                                                                                                                                                                    • UK: HMV
                                                                                                                                                                                                                                                                                                                                                                      • …launches film on-demand service
                                                                                                                                                                                                                                                                                                                                                                        • …opens new standalone techshop
                                                                                                                                                                                                                                                                                                                                                                          • UK: Twentieth Century Fox Home Entertainment launches Blu-ray/DVD virtual store
                                                                                                                                                                                                                                                                                                                                                                            • Furniture retailing
                                                                                                                                                                                                                                                                                                                                                                              • Russian Federation: IKEA to expand in Russia
                                                                                                                                                                                                                                                                                                                                                                                • UK: BrightHouse refinances
                                                                                                                                                                                                                                                                                                                                                                                  • UK: Dwell reports EBITDA profit
                                                                                                                                                                                                                                                                                                                                                                                    • UK: IKEA price cuts boost market share
                                                                                                                                                                                                                                                                                                                                                                                      • UK: MFI to relaunch online
                                                                                                                                                                                                                                                                                                                                                                                        • Homewares retailing
                                                                                                                                                                                                                                                                                                                                                                                          • Germany: Butlers set to launch UK e-commerce site in 2012
                                                                                                                                                                                                                                                                                                                                                                                            • UK: Cath Kidston sales helped by overseas expansion
                                                                                                                                                                                                                                                                                                                                                                                              • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                                • Germany: Tengelmann launches into online game market
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Abel & Cole reports rise in profits
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Amazon set to launch smartphone
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Chain Reaction seeks out-of-town locations in UK
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: eBay
                                                                                                                                                                                                                                                                                                                                                                                                          • …acquires data firm
                                                                                                                                                                                                                                                                                                                                                                                                            • …launches first pop-up store today
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Findel’s losses widen in six months to end of September 2011
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: M and M Direct posts 2% FY growth
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                    • …launches Blackberry app
                                                                                                                                                                                                                                                                                                                                                                                                                      • …struggles with late deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Park Group sees loss but remains optimistic
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Hut to retain Channel Islands base
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Very.com launches in 48 countries
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Wiggle bought by Bridgepoint in £180m deal
                                                                                                                                                                                                                                                                                                                                                                                                                                • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Germany: Celesio reports dramatic fall in profit
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                      • …introduces personalised messages at the till
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …to roll out in-store spas
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Lloyds Pharmacy to open second Health Village
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Clintons
                                                                                                                                                                                                                                                                                                                                                                                                                                                • …launches first TV ad in seven years
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …posts 2.4% drop in like-for-likes
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …like-for-like fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …expands Irish offering with Arnotts opening
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …launches social networking e-reader
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …considers sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …warns on profit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: JD Sports prepares for "tough" Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Switzerland: Richemont positive on sales despite wary outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: HPJ Jewellers files to appoint administrators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Signet UK reports weak like-for-likes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Westfield Group plans third London shopping centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Lakeside proposes £180m extension
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ireland: Aldi and M&S first to vow to absorb Irish VAT rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ireland: VAT to rise in Ireland to 23%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: 10% online sales through click and collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: BRC and OE: British retail prices better than in Eurozone
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: CBI: High street retailers shed staff in light of steeply falling sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Chancellor: Retailers will be able to defer 60% of business rate increase in 2012-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Footfall this year experiences sharpest decline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Government implements Competition Commission’s call to strengthen controls over store cards
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Inflation at 5% in October
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Mega Monday starts competition for festive spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: November retail like-for-like sales down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Retail sales rise in October
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Scottish retail sales weak in October
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Shop chiefs disagree with VAT cuts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Shop price inflation in November falls to 2%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Food Retailing in Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Summary and Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spending on food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 15: Europe: Spending on food, drink and tobacco by country, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 16: Europe: Spending on food per capita, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Food retailers’ sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 17: Europe: Sales by food retailers, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where do consumers shop?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 18: Shops used regularly/occasionally by country, GB, France, Germany, Spain, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What makes consumers choose a particular supermarket?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 19: Deciding factors in shopping for food, drink and household products by country, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 20: Europe: Leading food retailers, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 21: Leading retailers market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Concentration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 22: Europe: Share of top five food retailers, by country, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Back into recession?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      European Retail Briefing - December 2011

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