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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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abel & Cole
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • abercrombie
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abercrombie & Fitch Co
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • adidas-Salomon AG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Agrokor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ahold Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Albert Heijn (fascia) Netherlands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alexon Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Arnotts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ASICS America Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Auchan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • B&Q Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bain Capital LLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Barratts Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beale Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bestseller
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blackstone Group (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blinkbox
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brantano (Group)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bridgepoint Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brighthouse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Airways Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Budgens Stores Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Calvin Klein, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Calzedonia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cartier SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cath Kidston
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Celesio Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Champneys Health Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Coffee Republic Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Colchester & East Essex Co-operative Society Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Coop Schweiz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Costcutter Supermarkets Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • CVC Capital Partners Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Darty France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Darty plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dawson International PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Delhaize Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deutsche Bank AG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dune Footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dune Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dwell
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • eBay Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Edeka Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ernest Jones Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Euro RSCG London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Everything Everywhere Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fenwick Ltd Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Foot Locker U.S.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Forever 21 Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Foster's Group Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fresh & Easy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Game Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GE Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gianni Versace S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Giant-Carlisle/Tops Arena (Ahold)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Globus Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Goldman Sachs Group, Inc., The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grupo Cortefiel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gruppo Coin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • H Samuel Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hermes (GB) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • HMV Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hotel Chocolat Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • HPJ Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Isis Asset Management PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ITV plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • J Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jones Bootmaker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jumbo Group Holding
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kaufhof
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kenwood Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kik
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lakeside Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Land Securities Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Liberty Retail PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lloyds Retail Chemists Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Londis (Holdings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Macintosh Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mango Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Merkur
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • MFI Furniture Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Microsoft Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Morgan Stanley
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Morphy Richards Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Musgrave
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • National Geographic Society
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New Balance Athletic Shoe, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Nielsen Media Research, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Nike
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Nisa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • NorgesGruppen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Orange SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Park Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PayPal Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Piaget
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pied a Terre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Play.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Poundworld Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PPR
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Prada (I Pellettieri d'Italia S.p.A.)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Premier Foods plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pretty Polly Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PriceLess
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pringle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PUMA AG Rudolf Dassler Sport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • QD Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Reebok International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • REN Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Research In Motion Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Samsung Electronics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Schroders plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Schuh Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Schuitema
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Signet Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sock Shop UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sony Pictures Entertainment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stop & Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Super de Boer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supervalu Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Swarovski
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • T-Mobile (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tengelmann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The British Land Company Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Hut.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Shoe Studio Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Toshiba Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Toys R Us
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Twentieth Century Fox Home Entertainment Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Twitter, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Vision Express (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • W&G Foyle Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Waitrose Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Walt Disney Company, The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wiggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Zavvi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      European Retail Briefing - December 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      £295.00 (Excl.Tax)