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European Retail Briefing - February 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

    • Inflation looms over European food retail
      • Inflation: The return
        • Price rises will be passed on
          • The grocers will lead the way
          • Headlines for the Month

            • Food retailers
              • Clothing retailers
                • Multi-sector retailing
                  • DIY
                    • Health and beauty
                      • Furniture retailing
                        • Sports and leisure goods
                          • Jewellers
                            • Economy
                            • Retail Sales Review

                              • Key points
                                • France
                                  • Figure 1: France: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 2: France: Inflation, 2009-10
                                • Germany
                                  • Figure 3: Germany: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 4: Germany: Inflation, 2009-10
                                • Italy
                                  • Figure 5: Italy: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 6: Italy: Inflation, 2009-10
                                • Netherlands
                                  • Figure 7: The Netherlands: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 8: The Netherlands: Inflation, 2009-11
                                • Spain
                                  • Figure 9: Spain: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 10: Spain: Inflation, 2009-11
                                • UK
                                  • Figure 11: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 12: UK: Annual percentage change in Consumer Price Index for selected product groups, 2009-11
                              • DIY Retailing in Europe

                                  • Market size and performance
                                    • Specialists’ retail sales
                                      • National attitudes to DIY
                                        • The European competitive landscape
                                          • Market shares
                                            • Figure 13: Europe: Leading DIY retailers share of all European retail sales, 2009
                                          • Outlook for DIY retailing
                                          • Groupe Adeo

                                              • Figure 14: Groupe Adeo: Sales as share of DIY retailers’ sales in Europe, 2006-10
                                              • Figure 15: Groupe Adeo (France): Sales as share of DIY retailers’ sales in France, 2006-10
                                            • Strategic evaluation
                                              • Continuing on the growth trend
                                                • Multi-format increases expansion potential
                                                  • Eastern Europe, the key for future growth?
                                                    • Recent history
                                                      • Financial performance
                                                          • Figure 16: Groupe Adeo: Sales performance, 2005-10
                                                          • Figure 17: Groupe Adeo: Estimated European sales performance, 2009
                                                        • Store portfolio
                                                            • Figure 18: Groupe Adeo: Outlet data, 2005-10
                                                          • Retail offering
                                                            • e-commerce and home shopping
                                                            • News Analysis

                                                              • Grocers
                                                                • Belgium: Ahold to enter Belgium market in March
                                                                  • Belgium: Colruyt meets Q3 targets
                                                                    • Belgium: Delhaize reports modest fourth quarter growth
                                                                      • France: Auchan to launch convenience store
                                                                        • France: Carrefour
                                                                          • …emerging markets improves end of year results
                                                                            • …shares rise in split speculation
                                                                              • …ends year well with domestic resurgence
                                                                                • …nears full control of Cdiscount
                                                                                  • France: Leclerc's sales increase 5.1% in 2010
                                                                                    • Latvia: Maxima Grupe sees fall in turnover
                                                                                      • Netherlands: Ahold sees solid fourth quarter
                                                                                        • Portugal: Jerónimo Martins sees yearly growth
                                                                                          • Russian Federation: Dixy Group sees profits increase
                                                                                            • Russian Federation: Magnit 2010 sales up
                                                                                              • Russian Federation: O'Key sees strong fourth quarter and full year results
                                                                                                • Russian Federation: Seventh Continent acquires Mosmart
                                                                                                  • Russian Federation: Vester reports strong full-year sales
                                                                                                    • Russian Federation: X5 reports strong sales
                                                                                                      • Sweden: Axfood reports strong full-year results
                                                                                                        • Sweden: ICA Group net sales fall
                                                                                                          • Switzerland: Coop Schweiz reveals strong 2010 results
                                                                                                            • Switzerland: Migros turnover down
                                                                                                              • UK: Asda Income Tracker: average family's spending power falls
                                                                                                                • UK: Asda sells 39 Netto stores as part of OFT disposal deal
                                                                                                                  • UK: M&S appoints Tesco's Laura Wade-Gery
                                                                                                                    • UK: Morrisons
                                                                                                                      • …in talks with George Davies
                                                                                                                        • …retail boss to step down
                                                                                                                          • …sees like-for-likes up 1%
                                                                                                                            • …to complain about Asda's ads
                                                                                                                              • UK: Nisa Today’s Group
                                                                                                                                • …reports strong Christmas trading figures
                                                                                                                                  • …reports double digit growth
                                                                                                                                    • UK: Sainsbury's
                                                                                                                                      • …abandons plans to move headquarters to King's Cross
                                                                                                                                        • …appoints non-exec from Google
                                                                                                                                          • …market share up, but Morrisons' falls
                                                                                                                                            • …opens Fresh Kitchen
                                                                                                                                              • …reports Christmas high
                                                                                                                                                • …to source all Fairtrade cotton from supplier in India
                                                                                                                                                  • UK: Tesco
                                                                                                                                                    • …completes sale and leaseback of 21 shops
                                                                                                                                                      • …launches 20% off sale
                                                                                                                                                        • …launches daily dozen price campaign
                                                                                                                                                          • …reports slight Christmas growth
                                                                                                                                                            • …to open new DC for dotcom and Express
                                                                                                                                                              • UK: The Co-op
                                                                                                                                                                • …appoints Gill Bar as marketing director
                                                                                                                                                                  • …sales fall due to bad weather
                                                                                                                                                                    • …to create 1,700 store management jobs
                                                                                                                                                                      • UK: Waitrose
                                                                                                                                                                        • …reaches £5bn sales
                                                                                                                                                                          • …to introduce 'Little' stores
                                                                                                                                                                            • Clothing retailing
                                                                                                                                                                              • Croatia: H&M launches new store in Zagreb
                                                                                                                                                                                • Denmark: Bestseller increases its share in ASOS
                                                                                                                                                                                  • France: Camaïeu sees like-for-likes decline 10%
                                                                                                                                                                                    • France: LVMH predicts strong year ahead
                                                                                                                                                                                      • France: Mim to develop via partnerships
                                                                                                                                                                                        • France: Vente-privee UK sales rise 114%
                                                                                                                                                                                          • Italy: Benetton warns raw material costs may hurt margins
                                                                                                                                                                                            • Romania: H&M opens first Romanian store
                                                                                                                                                                                              • Spain: Inditex chairman Amancio Ortega steps down
                                                                                                                                                                                                • Sweden: H&M profits rise 13% for the year
                                                                                                                                                                                                  • UK: Alexon sales up but issues profit warning
                                                                                                                                                                                                    • UK: Aquascutum narrows losses
                                                                                                                                                                                                      • UK: Aurora to outsource distribution and IT functions
                                                                                                                                                                                                        • UK: Bestseller increases Asos stake to over 20%
                                                                                                                                                                                                          • UK: Burberry
                                                                                                                                                                                                            • …launches evolving spring ad campaign
                                                                                                                                                                                                              • …to move into Regent Street Habitat store
                                                                                                                                                                                                                • UK: French Connection
                                                                                                                                                                                                                  • …opens Facebook store
                                                                                                                                                                                                                    • …pre-tax profits expected to rise
                                                                                                                                                                                                                      • UK: H&M to launch sustainable clothing range
                                                                                                                                                                                                                        • UK: Hermes increases forecast for 2010
                                                                                                                                                                                                                          • UK: Hobbs secures £14m investment
                                                                                                                                                                                                                            • UK: Jack Wills to expand further overseas
                                                                                                                                                                                                                              • UK: Jacques Vert festive sales rise
                                                                                                                                                                                                                                • UK: Matalan Christmas like-for-likes decline 4.5%
                                                                                                                                                                                                                                  • UK: Moss Bros sells Hugo Boss franchise for £16.5m
                                                                                                                                                                                                                                    • UK: Mulberry Christmas like-for-likes up 70%
                                                                                                                                                                                                                                      • UK: New Look sales fall over Christmas
                                                                                                                                                                                                                                        • UK: Peacocks Group sales and profits rise
                                                                                                                                                                                                                                          • UK: Phase Eight potentially bought out by private equity firm
                                                                                                                                                                                                                                            • UK: Primark Christmas sales up
                                                                                                                                                                                                                                              • UK: Reiss on track for 40% sales rise
                                                                                                                                                                                                                                                • UK: Republic gain Andy Bond as new chairman
                                                                                                                                                                                                                                                  • UK: SuperGroup
                                                                                                                                                                                                                                                    • …buys European franchisee to push international growth
                                                                                                                                                                                                                                                      • …Christmas sales rise
                                                                                                                                                                                                                                                        • …sees strong third quarter sales
                                                                                                                                                                                                                                                          • UK: Ted Baker sales rise 7.6%
                                                                                                                                                                                                                                                            • UK: Topshop plans to 'double' sales
                                                                                                                                                                                                                                                              • Footwear retailing
                                                                                                                                                                                                                                                                • UK: Barratts Priceless posts £6.1m profit
                                                                                                                                                                                                                                                                  • UK: Dune creates IT platform for expansion plans
                                                                                                                                                                                                                                                                    • UK: Jimmy Choo backers opt for sale
                                                                                                                                                                                                                                                                      • UK: Jones Bootmaker in £40m sale
                                                                                                                                                                                                                                                                        • Multi-sector retailing
                                                                                                                                                                                                                                                                          • France: Marks & Spencer to open store in Champs-Elysees
                                                                                                                                                                                                                                                                            • UK: Halfords' retail sales drop over Christmas
                                                                                                                                                                                                                                                                              • UK: Home Retail reports better than expected Christmas
                                                                                                                                                                                                                                                                                • UK: Kiddicare plans to repeat business
                                                                                                                                                                                                                                                                                  • UK: Marks & Spencer
                                                                                                                                                                                                                                                                                    • …appoints Tesco's Laura Wade-Gery
                                                                                                                                                                                                                                                                                      • …posts 2.8% Christmas like-for-like rise
                                                                                                                                                                                                                                                                                        • …to focus on clothing arm
                                                                                                                                                                                                                                                                                          • …top mCommerce league
                                                                                                                                                                                                                                                                                            • UK: Pets Corner profits up as it plans expansion
                                                                                                                                                                                                                                                                                              • UK: Poundworld to roll out multi-price store format
                                                                                                                                                                                                                                                                                                • UK: Thorntons' sales fall in cold weather
                                                                                                                                                                                                                                                                                                  • Department stores
                                                                                                                                                                                                                                                                                                    • UK: Beales narrows losses by third
                                                                                                                                                                                                                                                                                                      • UK: Debenhams like-for-likes slow
                                                                                                                                                                                                                                                                                                        • UK: Fortnum & Mason reports record Christmas
                                                                                                                                                                                                                                                                                                          • UK: Harrods break £1bn sales mark
                                                                                                                                                                                                                                                                                                            • UK: House of Fraser
                                                                                                                                                                                                                                                                                                              • …appoints director of ecommerce
                                                                                                                                                                                                                                                                                                                • …lose Landsbanki stake
                                                                                                                                                                                                                                                                                                                  • …sees strong Christmas trading
                                                                                                                                                                                                                                                                                                                    • UK: John Lewis
                                                                                                                                                                                                                                                                                                                      • …appoints new buying director
                                                                                                                                                                                                                                                                                                                        • …sees continuing strong trade
                                                                                                                                                                                                                                                                                                                          • …sees weekly sales fall
                                                                                                                                                                                                                                                                                                                            • …to open in-store spas
                                                                                                                                                                                                                                                                                                                              • UK: Laura Ashley FY profits to be "significantly higher" than expected
                                                                                                                                                                                                                                                                                                                                • UK: Selfridges finalises de Bijenkorf deal
                                                                                                                                                                                                                                                                                                                                  • UK: The Original Factory Shop reports Christmas like-for-likes up 5%
                                                                                                                                                                                                                                                                                                                                    • DIY retailing
                                                                                                                                                                                                                                                                                                                                      • Finland: Kesko reports poor fourth quarter
                                                                                                                                                                                                                                                                                                                                        • Germany: Praktiker ends year with weak Q4
                                                                                                                                                                                                                                                                                                                                          • Sweden: Clas Ohlson sees December sales rise
                                                                                                                                                                                                                                                                                                                                            • UK: Kingfisher's trade chain Screwfix opens to public
                                                                                                                                                                                                                                                                                                                                              • UK: Topps Tiles' Christmas sales up
                                                                                                                                                                                                                                                                                                                                                • Electrical retailing
                                                                                                                                                                                                                                                                                                                                                  • Europe: Best Buy Europe sees two more senior departures
                                                                                                                                                                                                                                                                                                                                                    • Germany: Metro Group sees successful 2010
                                                                                                                                                                                                                                                                                                                                                      • UK: Best Buy UK online boss to leave
                                                                                                                                                                                                                                                                                                                                                        • UK: Carphone Warehouse sees like-for-likes rise over Christmas
                                                                                                                                                                                                                                                                                                                                                          • UK: Comet
                                                                                                                                                                                                                                                                                                                                                            • …begins redundancy consultations as it consolidates service centres
                                                                                                                                                                                                                                                                                                                                                              • …directors leave after dire trading
                                                                                                                                                                                                                                                                                                                                                                • …like-for-likes down 7.3%
                                                                                                                                                                                                                                                                                                                                                                  • UK: Dixons sees sales suffer from snow
                                                                                                                                                                                                                                                                                                                                                                    • UK: Everything Everywhere to test stores under own name
                                                                                                                                                                                                                                                                                                                                                                      • UK: Jessops Christmas like-for-likes up 3%
                                                                                                                                                                                                                                                                                                                                                                        • UK: O2 Retail to close 40 stores in 2011
                                                                                                                                                                                                                                                                                                                                                                          • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                                            • UK: HMV
                                                                                                                                                                                                                                                                                                                                                                              • …appoints KPMG amid bank concerns
                                                                                                                                                                                                                                                                                                                                                                                • …begins to close stores
                                                                                                                                                                                                                                                                                                                                                                                  • …sees buyers circling
                                                                                                                                                                                                                                                                                                                                                                                    • …suppliers hit by credit insurance cut
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Music Sales: 98% of singles now purchased online
                                                                                                                                                                                                                                                                                                                                                                                        • Furniture retailing
                                                                                                                                                                                                                                                                                                                                                                                          • UK: Bathstore receive bids from Change Capital
                                                                                                                                                                                                                                                                                                                                                                                            • UK: Carpetright sales fall and it warns on profits
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Cath Kidston sales rise 52%
                                                                                                                                                                                                                                                                                                                                                                                                • UK: Dunelm Christmas like-for-likes fall
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Habitat to exit Regent Street
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Homestyle profits down but Reid acquisition boosts turnover
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: The Conran Shop sales rise over pre-VAT period
                                                                                                                                                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Amazon
                                                                                                                                                                                                                                                                                                                                                                                                            • …acquires LoveFilm
                                                                                                                                                                                                                                                                                                                                                                                                              • …boosts fashion offer with lingerie launch
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Argos to partner with PayPal
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Asos sales up 59%
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Ebay reports strong Christmas due to fashion division
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Figleaves.com expands delivery options and drop boxes
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Flying Brands warns on profits
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Ideal Shopping Direct improves 2010 sales
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: M and M Direct sees sales rise
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: N Brown
                                                                                                                                                                                                                                                                                                                                                                                                                                • …acquires Slimma and Splendour
                                                                                                                                                                                                                                                                                                                                                                                                                                  • …sees Christmas sales up
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                      • …ends year with strong Christmas trading sales
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …reports profit and reduces full year losses
                                                                                                                                                                                                                                                                                                                                                                                                                                          • …shares rise as bid speculation increases
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Shop Direct Christmas sales up 5%
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: The Hut sales up 70% in 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Belgium: Omega confident about 2011 after strong 2010 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Boots UK like-for-likes up in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Feelunique.com sales up 50% over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Holland & Barrett like-for-likes up 2.3% in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Superdrug like-for-likes up 1.7% over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: The Perfume Shop Christmas like-for-likes up 2%
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: British Bookshops & Stationers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …axes 40 staff
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …becomes first retail casualty of 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Foyles to open first shop outside London in 70 years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Office Depot ties up with Dixons for PC World shop-in-shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Book Depository sees strong first half
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Waterstone's to close 11 shops on Sunday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …like-for-likes fall 5%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …buys 22 British Bookshops & Stationers shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ireland: JD Sports acquires Champion Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …sale talks break down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …sees two bidders remain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Go Outdoors reveals record year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: JD Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …considers buying JJB
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …invests £1m in Kukri purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Kitbag sales rise to record over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Snow + Rock appoints Neil McCausland as non-exec chairman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Switzerland: Richemont sees third quarter sales rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Aurum reports 'outstanding' Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: HPJ Jewellers bought out of administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Signet UK sales fall over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Game
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …like-for-likes improve over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …signs deal with Microsoft to sell downloads in store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Games Workshop sees sales fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Hamleys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …potentially bought by Qataris
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …up for sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Europe: Retail sales: Estonia, Lithuania and Latvia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Germany: German retail sales fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …reports retail like-for-likes up 2.3% in January
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …reports retail sector like-for-likes fell 0.3% in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Consumer confidence rises in fourth quarter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Consumer price inflation rises to 3.7% in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: ONS show strong retail sales for December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Scottish Q4 retail sales outgrow rest of Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Shop price inflation rises to 2.5%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A. S. Watson (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising Standards Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ahold Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Albert Heijn (fascia) Netherlands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alexon Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Auchan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aurum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Axfood
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Axfood Narlivs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Barratts Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bathstore.com Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Beale Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Benetton Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bensons Bed Centres Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bershka France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Best Buy Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bestseller
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bhs Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Biba
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bijenkorf
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brantano (Group)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • British Bookshops and Stationers Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • British Fashion Council
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Buy.com Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • C&A Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cartier SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cath Kidston
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • CCC Outdoors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Central Statistics Office
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Charnos PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Clas Ohlson
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Colruyt (fascia) Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Conran Shop Holdings Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Coop Schweiz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Credit Suisse Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Darty plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Debenhams Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Delhaize Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dell Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dixy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dune Footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dunelm Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E Leclerc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • eBay Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Electra Partners Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ermitazas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ernest Jones Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Everton Football Club
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Everything Everywhere Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Feelunique.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figleaves Global Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Findel plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Firetrap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Flying Brands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Food Lion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fortnum & Mason Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fossil
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Game Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Games Workshop Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • GIVe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • GNC Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Goldman Sachs Group, Inc., The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Goldsmiths Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Google UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Gossard
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Grupo Santander Central Hispano S.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • H Samuel Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hamleys of London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Harveys Furnishing Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hemkop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hermes (GB) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • HMV Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Holland & Barrett Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • HPJ Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • HSBC Investments (UK) Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ICA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ideal Shopping Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Intersport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Investec
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • J Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • J. Choo Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jacques Vert plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jerónimo Martins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jones Bootmaker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Julian Graves Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kesko
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kiddicare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Lee Cooper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • LEGO Company
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M and M Direct Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&C Saatchi Worldwide Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Macintosh Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Magasin du Nord
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Magnit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Manchester City Football Club
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mappin & Webb Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • MasterCard UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Maxeda
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • MAXIMA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Maxima Bulgaria
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Maxima Latvia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Microsoft Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Migros
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Morgan Stanley
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mountain Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • NBTY (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New Yorker (Romania)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Nisa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • O'Key Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • O2 (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Oasis Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Office Depot
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Omega Pharma
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Orange plc (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ottakar's Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • PayPal Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Permira Advisers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pets Corner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pied a Terre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pingo Doce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Poundworld Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Praktiker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pret a Porter Group AB
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • PriceLess
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • PrisXtra
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pull & Bear UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reid Furniture Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Renown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ryman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Samsung Electronics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Screwfix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Seventh Continent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Signet Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Snow & Rock Sports Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sony (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Spar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Speciality Retail Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Splendour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • T-Mobile (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tesco Personal Finance Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Book Depository Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Fairtrade Foundation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Garden & Leisure Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Hut.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Original Factory Shop Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Perfume Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Topps Tiles Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Topshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Vente-privee
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Vester Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • W&G Foyle Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Waitrose Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Watches of Switzerland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Willys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wolseley plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • X5 Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • YouTube, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zappos.com Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zara Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Zavvi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        European Retail Briefing - February 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        £295.00 (Excl.Tax)