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European Retail Briefing - February 2016

This review looks at:

  • An analyst comment looking at what it takes to make a good merger. 
  • An overview of the the latest European retail sales data across the five major European economies.
  • A profile of French grocer, E. Leclerc. This is taken from our recently published Supermarkets - Europe - November 2015 report.
  • Monthly headlines and retail news analysis across Europe.

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Table of contents

  1. Analyst Comment

    • The impact of home ownership levels on retail
      • UK
        • The decline in home ownership
          • Figure 1: Annual rate in decline in owner occupancy since the peak level, 2014
        • But over half of households still own their home
          • Figure 2: Europe: Leading economies owner occupation rate, 2014
        • Implications
        • European Retail Sales

          • Key points
            • Retail sales
              • Figure 3: Major European economies: Year-on-year retail sales value growth, 2014-16
              • Figure 4: Major European economies: Year-on-year retail sales volume growth, 2014-16
            • Inflation
              • Figure 5: Major European economies: All items CPI, 2015-16
              • Figure 6: Major European economies: Food price inflation, 2015-16
          • Headlines for the Month

            • Grocers
              • Clothing
                • Electrical retailing
                  • Home shopping
                    • Economy
                    • News Analysis – Food and Drink

                      • Convenience Stores
                        • Ireland: Musgrave acquires foodservice supplier
                          • Spain: Coviran claims to employ more staff per sales than rivals
                            • UK: Booker sales rise 10.5% following acquisitions
                              • UK: McColl’s like-for-like sales fall 0.7%
                                • UK: Nisa returns to profit during Christmas trading
                                  • UK: The Co-op expands presence with Budgens acquisitions
                                    • Grocers
                                      • Belgium: Delhaize revenues grow 14.2% in Q4
                                        • Belgium: Lidl invests millions in Genk distribution centre
                                          • France: Auchan introduces customer rating feature online
                                            • France: Carrefour and Intermarché launch at-home scanners
                                              • France: Carrefour posts a 5.3% rise in sales
                                                • France: E Leclerc sales increase 3.4% in 2015
                                                  • Germany: Kaufland extends EMD buying alliance partnership
                                                    • Germany: Metro Group hails ‘good Christmas business in Germany’
                                                      • Germany: Rewe trials first click-and-collect service
                                                        • Netherlands: Jumbo given the green light for La Place acquisition
                                                          • Portugal: Dia rolls out Minipreço Family concept
                                                            • Spain: Dia scraps El Árbol fascia
                                                              • UK: Aldi's online wine offering launches in the UK
                                                                • UK: Asda
                                                                  • …announces ‘hundreds’ of job cuts
                                                                    • …announces further investment in price
                                                                      • …to sell 'wonky' vegetable boxes
                                                                        • UK: easyFoodstore opens its doors
                                                                          • UK: Grocery market contracts by 0.2%
                                                                            • UK: Grocery market grows 0.2% in January
                                                                              • UK: Morrisons
                                                                                • …launches ‘Price Crunch’ campaign
                                                                                  • …returns to like-for-like growth
                                                                                    • …reveals 7 stores planned for closure
                                                                                      • UK: Ocado full-year sales rise 14.7%
                                                                                        • UK: Sainsbury’s
                                                                                          • …bids £1.1bn for Home Retail
                                                                                            • …expected to gain Qatari support for second bid
                                                                                              • …sales rise 0.8% in Q3
                                                                                                • …to increase Netto store count
                                                                                                  • UK: Tesco
                                                                                                    • …sees sales grow 2.1% over the Christmas period
                                                                                                      • …to close its two food-to-go only stores
                                                                                                        • …to end 24-hour opening in select stores
                                                                                                          • …found to have “seriously” breached industry code
                                                                                                            • UK: Waitrose pledges to reduce sugar levels
                                                                                                              • Other food and drink specialists
                                                                                                                • UK: Conviviality retail sales edge up 0.8%
                                                                                                                  • UK: Greggs reports ‘good finish to an excellent year’
                                                                                                                    • UK: Hotel Chocolat eyes international expansion with new site launch
                                                                                                                      • UK: Virgin Wines' like-for-like sales grow 12%
                                                                                                                        • UK: Westmorland grows turnover following Gloucestershire investment
                                                                                                                        • News Analysis – Non-food

                                                                                                                          • Clothing retailing
                                                                                                                            • Belgium: Forever 21 files notice of collective dismissal
                                                                                                                              • Europe: H&M
                                                                                                                                • …launches sustainable beauty range
                                                                                                                                  • …Q4 profits hit by higher purchasing costs
                                                                                                                                    • Spain: Primark Madrid provides 360-degree audio-visual experience
                                                                                                                                      • UK: Blue Inc shuts 74 stores
                                                                                                                                        • UK: Bonmarché like-for-like sales fall 2.7% in December
                                                                                                                                          • UK: Fat Face benefits from full-price strategy
                                                                                                                                            • UK: Joules sales jump 11.3%
                                                                                                                                              • UK: LPP to lease BHS’s Oxford Street flagship
                                                                                                                                                • UK: Matalan sales slip in ‘challenging’ market
                                                                                                                                                  • UK: Moss Bros sales rise 4.8%
                                                                                                                                                    • UK: Mothercare performs in line with expectations
                                                                                                                                                      • UK: New Look revenues rise 5.6%
                                                                                                                                                        • UK: Pretty Green delivers strong online growth
                                                                                                                                                          • UK: Primark sales rise 7% as global expansion continues
                                                                                                                                                            • UK: Reiss eyed by Dr Martens owner
                                                                                                                                                              • UK: SuperGroup like-for-like growth slows to 1.2%
                                                                                                                                                                • UK: Ted Baker sales increase 10.1%
                                                                                                                                                                  • UK: The White Company doubles profits
                                                                                                                                                                    • UK: White Stuff pleased with ‘robust’ Christmas performance
                                                                                                                                                                      • Footwear retailing
                                                                                                                                                                        • UK: Brantano falls into administration
                                                                                                                                                                          • UK: Clarks cuts head office roles
                                                                                                                                                                            • UK: Dr Martens posts a 13% increase in sales
                                                                                                                                                                              • UK: Jimmy Choo net revenues rise 6%
                                                                                                                                                                                • UK: Shoe Zone reports decline in full-year revenue
                                                                                                                                                                                  • Jewellery and optical goods retailing
                                                                                                                                                                                    • Denmark: Pandora UK sales rise 36.4%
                                                                                                                                                                                      • Netherlands: Specsavers allocates €5m for Dutch expansion
                                                                                                                                                                                        • UK: Monica Vinader seeks investment for growth
                                                                                                                                                                                          • Luxury retailing
                                                                                                                                                                                            • France: LVMH revenues rise 16%
                                                                                                                                                                                              • UK: Burberry
                                                                                                                                                                                                • …announces 1% growth in ‘challenging environment’
                                                                                                                                                                                                  • …shifts to “seasonless” runway shows
                                                                                                                                                                                                    • UK: Paul Smith profits tumble 94.1%
                                                                                                                                                                                                      • Multi-sector retailing
                                                                                                                                                                                                        • UK: Home Retail Group
                                                                                                                                                                                                          • …in ‘advanced discussions’ to sell Homebase
                                                                                                                                                                                                            • …reaches agreement for sale of Homebase
                                                                                                                                                                                                              • …major shareholder wants £1.4bn bid from Sainsbury’s
                                                                                                                                                                                                                • UK: Marks and Spencer
                                                                                                                                                                                                                  • …launches first non-European websites
                                                                                                                                                                                                                    • …ups style credentials with Alexa Chung collaboration
                                                                                                                                                                                                                      • UK: Poundland launches Charlie Dimmock DIY range
                                                                                                                                                                                                                        • UK: The Range reveals plans for new distribution centre
                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                            • UK: Bhs
                                                                                                                                                                                                                              • …hires KPMG to offload stores
                                                                                                                                                                                                                                • …leases Oxford Street flagship to Polish retailer LPP
                                                                                                                                                                                                                                  • UK: Debenhams
                                                                                                                                                                                                                                    • …confirms Sir Ian Cheshire appointment
                                                                                                                                                                                                                                      • …like-for-like sales up 3.5%
                                                                                                                                                                                                                                        • UK: House of Fraser
                                                                                                                                                                                                                                          • …employs new technology for online merchandising
                                                                                                                                                                                                                                            • …'customer-centric' approach delivers growth
                                                                                                                                                                                                                                              • UK: John Lewis
                                                                                                                                                                                                                                                • …announces entry into the Middle East
                                                                                                                                                                                                                                                  • …introduces new image recognition technology
                                                                                                                                                                                                                                                    • …weekly sales rise 0.6%
                                                                                                                                                                                                                                                      • Electrical retailing
                                                                                                                                                                                                                                                        • France: FNAC
                                                                                                                                                                                                                                                          • …acquires online comic strip platform
                                                                                                                                                                                                                                                            • …adds large appliances to its expanding online offer
                                                                                                                                                                                                                                                              • …extends reach with new sports category
                                                                                                                                                                                                                                                                • UK: BrightHouse revenues climb 6.7%
                                                                                                                                                                                                                                                                  • UK: Dixons Carphone sales grow 5% over the Christmas period
                                                                                                                                                                                                                                                                    • UK: Game sees sales fall 0.4% over the Christmas period
                                                                                                                                                                                                                                                                      • UK: Maplin sees Christmas sales grow 2.3%
                                                                                                                                                                                                                                                                        • UK: O2 unveils new store concept
                                                                                                                                                                                                                                                                          • Carpet retailing
                                                                                                                                                                                                                                                                            • UK: Carpetright sales ’soften’ over Christmas
                                                                                                                                                                                                                                                                              • Furniture retailing
                                                                                                                                                                                                                                                                                • UK: B&Q the latest to change pay rates
                                                                                                                                                                                                                                                                                  • UK: DFS investments deliver 7% growth
                                                                                                                                                                                                                                                                                    • UK: Furniture Village invests in digital marketing
                                                                                                                                                                                                                                                                                      • UK: ScS raises profit expectations following strong trading
                                                                                                                                                                                                                                                                                        • Homewares retailing
                                                                                                                                                                                                                                                                                          • UK: Dunelm
                                                                                                                                                                                                                                                                                            • …announces 8.8% year-on-year growth
                                                                                                                                                                                                                                                                                              • …grows sales by 10.3% in the first half
                                                                                                                                                                                                                                                                                                • Home shopping
                                                                                                                                                                                                                                                                                                  • France: Boohoo to open pop-up in Paris
                                                                                                                                                                                                                                                                                                    • Germany: Zalando ‘finishes year on a high note’
                                                                                                                                                                                                                                                                                                      • Europe: Zalando relaunches mobile app for enhanced browsing
                                                                                                                                                                                                                                                                                                        • Italy: Yoox Net-a-Porter Group reports 31% growth
                                                                                                                                                                                                                                                                                                          • Netherlands: Made.com launches showroom in Amsterdam
                                                                                                                                                                                                                                                                                                            • UK: Amazon considers Ocado buyout
                                                                                                                                                                                                                                                                                                              • UK: AO sees sales grow 35% in Q3
                                                                                                                                                                                                                                                                                                                • UK: Asos delivers 23% growth
                                                                                                                                                                                                                                                                                                                  • UK: Boohoo sales surge 45%
                                                                                                                                                                                                                                                                                                                    • UK: CollectPlus hails ‘most successful peak to date’
                                                                                                                                                                                                                                                                                                                      • UK: Missguided prepares for store-rollout
                                                                                                                                                                                                                                                                                                                        • UK: N Brown sales grow 4.1% in Q3
                                                                                                                                                                                                                                                                                                                          • UK: Ocado appoints Dixons’ deputy CEO to board
                                                                                                                                                                                                                                                                                                                            • UK: Shop Direct’s Very delivers 17% growth
                                                                                                                                                                                                                                                                                                                              • Health & beauty retailing
                                                                                                                                                                                                                                                                                                                                • Germany: Douglas AG seeks new CEO
                                                                                                                                                                                                                                                                                                                                  • UK: Boots cuts store roles but increases No.7 expertise
                                                                                                                                                                                                                                                                                                                                    • UK: LloydsPharmacy retail sales grow 4.4%
                                                                                                                                                                                                                                                                                                                                      • UK: Lush like-for-like sales surge 36.9%
                                                                                                                                                                                                                                                                                                                                        • UK: Superdrug
                                                                                                                                                                                                                                                                                                                                          • …like-for-like sales up 6.8%
                                                                                                                                                                                                                                                                                                                                            • …joins Boots in reviewing ‘sexist’ pricing
                                                                                                                                                                                                                                                                                                                                              • UK: The Body Shop unveils new ethical pledges
                                                                                                                                                                                                                                                                                                                                                • Book, greetings card and stationery retailing
                                                                                                                                                                                                                                                                                                                                                  • UK: Card Factory sales grow 8.1%
                                                                                                                                                                                                                                                                                                                                                    • UK: Paperchase delivers 11.2% rise in sales
                                                                                                                                                                                                                                                                                                                                                      • UK: Waterstones sales grow 1%
                                                                                                                                                                                                                                                                                                                                                        • UK: WH Smith sales grow 4%
                                                                                                                                                                                                                                                                                                                                                          • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                            • UK: Findel sells Kitbag to US-based Fanatics
                                                                                                                                                                                                                                                                                                                                                              • UK: Halfords retail like-for-likes remain flat over Christmas
                                                                                                                                                                                                                                                                                                                                                                • UK: JD Sports delivers double-digit growth against 'strong comparatives'
                                                                                                                                                                                                                                                                                                                                                                  • UK: Mountain Warehouse gears up for £200m IPO
                                                                                                                                                                                                                                                                                                                                                                    • UK: Sports Direct to miss profit target
                                                                                                                                                                                                                                                                                                                                                                      • Pet goods retailing
                                                                                                                                                                                                                                                                                                                                                                        • UK: Pets at Home’s like-for-like sales grow 2.2%
                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                            • Poland: Poland to introduce a new supermarket tax
                                                                                                                                                                                                                                                                                                                                                                              • UK: Food prices edge up 0.1%
                                                                                                                                                                                                                                                                                                                                                                                • UK: Footfall figures confirm the migration online over Christmas
                                                                                                                                                                                                                                                                                                                                                                                  • UK: January retail sales driven by big-ticket items
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Retail sales edge up 1.0% in December
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Retail sales slip by 0.3% in December
                                                                                                                                                                                                                                                                                                                                                                                      • Electricals Retailing – Europe – February 2016: Media-Saturn

                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                            • Increasing the channels to market
                                                                                                                                                                                                                                                                                                                                                                                              • Adding new store concepts
                                                                                                                                                                                                                                                                                                                                                                                                • Market-leading delivery services
                                                                                                                                                                                                                                                                                                                                                                                                  • Encouraging innovation
                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 7: Media Markt/Saturn: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 8: Media Markt/Saturn: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                        European Retail Briefing - February 2016

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