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European Retail Briefing - January 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

    • Romania continuing to prove attractive
      • Poor – but with potential
        • Recent entrants
          • 2011 developments
            • Opportunities are long-term
            • Headlines for the month

              • Grocers
                • Clothing
                  • Department stores
                    • Multi-sector
                      • DIY
                        • Electricals
                          • Furniture
                            • Home shopping
                              • 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: iInflation, 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, 2009-10
                                  • Spain
                                    • Figure 9: Spain: Retail sales trends, 2009-10
                                  • Inflation
                                    • Figure 10: Spain: Inflation, 2009-10
                                  • UK
                                    • Figure 11: Retail sales trends, 2009-10
                                  • Inflation
                                    • Figure 12: UK: Annual percentage change in Retail Price Index for selected product groups, 2009-10
                                • Food Retailing Europe

                                    • Light at the end of some tunnels
                                      • Food retailers hard hit
                                        • Leading players
                                          • Rationalisation
                                            • Hard discounters
                                              • Expansion
                                                • Leading players
                                                  • Figure 13: Europe: Leading food retailers, 2009
                                                • Market shares
                                                  • Figure 14: Europe: Leading retailers market shares, 2009
                                              • Auchan

                                                  • Figure 15: Auchan: Sales as share of all food retailers’ sales in Europe, 2005-09
                                                  • Figure 16: Auchan: Sales as share of all food retailers’ sales in France, 2005-09
                                                  • Figure 17: Auchan: Sales as share of all food retailers’ sales in Spain, 2005-09
                                                • Strategic evaluation
                                                  • Margins under pressure from deflation
                                                    • Russian market shows promise
                                                      • Wider format experimentation has dangers
                                                        • Recent history
                                                          • Financial performance
                                                              • Figure 18: Auchan: Group financial performance, 2005-09
                                                            • Results for the first half of 2010
                                                              • Figure 19: Auchan: Estimated European sales, by country, 2005-09
                                                              • Figure 20: Auchan: Share of group sales, by region, 2005-09
                                                            • Store portfolio
                                                                • Figure 21: Auchan: Outlet data, 2005-09
                                                              • Retail offering
                                                                • Brands
                                                                  • e-commerce and home shopping
                                                                  • News Analysis

                                                                    • Grocers
                                                                      • Belgium: Delhaize injects €38m in Mega Image stores
                                                                        • France: Casino nears full control of Cdiscount
                                                                          • Netherlands: Ahold appoints new head for Albert Heijn
                                                                            • Poland: Tesco among last bidders for Zabka chain
                                                                              • Romania: Delhaize acquires Primavera stores
                                                                                • Romania: Tesco in talks to take over Real
                                                                                  • Russian Federation: Dixy sales up 18.8%
                                                                                    • Russian Federation: Walmart closes its Russia branch
                                                                                      • Switzerland: Coop Schweiz reveals strong 2010 results
                                                                                        • UK: Asda
                                                                                          • …chairman steps down
                                                                                            • …reports "good" Christmas performance
                                                                                              • …vows to be 10% cheaper than its rivals
                                                                                                • UK: Co-op raises store opening drive
                                                                                                  • UK: Iceland Foods could be target for Middle East consortium
                                                                                                    • UK: Morrisons sees like-for-likes up 1%
                                                                                                      • UK: Nisa reports strong Christmas trading figures
                                                                                                        • UK: Tesco
                                                                                                          • …launches online 'Boxing Day' sale
                                                                                                            • …names new UK board
                                                                                                              • …fascia One Stop acquires 77 stores from Mills
                                                                                                                • UK: Tesco, Morrisons and Sainsbury's kick off price cuts
                                                                                                                  • UK: Waitrose
                                                                                                                    • …sees most successful Christmas on record
                                                                                                                      • …to open 39 new stores
                                                                                                                        • …weekly sales rise 8.7%
                                                                                                                          • Off-licences
                                                                                                                            • UK: Majestic Wine reports strong Christmas performance
                                                                                                                              • Clothing retailing
                                                                                                                                • Estonia: Baltika increases sales by 7% in fourth quarter
                                                                                                                                  • Lithuania: Apranga turnover down by 6.5% in December
                                                                                                                                    • Netherlands: Maxeda sell M&S Mode to ERB
                                                                                                                                      • Spain: Inditex chairman Amancio Ortega steps down
                                                                                                                                        • UK: Agent Provocateur to report profit growth
                                                                                                                                          • UK: Alexon sales fall won't affect long-term plans
                                                                                                                                            • UK: H&M sees sales rise after Lanvin success
                                                                                                                                              • UK: LVMH increases Hermes stake to 20%
                                                                                                                                                • UK: Next sees £22m in lost sales due to bad weather
                                                                                                                                                  • UK: Paul Smith sees profits rise
                                                                                                                                                    • UK: PPR ends Burberry speculation
                                                                                                                                                      • UK: Reiss' recession initiative increases EBITDA
                                                                                                                                                        • UK: Republic gain Andy Bond as new chairman
                                                                                                                                                          • UK: SuperGroup
                                                                                                                                                            • …first half pre-tax profit up 86%
                                                                                                                                                              • …shares dive
                                                                                                                                                                • UK: Topshop plans to 'double' sales
                                                                                                                                                                  • UK: Zara owner sees sales grow by 14%
                                                                                                                                                                    • Footwear retailing
                                                                                                                                                                      • UK: Barratts Priceless posts £6.1m profit
                                                                                                                                                                        • UK: Office bought by Silverfleet
                                                                                                                                                                          • Multi-sector retailing
                                                                                                                                                                            • UK: Mothercare issues profit warning
                                                                                                                                                                              • UK: M&S
                                                                                                                                                                                • …chairman Sir Stuart Rose steps down
                                                                                                                                                                                  • …considers bank opening in 55 stores
                                                                                                                                                                                    • …posts 2.8% Christmas like-for-like rise
                                                                                                                                                                                      • …to open first store in Egypt and third in China
                                                                                                                                                                                        • Department stores
                                                                                                                                                                                          • Ireland: Arnotts reverses sales and EBITDA declines
                                                                                                                                                                                            • UK: Debenhams like-for-likes slow
                                                                                                                                                                                              • UK: Harvey Nichols reports record Sale
                                                                                                                                                                                                • UK: House of Fraser sees strong Christmas trading
                                                                                                                                                                                                  • UK: John Lewis
                                                                                                                                                                                                    • …clearance is sales record
                                                                                                                                                                                                      • …invests record £250m
                                                                                                                                                                                                        • …mid-week sales up 12%
                                                                                                                                                                                                          • …Partnership sees record week of sales
                                                                                                                                                                                                            • …sales exceed £120m
                                                                                                                                                                                                              • …sees continuing strong trade
                                                                                                                                                                                                                • …total sales up 8.9%
                                                                                                                                                                                                                  • UK: Laura Ashley store streamlining improves profitability
                                                                                                                                                                                                                    • DIY retailing
                                                                                                                                                                                                                      • Germany: Hornbach sees further growth
                                                                                                                                                                                                                        • Germany: Praktiker ends year with weak Q4
                                                                                                                                                                                                                          • UK: Topps Tiles' Christmas sales up
                                                                                                                                                                                                                            • UK: Travis Perkins sees sales improve
                                                                                                                                                                                                                              • UK: Wickes
                                                                                                                                                                                                                                • …sees sales growth as shoppers buy ahead of VAT rise
                                                                                                                                                                                                                                  • …signs POS finance deal
                                                                                                                                                                                                                                    • Electrical retailing
                                                                                                                                                                                                                                      • France: Metro agrees deal to sell Saturn stores
                                                                                                                                                                                                                                        • UK: Best Buy sales up 2% in third quarter
                                                                                                                                                                                                                                          • UK: Dixons launches new Black format
                                                                                                                                                                                                                                            • UK: Jessops on track to make EBITDA profit
                                                                                                                                                                                                                                              • UK: Phones4U sale falls through
                                                                                                                                                                                                                                                • Furniture retailing
                                                                                                                                                                                                                                                  • France: Steinhoff seals deal to buy Conforama
                                                                                                                                                                                                                                                    • Sweden: Ikea Sweden sees further profit loss
                                                                                                                                                                                                                                                      • UK: Carpetright profits fall
                                                                                                                                                                                                                                                        • UK: Dunelm Christmas like-for-likes fall
                                                                                                                                                                                                                                                          • UK: United Carpets posts "solid" performance
                                                                                                                                                                                                                                                            • Home shopping
                                                                                                                                                                                                                                                              • Germany: EBay acquires Brands4Friends
                                                                                                                                                                                                                                                                • UK: Ocado ends year with strong Christmas trading sales
                                                                                                                                                                                                                                                                  • UK: Shop Direct
                                                                                                                                                                                                                                                                    • …Christmas sales up 5%
                                                                                                                                                                                                                                                                      • …to launch new brand targeting mature market
                                                                                                                                                                                                                                                                        • Health and beauty retailing
                                                                                                                                                                                                                                                                          • UK: Boots to expand drive-through pharmacy
                                                                                                                                                                                                                                                                            • UK: Lush Christmas sales up 6.8%
                                                                                                                                                                                                                                                                              • UK: The Body Shop seeks growth in India
                                                                                                                                                                                                                                                                                • Book and stationery retailing
                                                                                                                                                                                                                                                                                  • UK: Clinton Cards warns on profits
                                                                                                                                                                                                                                                                                    • UK: HMV to shut 60 stores
                                                                                                                                                                                                                                                                                      • UK: WH Smith lose group marketing director Richard Cristofoli to Debenhams
                                                                                                                                                                                                                                                                                        • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                          • Europe: Nike sales in Western Europe drop 7%
                                                                                                                                                                                                                                                                                            • UK: Blacks Leisure Group sees good December
                                                                                                                                                                                                                                                                                              • UK: JD Sports reports strong Christmas
                                                                                                                                                                                                                                                                                                • UK: Sports Direct sees profits rise
                                                                                                                                                                                                                                                                                                  • Jewellers
                                                                                                                                                                                                                                                                                                    • UK: Theo Fennell warns on profits
                                                                                                                                                                                                                                                                                                      • Toys and games retailing
                                                                                                                                                                                                                                                                                                        • UK: Games Workshop warns on conditions
                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                            • Europe: European consumer confidence relapses as trade deficit grows
                                                                                                                                                                                                                                                                                                              • Europe: VAT rise lowers consumer confidence
                                                                                                                                                                                                                                                                                                                • 2011 VAT rise by country:
                                                                                                                                                                                                                                                                                                                  • UK: BRC
                                                                                                                                                                                                                                                                                                                    • …reports retail sector like-for-likes fell 0.3% in December
                                                                                                                                                                                                                                                                                                                      • …warns on Boxing Day tube strike disruption
                                                                                                                                                                                                                                                                                                                        • UK: John Lewis, M&S and Tesco among those holding off VAT rise
                                                                                                                                                                                                                                                                                                                          • UK: Localism Bill is "body blow" for retailers
                                                                                                                                                                                                                                                                                                                            • UK: UK retail sales up 0.3% in November
                                                                                                                                                                                                                                                                                                                              • UK: West End Christmas sales up on last year

                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                              • Acer
                                                                                                                                                                                                                                                                                                                              • Agent Provocateur Ltd
                                                                                                                                                                                                                                                                                                                              • Ahold Group
                                                                                                                                                                                                                                                                                                                              • Albert Heijn (fascia) Netherlands
                                                                                                                                                                                                                                                                                                                              • Alexander McQueen
                                                                                                                                                                                                                                                                                                                              • Alexon Group
                                                                                                                                                                                                                                                                                                                              • Alliance Boots
                                                                                                                                                                                                                                                                                                                              • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                              • Apranga (Lithuania)
                                                                                                                                                                                                                                                                                                                              • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                              • Arcadia Group
                                                                                                                                                                                                                                                                                                                              • Arnotts
                                                                                                                                                                                                                                                                                                                              • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                              • Baltika Group
                                                                                                                                                                                                                                                                                                                              • Barratts Trading Ltd
                                                                                                                                                                                                                                                                                                                              • Baugur
                                                                                                                                                                                                                                                                                                                              • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                              • Bershka France
                                                                                                                                                                                                                                                                                                                              • Biba
                                                                                                                                                                                                                                                                                                                              • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                              • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                              • Bridgepoint Capital
                                                                                                                                                                                                                                                                                                                              • British Retail Consortium
                                                                                                                                                                                                                                                                                                                              • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                              • Cadbury Schweppes Plc
                                                                                                                                                                                                                                                                                                                              • Carpetright UK
                                                                                                                                                                                                                                                                                                                              • Carrefour
                                                                                                                                                                                                                                                                                                                              • Casino
                                                                                                                                                                                                                                                                                                                              • Chausport
                                                                                                                                                                                                                                                                                                                              • Christian Dior
                                                                                                                                                                                                                                                                                                                              • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                              • Co-operative Bank
                                                                                                                                                                                                                                                                                                                              • Co-operative Group
                                                                                                                                                                                                                                                                                                                              • Conforama
                                                                                                                                                                                                                                                                                                                              • Coop Schweiz
                                                                                                                                                                                                                                                                                                                              • Currys
                                                                                                                                                                                                                                                                                                                              • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                              • Delhaize Group
                                                                                                                                                                                                                                                                                                                              • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                              • Dixy
                                                                                                                                                                                                                                                                                                                              • Dolce & Gabbana
                                                                                                                                                                                                                                                                                                                              • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                              • eBay Inc.
                                                                                                                                                                                                                                                                                                                              • European Consumers’ Organisation
                                                                                                                                                                                                                                                                                                                              • Games Workshop Group
                                                                                                                                                                                                                                                                                                                              • Gfk NOP
                                                                                                                                                                                                                                                                                                                              • Givenchy
                                                                                                                                                                                                                                                                                                                              • Google, Inc.
                                                                                                                                                                                                                                                                                                                              • Greggs Plc
                                                                                                                                                                                                                                                                                                                              • Grupo Inditex
                                                                                                                                                                                                                                                                                                                              • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                              • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                              • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                              • Hermes (GB) Ltd
                                                                                                                                                                                                                                                                                                                              • Hitachi Capital (UK) PLC
                                                                                                                                                                                                                                                                                                                              • HJ Heinz Company UK
                                                                                                                                                                                                                                                                                                                              • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                              • Hornbach Holding
                                                                                                                                                                                                                                                                                                                              • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                              • HSBC Holdings plc
                                                                                                                                                                                                                                                                                                                              • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                              • IKEA
                                                                                                                                                                                                                                                                                                                              • Investec
                                                                                                                                                                                                                                                                                                                              • J. Sainsbury
                                                                                                                                                                                                                                                                                                                              • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                              • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                              • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                              • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                              • Jongleurs Comedy Ltd
                                                                                                                                                                                                                                                                                                                              • Kantar Media
                                                                                                                                                                                                                                                                                                                              • Kellogg Company of GB Limited
                                                                                                                                                                                                                                                                                                                              • Kering
                                                                                                                                                                                                                                                                                                                              • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                              • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                              • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                              • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                              • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                              • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                              • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                              • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                              • M&S Mode Belgium
                                                                                                                                                                                                                                                                                                                              • Magasin du Nord
                                                                                                                                                                                                                                                                                                                              • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                              • Marks & Spencer
                                                                                                                                                                                                                                                                                                                              • Marks & Spencer Financial Services plc
                                                                                                                                                                                                                                                                                                                              • Maxeda DIY Group
                                                                                                                                                                                                                                                                                                                              • McDonald's Corporation
                                                                                                                                                                                                                                                                                                                              • Mega Image
                                                                                                                                                                                                                                                                                                                              • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                              • Microsoft Corporation
                                                                                                                                                                                                                                                                                                                              • Mills Group Ltd
                                                                                                                                                                                                                                                                                                                              • Molton Brown
                                                                                                                                                                                                                                                                                                                              • Mothercare Plc
                                                                                                                                                                                                                                                                                                                              • National Football League Inc.
                                                                                                                                                                                                                                                                                                                              • Next Group
                                                                                                                                                                                                                                                                                                                              • Nike
                                                                                                                                                                                                                                                                                                                              • Nisa
                                                                                                                                                                                                                                                                                                                              • Ocado
                                                                                                                                                                                                                                                                                                                              • Ocado Ltd
                                                                                                                                                                                                                                                                                                                              • Office for National Statistics
                                                                                                                                                                                                                                                                                                                              • Office Holdings Ltd
                                                                                                                                                                                                                                                                                                                              • One Stop
                                                                                                                                                                                                                                                                                                                              • Paul Smith Ltd
                                                                                                                                                                                                                                                                                                                              • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                              • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                              • Pied a Terre Ltd
                                                                                                                                                                                                                                                                                                                              • Praktiker
                                                                                                                                                                                                                                                                                                                              • PriceLess
                                                                                                                                                                                                                                                                                                                              • Pull & Bear UK
                                                                                                                                                                                                                                                                                                                              • Quiksilver, Inc.
                                                                                                                                                                                                                                                                                                                              • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                                                              • Real Foods Ltd.
                                                                                                                                                                                                                                                                                                                              • Reiss Ltd
                                                                                                                                                                                                                                                                                                                              • Republic Retail Ltd
                                                                                                                                                                                                                                                                                                                              • Samsung Electronics
                                                                                                                                                                                                                                                                                                                              • Saturn Corporation
                                                                                                                                                                                                                                                                                                                              • Shop Direct Group
                                                                                                                                                                                                                                                                                                                              • Somerfield
                                                                                                                                                                                                                                                                                                                              • Spar
                                                                                                                                                                                                                                                                                                                              • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                              • Steinhoff
                                                                                                                                                                                                                                                                                                                              • Stella McCartney
                                                                                                                                                                                                                                                                                                                              • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                              • Tesco Plc
                                                                                                                                                                                                                                                                                                                              • The Big Food Group Plc
                                                                                                                                                                                                                                                                                                                              • The Body Shop - Retail Sales
                                                                                                                                                                                                                                                                                                                              • The British Land Company Plc
                                                                                                                                                                                                                                                                                                                              • The Carphone Warehouse Plc
                                                                                                                                                                                                                                                                                                                              • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                              • Theo Fennell Plc
                                                                                                                                                                                                                                                                                                                              • Topps Tiles Plc
                                                                                                                                                                                                                                                                                                                              • Topshop old
                                                                                                                                                                                                                                                                                                                              • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                              • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                              • Unilever Plc
                                                                                                                                                                                                                                                                                                                              • United Carpets Group plc
                                                                                                                                                                                                                                                                                                                              • Waitrose
                                                                                                                                                                                                                                                                                                                              • Walkers Snack Foods Limited
                                                                                                                                                                                                                                                                                                                              • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                              • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                              • West Coast Capital
                                                                                                                                                                                                                                                                                                                              • WH Smith PLC
                                                                                                                                                                                                                                                                                                                              • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                              • Yves Saint Laurent

                                                                                                                                                                                                                                                                                                                              European Retail Briefing - January 2011

                                                                                                                                                                                                                                                                                                                              £295.00 (Excl.Tax)