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European Retail Briefing - January 2012

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

    • PPR aiming to sell its assets
      • What we’ve seen
        • Redcats embraces the 21st Century
          • Fnac faces a tougher climate
            • A new strategy to arrest the slide
              • Anglo-Saxon experience suggests risks
                • What it means
                • Retail Sales Review

                  • Key points
                    • France
                      • Figure 1: France: Retail sales trends, 2010-11
                    • Inflation
                      • Figure 2: France: Inflation, 2010-11
                    • Germany
                      • Figure 3: Germany: Retail sales trends, 2010-11
                    • Inflation
                      • Figure 4: Germany: Inflation, 2010-11
                    • Italy
                      • Figure 5: Italy: Retail sales trends, 2010-11
                    • Inflation
                      • Figure 6: Italy: Inflation, 2010-11
                    • Netherlands
                      • Figure 7: The Netherlands: Retail sales trends, 2010-11
                    • Inflation
                      • Figure 8: The Netherlands: Inflation, 2010-11
                    • Spain
                      • Figure 9: Spain: Retail sales trends, 2010-11
                    • Inflation
                      • Figure 10: Spain: Inflation, 2010-11
                    • UK
                      • Figure 11: UK: Retail sales trends, 2010-11
                    • Inflation
                      • Figure 12: UK: Annual percentage change in Consumer Price Index for selected product groups, 2010-11
                  • Headlines for the Month

                    • Grocers
                      • Clothing
                        • Footwear
                          • Multi-sector retailing
                            • Department stores
                              • Mixed goods
                                • DIY
                                  • Electricals
                                    • Music and video
                                      • Furniture
                                        • Home shopping
                                          • Health and beauty
                                            • Sports and leisure goods
                                              • Jewellers
                                                • Toys and games
                                                • News Analysis

                                                  • Grocers
                                                    • Czech Republic: Tesco launches online grocery shopping service in Prague
                                                      • France: Carrefour
                                                        • …confirms G&G bid
                                                          • …underperforms in horrible year
                                                            • France: Casino in negotiations to supply the Alsace Co-op's c-stores
                                                              • France: Intermarché to buy Altis off Eroski
                                                                • Germany: Aldi Nord reports weakening sales in 2010
                                                                  • Germany: Edeka
                                                                    • …Netto Discount brand to expand
                                                                      • …to phase out Netto City format
                                                                        • Germany: Rewe to revamp Penny chain
                                                                          • Hungary: Aldi launches marketing campaign in Hungary
                                                                            • Hungary: Auchan to acquire Cora stores
                                                                              • Italy: Migros to expand in Italy
                                                                                • Latvia: Iki and Cento operator ruled insolvent
                                                                                  • Netherlands: Albert Heijn to create online marketplace
                                                                                    • Poland: Maxima enters Polish market
                                                                                      • Portugal: Jeronimo Martins' growth driven by Poland
                                                                                        • Russian Federation: Rewe's Billa considers acquisition of local chain
                                                                                          • Russian Federation: X5 Retail to launch online site next year
                                                                                            • Slovenia: Mercator suspends sale of Agrokor
                                                                                              • Switzerland: Spar breaks the billion barrier
                                                                                                • UK: Asda outperforms rivals over Christmas
                                                                                                  • UK: Booths sales up as shoppers entertain over Christmas
                                                                                                    • UK: Morrisons
                                                                                                      • …M Savers to hit shelves in January
                                                                                                        • …plans 2012 expansion
                                                                                                          • …reports Christmas sales rise as it eyes Best Buy sites
                                                                                                            • UK: Sainsbury's sees 'record-breaking' Christmas
                                                                                                              • UK: Tesco
                                                                                                                • …enters F&F partnership in Saudi Arabia
                                                                                                                  • …extends Home Efficiency offering by selling boilers
                                                                                                                    • …reports "disappointing" Christmas with like-for-likes falling 2.2%
                                                                                                                      • UK: The Co-operative Group
                                                                                                                        • …adds 28 stores after acquiring David Sands
                                                                                                                          • …posts Christmas sales uplift
                                                                                                                            • UK: Waitrose
                                                                                                                              • …enjoys festive sales rise
                                                                                                                                • …reports 'very strong' Christmas trading
                                                                                                                                  • …to introduce contactless payments
                                                                                                                                    • Off-licences
                                                                                                                                      • UK: Majestic Wine posts Christmas sales rise
                                                                                                                                        • Clothing retailing
                                                                                                                                          • Austria: Primark to open first store in Austria
                                                                                                                                            • Europe: Inditex sales growth slows on warmer weather
                                                                                                                                              • Europe: TJX Europe President to depart
                                                                                                                                                • France: PPR e-commerce chief departs
                                                                                                                                                  • Germany: Esprit launches new concept in Cologne
                                                                                                                                                    • UK: American Apparel opens more concession in Selfridges
                                                                                                                                                      • UK: Aurora Fashions reports 13% like-for-like rise this winter
                                                                                                                                                        • UK: Blue Inc
                                                                                                                                                          • …enjoys positive Christmas
                                                                                                                                                            • …preparing to buy 21 D2 stores
                                                                                                                                                              • …tops UK shopping centre ranking
                                                                                                                                                                • UK: Bravissimo performance driven by Pepperberry
                                                                                                                                                                  • UK: Burberry reports rising sales due to outerwear and leather goods
                                                                                                                                                                    • UK: D2 fashion chain collapses into administration
                                                                                                                                                                      • UK: Howies bought back by management
                                                                                                                                                                        • UK: Jacques Vert
                                                                                                                                                                          • …and Irisa to share back office
                                                                                                                                                                            • …received bid from Sun European
                                                                                                                                                                              • UK: Jaeger full year profits fall
                                                                                                                                                                                • UK: La Senza
                                                                                                                                                                                  • …acquired by Alshaya UK
                                                                                                                                                                                    • …restructuring plans
                                                                                                                                                                                      • UK: Moss Bros sees rise in like-for-likes
                                                                                                                                                                                        • UK: Mulberry appoints new chief executive
                                                                                                                                                                                          • UK: N Brown reports like-for-likes rise 2%
                                                                                                                                                                                            • UK: New Look reports strong Christmas trading
                                                                                                                                                                                              • UK: Next sales up due to strong Directory performance
                                                                                                                                                                                                • UK: Paul Smith sees profits for the full year rise
                                                                                                                                                                                                  • UK: Peacocks
                                                                                                                                                                                                    • …considering selling off Bonmarche
                                                                                                                                                                                                      • …struggles as RBS pulls out of rescue deal
                                                                                                                                                                                                        • UK: SuperGroup
                                                                                                                                                                                                          • …Christmas sales rise
                                                                                                                                                                                                            • …profits fall despite LFL lift
                                                                                                                                                                                                              • UK: Ted Baker delivers "excellent" Christmas performance
                                                                                                                                                                                                                • UK: The Kooples opens first UK outlet store
                                                                                                                                                                                                                  • UK: Triumph considers bid for La Senza stores
                                                                                                                                                                                                                    • UK: Victoria's Secret owner in line to buy La Senza
                                                                                                                                                                                                                      • UK: White Stuff reports 2% year-on-year rise
                                                                                                                                                                                                                        • Footwear retailing
                                                                                                                                                                                                                          • Poland: Foot Locker opens first store in Poland
                                                                                                                                                                                                                            • UK: Barratts Priceless
                                                                                                                                                                                                                              • …sees more than 1,600 jobs go
                                                                                                                                                                                                                                • …stores acquired by Ziff
                                                                                                                                                                                                                                  • …to close 18 stores before Christmas 2011
                                                                                                                                                                                                                                    • UK: Schuh sees strong year
                                                                                                                                                                                                                                      • Multi-sector retailing
                                                                                                                                                                                                                                        • Germany: Douglas confirms talks with financial investors
                                                                                                                                                                                                                                          • Germany: Metro reports sales fall and cancels plans for Kaufhof
                                                                                                                                                                                                                                            • UK: Marks & Spencer
                                                                                                                                                                                                                                              • …reports stronger food sales while general merchandise suffers
                                                                                                                                                                                                                                                • …increases opening hours and delivery service for Christmas
                                                                                                                                                                                                                                                  • UK: Laura Ashley sees like-for-likes rise
                                                                                                                                                                                                                                                    • Miscellaneous specialists
                                                                                                                                                                                                                                                      • UK: Greggs reports boosted Christmas sales
                                                                                                                                                                                                                                                        • UK: Halfords sees like-for-likes drop of 4.8%
                                                                                                                                                                                                                                                          • UK: Mamas and Papas enters red
                                                                                                                                                                                                                                                            • UK: Albemarle & Bond to open 25 stores this year
                                                                                                                                                                                                                                                              • UK: Mothercare
                                                                                                                                                                                                                                                                • …sales rise driven by promotions
                                                                                                                                                                                                                                                                  • …sees private equity firms circle for bids
                                                                                                                                                                                                                                                                    • UK: Past Times
                                                                                                                                                                                                                                                                      • …closes 47 stores
                                                                                                                                                                                                                                                                        • …enters administration
                                                                                                                                                                                                                                                                          • …officially in administration
                                                                                                                                                                                                                                                                            • UK: Pets at Home posts "robust" half-year trading
                                                                                                                                                                                                                                                                              • UK: QD reports solid Christmas and plans expansion
                                                                                                                                                                                                                                                                                • UK: Thorntons
                                                                                                                                                                                                                                                                                  • …issues profit warning
                                                                                                                                                                                                                                                                                    • …suffers poor Christmas performance
                                                                                                                                                                                                                                                                                      • Department stores
                                                                                                                                                                                                                                                                                        • UK: Debenhams has strong Christmas
                                                                                                                                                                                                                                                                                          • UK: Fortnum & Mason reports record sales
                                                                                                                                                                                                                                                                                            • UK: Harvey Nichols launches new concept store in Liverpool One
                                                                                                                                                                                                                                                                                              • UK: House of Fraser posts "pleasing" sales growth
                                                                                                                                                                                                                                                                                                • UK: John Lewis
                                                                                                                                                                                                                                                                                                  • …launches trend-led women's label JL Weekend
                                                                                                                                                                                                                                                                                                    • …reports successful sales week
                                                                                                                                                                                                                                                                                                      • …sales boosted by late delivery offer
                                                                                                                                                                                                                                                                                                        • …sales up 4.7% as it prepares for Christmas rush
                                                                                                                                                                                                                                                                                                          • …up on Christmas sales from last year
                                                                                                                                                                                                                                                                                                            • …sees strong sales week
                                                                                                                                                                                                                                                                                                              • UK: Selfridges launches last-minute Christmas shopping services
                                                                                                                                                                                                                                                                                                                • Mixed goods retailers
                                                                                                                                                                                                                                                                                                                  • UK: Argos
                                                                                                                                                                                                                                                                                                                    • …launches pop-up shops in London train stations
                                                                                                                                                                                                                                                                                                                      • …like-for-likes fall 8.8%
                                                                                                                                                                                                                                                                                                                        • UK: The Original Factory Shop reports growth
                                                                                                                                                                                                                                                                                                                          • UK: Poundland's Dealz store to have £1.20 pricing structure
                                                                                                                                                                                                                                                                                                                            • DIY retailing
                                                                                                                                                                                                                                                                                                                              • Ireland: Homebase reports €46m loss in Ireland
                                                                                                                                                                                                                                                                                                                                • UK: B&Q
                                                                                                                                                                                                                                                                                                                                  • …invests £12m in product ranges
                                                                                                                                                                                                                                                                                                                                    • …launches 'most aggressive' price campaign yet
                                                                                                                                                                                                                                                                                                                                      • UK: Focus DIY's customers, shoppers and unsecured creditors receive nothing
                                                                                                                                                                                                                                                                                                                                        • UK: Topps Tiles sales down 4.2% in first quarter
                                                                                                                                                                                                                                                                                                                                          • UK: Wickes
                                                                                                                                                                                                                                                                                                                                            • …further hit by low consumer confidence
                                                                                                                                                                                                                                                                                                                                              • …owner buys remaining Toolstation stake
                                                                                                                                                                                                                                                                                                                                                • UK: Robert Dyas reports strong Christmas run-up
                                                                                                                                                                                                                                                                                                                                                  • Electricals retailing
                                                                                                                                                                                                                                                                                                                                                    • Germany: Media Markt's online store opens
                                                                                                                                                                                                                                                                                                                                                      • Switzerland: Media-Saturn launches online
                                                                                                                                                                                                                                                                                                                                                        • UK: Best Buy big-boxes to close on 15 January
                                                                                                                                                                                                                                                                                                                                                          • UK: Dixons' reports falling like-for-likes over Christmas
                                                                                                                                                                                                                                                                                                                                                            • UK: Maplin reports strong December
                                                                                                                                                                                                                                                                                                                                                              • UK: Phones 4U reports sales rise in final quarter
                                                                                                                                                                                                                                                                                                                                                                • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                                  • UK: HMV
                                                                                                                                                                                                                                                                                                                                                                    • …considers sale of live music arm on bad sales
                                                                                                                                                                                                                                                                                                                                                                      • …sales fall over Christmas
                                                                                                                                                                                                                                                                                                                                                                        • UK: Netflix to launch in UK and Ireland today
                                                                                                                                                                                                                                                                                                                                                                          • UK: Oakley Capital plans bid for HMV's live music arm
                                                                                                                                                                                                                                                                                                                                                                            • Carpet retailing
                                                                                                                                                                                                                                                                                                                                                                              • UK: Carpetright reports first half loss
                                                                                                                                                                                                                                                                                                                                                                                • UK: United Carpets pre-tax profits halve in first half
                                                                                                                                                                                                                                                                                                                                                                                  • Furniture retailing
                                                                                                                                                                                                                                                                                                                                                                                    • Denmark: JYSK continues with UK expansion plans
                                                                                                                                                                                                                                                                                                                                                                                      • Estonia: Ikea eyes Estonia and Latvia
                                                                                                                                                                                                                                                                                                                                                                                        • UK: CSL reports Christmas sales rise
                                                                                                                                                                                                                                                                                                                                                                                          • UK: DFS earnings fall but invests in growth
                                                                                                                                                                                                                                                                                                                                                                                            • UK: Dunelm growth continues in strong H1
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Dwell to open first Welsh store at St David's
                                                                                                                                                                                                                                                                                                                                                                                                • UK: Ikea UK & Ireland gets first British boss
                                                                                                                                                                                                                                                                                                                                                                                                  • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Asos to open data to external web developers
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Brand Alley reports sales up 61%
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Ocado
                                                                                                                                                                                                                                                                                                                                                                                                          • …enjoys late surge in Christmas sales
                                                                                                                                                                                                                                                                                                                                                                                                            • …warns on profits
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Shop Direct posts Christmas sales rise
                                                                                                                                                                                                                                                                                                                                                                                                                • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                                  • Germany: Rossmann sees sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Boots sees sales rise more than 3% in December
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Feelunique's Christmas sales boosted by high-end brands
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Lush Christmas "exceeds expectations"
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Superdrug delivers "solid" festive growth
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: The Fragrance Shop sees strong online sales over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                              • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Clinton Cards reports rising Christmas like-for-likes
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Foyles
                                                                                                                                                                                                                                                                                                                                                                                                                                    • …reports Christmas sales up 20%
                                                                                                                                                                                                                                                                                                                                                                                                                                      • …reports continued profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Hallmark plans out international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Ryman profits driven by ecommerce
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Blacks Leisure
                                                                                                                                                                                                                                                                                                                                                                                                                                                • …faces post-Christmas administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …in administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …moves closer to pre-pack administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Edinburgh Woollen Mill a surprise bidder for Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Go Outdoors and Mountain Warehouse join race for Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: JD Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …considers bid for Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …formally acquires Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …in "advanced discussions" to buy Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …posts festive like-for-likes rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: JJB improves performance over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …pulls out of Blacks bid
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …sales up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Yeomans owner Granite buys Gelert
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Pro Bike wins backing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Denmark: Pandora appoints new chief executive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Switzerland: Swatch reports record sales despite franc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Folli Follie enjoys 64% increase in sales over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Signet UK sales rise 1.8% over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Garden centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: The Garden Centre Group has "outstanding" Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Game
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …like-for-likes fall as margins hit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …set to appoint Deloitte for turnaround
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Games Workshop pre-tax profits rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Hawkin's Bazaar owner headed for administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Entertainer outperforms toy market by 22.1%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: BRC:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …'Christmas on a knife egde' as footfall drops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …stronger Christmas "reflects one-off factors"
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Cost of retail crime rises 31%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: CPI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …at 4.2% in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …inflation falls in November
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Friday before Christmas to be the busiest shopping day of the year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: January shopper numbers fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Kantar reveals Sainsbury's market share highest since March 2003
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: New Year grocery discounting begins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Online shopping spree leads to delivery chaos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: ONS: Retail sales value up 4.6% in November
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Portas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …response will not be brought forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …reveals 28 recommendations for high street revival
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …to focus on planning and parking reforms to revive high street
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Scottish retail sales fall worst since 1999
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Shop price inflation hits 16-month low in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Shopper numbers up in week before Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Supermarkets now represent 36% of retail property pipeline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: West End takings fall despite traffic-free weekend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • European Retail Scene

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Concentration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 13: Sales of leading retailers, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 14: Leading retailers’ share of all European retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 2012 and the retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A Levy & Son Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A. S. Watson (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A. S. Watson UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ABC, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Accenture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising Standards Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Agrokor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ahold Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Albemarle & Bond PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Albert Heijn (fascia) Netherlands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Alexon Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Alexon Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • American Apparel, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Auchan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bain Capital LLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bank of England
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Barratts Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • BDO Stoy Hayward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Berghaus Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Blacks Outdoor Division Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bonmarché
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand Alley
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bravissimo Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bridgepoint Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • British Fashion Council
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Casino Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cath Kidston Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • CBRE | Melody
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • CBS Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Chausport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cinven Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clarins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cora - Louis Delhaize Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cotswold Outdoor Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • CVC Capital Partners Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • D2 Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dansk Supermarked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Darty Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • David Sands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Deichmann Schuh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Department of Health
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Deutsche Bank AG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Douglas Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • DreamWorks SKG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Duke Street Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dwell
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Edeka Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Envy Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ernest Jones Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ernst & Young
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Esprit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Experian
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Faith Footwear Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Feelunique.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Focus Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Folli Follie UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Foot Locker U.S.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Football Association (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fortnum & Mason Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Game Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Game Group - Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Games Workshop Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Gelert Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Genesco Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Go Outdoors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Goldman Sachs Group, Inc., The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Good Hair Day (GHD)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grupo Eroski
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • H Samuel Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hallmark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hammersmith Apollo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hawkin's Bazaar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hermes (GB) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Heston Blumenthal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • IBM United Kingdom Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • IKI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Intermarché (France)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Issey Miyake London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jane Norman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • JD Sports - Fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jerónimo Martins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Joules
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jysk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kaufhof
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kiddicare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • L'Oréal (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • La Senza Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Land Securities Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Limited Brands Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lion Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lions Gate Entertainment Corp. (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mamas & Papas Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Maplin Electronics Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • MAXIMA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • McArthurGlen UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mercator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • MetroCentre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • MFI Furniture Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • MGM Mirage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Migros (Switzerland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Millets Farm Garden Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Miramax Film Corp.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Montagu Private Equity Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Montres Breguet SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mountain Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • National Broadcasting Company, Inc. (NBC)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Netflix, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Netto (Denmark)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Nielsen Media Research, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Nintendo Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Nordstrom
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Nova International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pandora Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Past Times
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Paul Smith Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Penny - Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Penta Geronimo Limited Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pentland Group PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pets at Home Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Plus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • PriceLess
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Procter & Gamble Company (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • QD Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • R Barbour & Sons Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rack Room Shoes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ramstore (Bulgaria)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Robert Dyas Holdings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rossmann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ryman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Schuh Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Signet Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sketchers U.S.A., Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sony (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sony Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spar (Netherlands)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spar Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sun Capital Partners, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Swatch
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Entertainer (Amersham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Fragrance Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Kooples
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The London Organising Committee of the Olympic Games and Paralympic Games Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The North Face Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Officers Club Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Original Factory Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Timberland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TJ Morris Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Toolstation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Topps Tiles Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Triumph Apparel Corp.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Twentieth Century Fox Film Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Union des Cooperateurs d'Alsace
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • United Carpets Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • USC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • VF Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Victoria's Secret
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Visa International
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • W Yeomans (Chesterfield) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • W&G Foyle Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wehkamp Netherlands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • White Stuff Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wiggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wyevale Garden Centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • X5 Retail Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              European Retail Briefing - January 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              £295.00 (Excl.Tax)