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European Retail Briefing - July 2011

European Retail Briefing is a monthly briefing providing news and analysis that includes company results, store openings, cross-border moves, M & A activities, executive changes and property developments. Additionally each month, European Retail Briefing focuses on a key issue or specific European retail sector. The month's retail news is then analysed sector by sector, making this an invaluable resource for all with an interest in the European retail industry.

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Table of contents

  1. Analyst Comment

    • Department stores go global
      • What we’ve seen
        • Sector recovery
          • Figure 1: Department store sector vs all retail and all non-food sectors, 2010-11
        • The challenge in building scale
          • Appealing to the tourist trade
            • Online rollout
              • Is online the answer?
                • What it means
                • Headlines for the Month

                  • Grocers
                    • Clothing retailers
                      • DIY retailing
                        • Electricals retailing
                          • Health and beauty retailing
                            • Department stores
                              • Furniture retailing
                                • Home shopping
                                • Retail Sales Review

                                  • Key points
                                    • France
                                      • Figure 2: France: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 3: France: Inflation, 2010-11
                                    • Germany
                                      • Figure 4: Germany: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 5: Germany: Inflation, 2010-11
                                    • Italy
                                      • Figure 6: Italy: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 7: Italy: Inflation, 2010-11
                                    • Netherlands
                                      • Figure 8: The Netherlands: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 9: The Netherlands: Inflation, 2010-11
                                    • Spain
                                      • Figure 10: Spain: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 11: Spain: Inflation, 2010-11
                                    • UK
                                      • Figure 12: Retail sales trends, 2010-11
                                    • Inflation
                                      • Figure 13: UK: Annual percentage change in Consumer Price Index for selected product groups, 2010-11
                                  • Retailing in Emerging Markets - Europe

                                    • Russia
                                      • Executive summary
                                        • SWOT
                                          • Strengths
                                            • Weaknesses
                                              • Opportunities
                                                • Threats
                                                  • Broader market environment
                                                    • Competitive context
                                                      • Key points
                                                        • Consumer spending
                                                          • Figure 14: Russia: Proportion of household budget spend, by category, 2005-09
                                                        • Retail market size and forecast
                                                          • Key points
                                                            • Economic outlook
                                                              • Sector sales
                                                                • Figure 15: Russia: Retail sales forecasts, 2006-16
                                                                • Figure 16: Russia: Share of Retail sales, by commodity, 1992, 1995, 2000, 2006-09
                                                              • High levels of investment in retailing
                                                                • Figure 17: Russia: Retail establishments by sector, 2006-10
                                                                • Figure 18: Russia: Retail employment, 1996, 2000 and 2006-09
                                                            • News Analysis

                                                              • Grocers
                                                                • Belgium: Colruyt disappoints with full year profits
                                                                  • France: Carrefour
                                                                    • …confident on pushing Dia plans
                                                                      • …expects drop in income
                                                                        • …gives Olofsson chairman role
                                                                          • France: Casino ups stake in battle for Pao de Acucar
                                                                            • France: Systeme U reports solid sales
                                                                              • Germany: Tengelmann to divest stake in A&P
                                                                                • Italy: Coop Italia reports sale growth
                                                                                  • Lithuania: Lidl negotiates land acquisition for new stores
                                                                                    • Romania: Lidl opens first outlets in Romania
                                                                                      • Slovenia: Mercator to begin merger talks with Agrokor
                                                                                        • Spain: Carrefour acquires full control of Dia
                                                                                          • Switzerland: Spar launches Express banner
                                                                                            • UK: Asda
                                                                                              • …achieves £1bn ethical and local produce sales
                                                                                                • …COO exits
                                                                                                  • …former boss sets up investment vehicle
                                                                                                    • …reports consumers starting to ration
                                                                                                      • UK: Iceland trials Greggs foods
                                                                                                        • UK: Haldanes files for administration
                                                                                                          • UK: Iceland profits rise 20%
                                                                                                            • UK: Morrisons
                                                                                                              • …buys wholesale florist
                                                                                                                • …to open first c-store chain
                                                                                                                  • UK: Sainsbury's
                                                                                                                    • …reports strong sales in challenging market
                                                                                                                      • …strengthens online team
                                                                                                                        • UK: Tesco
                                                                                                                          • …launches Back to School campaign
                                                                                                                            • …reports strong group sales growth
                                                                                                                              • …signs agreement that signals further expansion into Chinese market
                                                                                                                                • …to add double glazing to portfolio
                                                                                                                                  • UK: Waitrose
                                                                                                                                    • …targets London for convenience store format
                                                                                                                                      • …to launch high street cafe
                                                                                                                                        • Off-licences
                                                                                                                                          • UK: Majestic Wines profits up 27%
                                                                                                                                            • Other food specialists
                                                                                                                                              • UK: Holland & Barrett's profits up
                                                                                                                                                • UK: Thorntons to cut number of stores
                                                                                                                                                  • Clothing retailing
                                                                                                                                                    • Italy: Inditex sees first quarter sales rise
                                                                                                                                                      • Sweden: H&M
                                                                                                                                                        • …profits fall as cotton and labour prices rise
                                                                                                                                                          • …reports like-for-likes up 2% for Q2
                                                                                                                                                            • …signs Donatella Versace as guest designer
                                                                                                                                                              • UK: Abercrombie bid for SuperGroup speculations
                                                                                                                                                                • UK: Alexon like-for-likes remain flat, leading to new finance options explored
                                                                                                                                                                  • UK: Aquascutum to open stores in Milan and Rome
                                                                                                                                                                    • UK: Aurora management team vie to buy Jane Norman
                                                                                                                                                                      • UK: Ben Sherman seals suit licence deal and invites Nickleson bids
                                                                                                                                                                        • UK: Bonmarché future boss named, if sale goes through
                                                                                                                                                                          • UK: Burberry triggers potential revolt over pay
                                                                                                                                                                            • UK: East pre-tax profits up 9.5%
                                                                                                                                                                              • UK: Edinburgh Woollen Mill acquires 31 Jane Norman stores but 35 to shut
                                                                                                                                                                                • UK: Forever 21 flagship to open at Lakeside
                                                                                                                                                                                  • UK: Hobbs secures £46.5m funding to accelerate expansion
                                                                                                                                                                                    • UK: Jacques Vert's pre-tax profits up 3.1%
                                                                                                                                                                                      • UK: Jane Norman
                                                                                                                                                                                        • …enters new private equity rescue talks
                                                                                                                                                                                          • …in administration
                                                                                                                                                                                            • UK: Life & Style closes 22 stores, axing 300 jobs
                                                                                                                                                                                              • UK: Matalan EBITDA falls due to snow in Q4
                                                                                                                                                                                                • UK: Missoni to open second UK standalone store
                                                                                                                                                                                                  • UK: Moss Bros like-for-likes up 13.4% with disposal of Cecil Gee
                                                                                                                                                                                                    • UK: Mulberry full-year profits rise
                                                                                                                                                                                                      • UK: Next sells customer service business for £65m
                                                                                                                                                                                                        • UK: Phase Eight reports 42% rise in pre-tax profits
                                                                                                                                                                                                          • UK: Polo Ralph Lauren denim line to open franchise stores
                                                                                                                                                                                                            • UK: SuperGroup reports business 'on track'
                                                                                                                                                                                                              • UK: Ted Baker sales rise ahead of expectations
                                                                                                                                                                                                                • UK: Uniqlo sees 31% sales surge
                                                                                                                                                                                                                  • UK: Vera Wang opens shop-in-shop with Browns
                                                                                                                                                                                                                    • Footwear retailing
                                                                                                                                                                                                                      • UK: Brantano back in black
                                                                                                                                                                                                                        • UK: Schuh sold to US retailer for £125m
                                                                                                                                                                                                                          • Multi-sector retailing
                                                                                                                                                                                                                            • UK: 99p Stores sees profits rise amid international plans
                                                                                                                                                                                                                              • UK: B&M Bargains reports strong year
                                                                                                                                                                                                                                • UK: Marks & Spencer launches earlier summer Sale
                                                                                                                                                                                                                                  • Miscellaneous specialists
                                                                                                                                                                                                                                    • Ukraine: Metro reveals plans for rapid growth
                                                                                                                                                                                                                                      • UK: Pets at Home profits rise
                                                                                                                                                                                                                                        • UK: Booker reports 9.5% rise in sales
                                                                                                                                                                                                                                          • UK: Halfords trials smaller high street bike shops
                                                                                                                                                                                                                                            • UK: Mamas & Papas aims for 30 more UK stores
                                                                                                                                                                                                                                              • UK: Carpetright profits fall in face of weak consumer demand
                                                                                                                                                                                                                                                • UK: Cath Kidston opens in St Pancras
                                                                                                                                                                                                                                                  • Department stores
                                                                                                                                                                                                                                                    • UK: Beales reports loss
                                                                                                                                                                                                                                                      • UK: Debenhams
                                                                                                                                                                                                                                                        • …reports like-for-likes rise
                                                                                                                                                                                                                                                          • …tables bid for Jane Norman
                                                                                                                                                                                                                                                            • UK: John Lewis to open home store in Ashford
                                                                                                                                                                                                                                                              • UK: TJ Hughes
                                                                                                                                                                                                                                                                • …puts administrators on standby
                                                                                                                                                                                                                                                                  • …in administration
                                                                                                                                                                                                                                                                    • …acquired by GA Europe
                                                                                                                                                                                                                                                                      • DIY retailing
                                                                                                                                                                                                                                                                        • Germany: Hornbach sales rise 11.1%
                                                                                                                                                                                                                                                                          • Germany: Praktiker issues profit warning
                                                                                                                                                                                                                                                                            • Poland: Kingfisher
                                                                                                                                                                                                                                                                              • …targets aspirational shoppers with Polish revamp
                                                                                                                                                                                                                                                                                • …to double local Castorama network
                                                                                                                                                                                                                                                                                  • UK: Focus creditors will not be paid
                                                                                                                                                                                                                                                                                    • UK: Kingfisher gets go-ahead on Focus stores deal
                                                                                                                                                                                                                                                                                      • Electrical retailing
                                                                                                                                                                                                                                                                                        • France: Cordelette: Saturn’s integration into the Boulanger network is ‘transforming the category’
                                                                                                                                                                                                                                                                                          • France: Dixons subsidiary to develop Carrefour web offer
                                                                                                                                                                                                                                                                                            • France: Saturn consumer electronics sold to HTM Group
                                                                                                                                                                                                                                                                                              • Germany: Metro gets approval for Redcoon acquisition
                                                                                                                                                                                                                                                                                                • Russian Federation: PPF takes control of Eldorado
                                                                                                                                                                                                                                                                                                  • Spain: Media Markt launches order & collect service
                                                                                                                                                                                                                                                                                                    • UK: Best Buy
                                                                                                                                                                                                                                                                                                      • …may halt UK expansion plans
                                                                                                                                                                                                                                                                                                        • …reportedly considering Dixons bid
                                                                                                                                                                                                                                                                                                          • …UK big boxes lose £62m in first year
                                                                                                                                                                                                                                                                                                            • UK: Comet to close 17 stores
                                                                                                                                                                                                                                                                                                              • UK: Dixons
                                                                                                                                                                                                                                                                                                                • …planning second Black store
                                                                                                                                                                                                                                                                                                                  • …sees balance sheet hit
                                                                                                                                                                                                                                                                                                                    • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                      • UK: Game appoints new boss of UK and northern Europe
                                                                                                                                                                                                                                                                                                                        • UK: HMV
                                                                                                                                                                                                                                                                                                                          • …chiefs outline new vision after bad year
                                                                                                                                                                                                                                                                                                                            • …profits down 61%
                                                                                                                                                                                                                                                                                                                              • Furniture and furnishings retailing
                                                                                                                                                                                                                                                                                                                                • UK: BrightHouse EBITDA rises
                                                                                                                                                                                                                                                                                                                                  • UK: BrightHouse to launch transactional website
                                                                                                                                                                                                                                                                                                                                    • UK: Conran and Radice to launch new department store concept
                                                                                                                                                                                                                                                                                                                                      • UK: CSL sales up as it plots South East expansion
                                                                                                                                                                                                                                                                                                                                        • UK: DFS posts profits rise
                                                                                                                                                                                                                                                                                                                                          • UK: Dreams increases market share but profits fall
                                                                                                                                                                                                                                                                                                                                            • UK: Home Retail
                                                                                                                                                                                                                                                                                                                                              • …in talks to buy Habitat
                                                                                                                                                                                                                                                                                                                                                • …confirms Habitat UK deal
                                                                                                                                                                                                                                                                                                                                                  • UK: Homeform
                                                                                                                                                                                                                                                                                                                                                    • …unites brands for Sale push
                                                                                                                                                                                                                                                                                                                                                      • …files notice to appoint administration
                                                                                                                                                                                                                                                                                                                                                        • …closes Moben, Dolphin and Kitchens Direct
                                                                                                                                                                                                                                                                                                                                                          • UK: Sun European acquires parts of Homeform
                                                                                                                                                                                                                                                                                                                                                            • UK: Homebase interested in failed Moben and Dolphin
                                                                                                                                                                                                                                                                                                                                                              • UK: Magnet reaches out to customers of Moben and Kitchens Direct
                                                                                                                                                                                                                                                                                                                                                                • UK: Lombok cautious on concession roll-out
                                                                                                                                                                                                                                                                                                                                                                  • UK: Dunelm sees sales and market share rise
                                                                                                                                                                                                                                                                                                                                                                    • Home shopping
                                                                                                                                                                                                                                                                                                                                                                      • UK: Amazon to buy The Book Depository
                                                                                                                                                                                                                                                                                                                                                                        • UK: Argos launches TV shopping channel
                                                                                                                                                                                                                                                                                                                                                                          • UK: Asos marketplace to work with global sellers
                                                                                                                                                                                                                                                                                                                                                                            • UK: eBay hires Cocosa marketing director
                                                                                                                                                                                                                                                                                                                                                                              • UK: JML to focus on growth through supply division
                                                                                                                                                                                                                                                                                                                                                                                • UK: My-Wardrobe targets Middle East
                                                                                                                                                                                                                                                                                                                                                                                  • UK: N Brown reports like-for-like rise
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Ocado posts pre-tax profit and deal with Carrefour
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Park Group pre-tax profits rise
                                                                                                                                                                                                                                                                                                                                                                                        • UK: Shop Direct hires Very boss
                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Hut drafts in IPO advisers
                                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                              • Germany: Celesio picks Beiersdorf exec as chief
                                                                                                                                                                                                                                                                                                                                                                                                • UK: Superdrug back in black in 2010
                                                                                                                                                                                                                                                                                                                                                                                                  • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Foyles to open in Westfield
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Waterstone's sold to Mamut
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: WH Smith sales fall
                                                                                                                                                                                                                                                                                                                                                                                                          • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                            • UK: JD Sports acquires Cecil Gee and Sprinter
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Pentland Group sales and profits rise
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Sports Direct acquires USC and Cruise
                                                                                                                                                                                                                                                                                                                                                                                                                  • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Theo Fennell sales rise 15%
                                                                                                                                                                                                                                                                                                                                                                                                                      • Garden centres
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Garden Centre Group is up for sale
                                                                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Asda Income Tracker: weekly spending power's largest decline
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: BRC: Food inflation up 5.7%
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Discounters increase market share, while Asda loses out
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Inflation unchanged at 4.5% in May
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Retail sales values up, but volumes flat

                                                                                                                                                                                                                                                                                                                                                                                                                                    European Retail Briefing - July 2011

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