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European Retail Briefing - June 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

    • Assessing consumer confidence and retail sales amid the Eurozone crisis
      • Consumer confidence
          • Figure 1: Europe: Consumer confidence: Leading countries (ranked by May 2012), April-May 2012
          • Figure 2: Europe: Consumer confidence: Lagging countries (ranked by May 2012), April-May 2012
        • Retail sales
            • Figure 3: Europe: Year-on-year total retail sales growth: Leading countries (ranked by March 2012), March-April 2012
            • Figure 4: Europe: Year-on-year total retail sales growth: Lagging countries (ranked by March 2012), March-April 2012
          • Bringing confidence and growth together
            • Figure 5: Europe: Year-on-year retail sales growth versus consumer confidence levels, March 2012
          • Retail trade confidence
            • Figure 6: Europe: Retail trade confidence: Leading countries (ranked by May 2012), April-May 2012
            • Figure 7: Europe: Retail trade confidence: Lagging countries (ranked by May 2012), April-May 2012
          • What does this mean?
          • Headlines for the Month

            • Grocers
              • Clothing retailing
                • Footwear retailing
                  • Multi-sector retailing
                    • Miscellaneous specialists
                      • Department stores
                        • DIY retailing
                          • Electrical goods retailing
                            • Music retailing
                              • Furniture retailing
                                • Home shopping
                                  • Health and beauty retailing
                                    • Books and stationery retailing
                                      • Sports and leisure goods retailing
                                        • Jewellers
                                          • Economy
                                          • Retail Sales Review

                                            • Key points
                                              • France
                                                • Figure 8: France: Retail sales, 2011-12
                                              • Inflation
                                                • Figure 9: France: Inflation, 2011-12
                                              • Germany
                                                • Figure 10: Germany: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 11: Germany: Inflation, 2011-12
                                              • Italy
                                                • Figure 12: Italy: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 13: Italy: Inflation, 2011-12
                                              • Netherlands
                                                • Figure 14: The Netherlands: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 15: The Netherlands: Inflation, 2011-12
                                              • Spain
                                                • Figure 16: Spain: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 17: Spain: Inflation, 2011-12
                                              • UK
                                                • Figure 18: UK: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 19: UK: Inflation, 2011-12
                                            • News Analysis

                                              • Grocers
                                                • Europe: Musgrave Group
                                                  • …reports falling profits
                                                    • …seeks click-and-collect partnership
                                                      • France: Carrefour
                                                        • …bid for Guyenne approved
                                                          • …chief exits early
                                                            • France: Intermarché reports a 3.1% increase in turnover
                                                              • France: Systeme U acquires Schlecker
                                                                • Germany: Aldi Nord looks to modernize in two years
                                                                  • Germany: Rewe Group reports increased turnover in Q1
                                                                    • Iceland: Iceland set to open stores in Iceland
                                                                      • Netherlands: Ahold reports 1.9% increase in sales
                                                                        • Spain: Eroski reports another full year loss
                                                                          • UK: Asda
                                                                            • …aims to double mobile sales
                                                                              • …like-for-likes rose 2.2% in Q1
                                                                                • …George trials new store format
                                                                                  • …targets online growth and acquires supply chain GAAT
                                                                                    • UK: Co-op to close two distribution centres within the next year
                                                                                      • UK: Discounters grow while Tesco and Morrisons lose
                                                                                        • UK: Morrisons
                                                                                          • …expansion south begins
                                                                                            • …has completed in-store bakery revamp
                                                                                              • …may target South East with online grocery site
                                                                                                • UK: Sainsbury's launches mobile grocery site
                                                                                                  • UK: Tesco
                                                                                                    • …launch new online portal for suppliers
                                                                                                      • …launches online delivery system
                                                                                                        • …plans to bring back Clubcard Exchange promotion
                                                                                                          • …revamps ready meal range
                                                                                                            • …to expect a fall in Q1 UK sales
                                                                                                              • …to launch F&F pop-up shop
                                                                                                                • UK: Whole Foods Market opens a new store in Piccadilly Circus
                                                                                                                  • Food specialists
                                                                                                                    • UK: Greggs sales fall in wet weather
                                                                                                                      • Clothing retailing
                                                                                                                        • France: Levi's opens new flagship store in Paris
                                                                                                                          • Spain: Michael Kors opens in Madrid
                                                                                                                            • UK: Aquascutum
                                                                                                                              • …acquired by YGM Trading for £15 million
                                                                                                                                • …design director to leave role
                                                                                                                                  • UK: Aurora partner with PayPal to launch inStore payment app
                                                                                                                                    • UK: Base aims to become ‘first-class kidswear store’
                                                                                                                                      • UK: Bonmarché to launch collect-from-store service
                                                                                                                                        • UK: Bosideng to open first UK store
                                                                                                                                          • UK: Burberry
                                                                                                                                            • …consider phased opening of new London flagship
                                                                                                                                              • …full-year profits rise
                                                                                                                                                • UK: French Connection reports falling profits
                                                                                                                                                  • UK: H&M to launch pop-up sports shops for summer 2012
                                                                                                                                                    • UK: Hobbs reports strong full year results
                                                                                                                                                      • UK: Irisa staff in consultation after relocation to Jacques Vert offices is considered
                                                                                                                                                        • UK: Jaeger hires Better Capital to focus on the customer experience
                                                                                                                                                          • UK: JD looks to buy One True Saxon
                                                                                                                                                            • UK: McArthurGlen beats the high street with a 16% increase in sales
                                                                                                                                                              • UK: McCartney opens first Adidas by Stella McCartney store
                                                                                                                                                                • UK: Mini Velvet hopes to triple standalone store count
                                                                                                                                                                  • UK: Monsoon Accessorize on lookout for new chief
                                                                                                                                                                    • UK: Montique to debut in the UK
                                                                                                                                                                      • UK: Moss Bros sees boosted like-for-likes
                                                                                                                                                                        • UK: New Look close to deal on debt terms
                                                                                                                                                                          • UK: Phase Eight enjoys boost in pre-tax profit and turnover
                                                                                                                                                                            • UK: Reiss introduces iPads to drive sales
                                                                                                                                                                              • UK: SuperGroup
                                                                                                                                                                                • …considers overseas flagship
                                                                                                                                                                                  • …sales boosted, but like-for-likes are disappointing
                                                                                                                                                                                    • UK: Topshop to launch eco-friendly capsule collection
                                                                                                                                                                                      • UK: Victoria's Secret set to debut in the UK with 2 store openings
                                                                                                                                                                                        • Footwear retailing
                                                                                                                                                                                          • France: Schuh launches French website
                                                                                                                                                                                            • Italy: Salvatore Ferragamo reports boost in profits
                                                                                                                                                                                              • UK: Clarks reports a fall in pre-tax profit
                                                                                                                                                                                                • UK: Kurt Geiger enters exclusive distribution deal with Vince Camuto
                                                                                                                                                                                                  • UK: LK Bennett secures funding for expansion in US
                                                                                                                                                                                                    • UK: Tod's first quarter revenues rise
                                                                                                                                                                                                      • Multi-sector retailing
                                                                                                                                                                                                        • UK: Booker to acquire Metro's Makro UK
                                                                                                                                                                                                          • UK: Marks and Spencer
                                                                                                                                                                                                            • …launches Simply M&S food range
                                                                                                                                                                                                              • …reports falling profits and store revamp strategy
                                                                                                                                                                                                                • …to open its own bank
                                                                                                                                                                                                                  • Mixed goods retailing
                                                                                                                                                                                                                    • UK: Poundland
                                                                                                                                                                                                                      • …launches mobile app
                                                                                                                                                                                                                        • …launches wholesale website
                                                                                                                                                                                                                          • Miscellaneous specialists
                                                                                                                                                                                                                            • UK: Mothercare new boss says it will take 3 years to turn business around
                                                                                                                                                                                                                              • UK: Robert Dyas attracts interest from three parties
                                                                                                                                                                                                                                • UK: Wilkinson’s chief executive to leave
                                                                                                                                                                                                                                  • Department stores
                                                                                                                                                                                                                                    • UK: Debenhams begins summer discounting
                                                                                                                                                                                                                                      • UK: House of Fraser
                                                                                                                                                                                                                                        • …receives interest in stake share
                                                                                                                                                                                                                                          • …reports growth in profits, but decline in EBITDA
                                                                                                                                                                                                                                            • …to introduce 11 upmarket brands
                                                                                                                                                                                                                                              • …to launch World of Shoes at Oxford Street store
                                                                                                                                                                                                                                                • UK: John Lewis reports strong first quarter
                                                                                                                                                                                                                                                  • DIY retailing
                                                                                                                                                                                                                                                    • Germany: Hornbach meets growth targets again
                                                                                                                                                                                                                                                      • Germany: Praktiker stores to be renamed Max Bahr
                                                                                                                                                                                                                                                        • UK: B&Q investing £69 million on product range improvements
                                                                                                                                                                                                                                                          • UK: Kingfisher reports fall in Q1 profits
                                                                                                                                                                                                                                                            • UK: Topps Tiles reports fall in pre-tax profits in first half
                                                                                                                                                                                                                                                              • UK: Wickes sees sales slow due to wet weather conditions
                                                                                                                                                                                                                                                                • Electrical retailing
                                                                                                                                                                                                                                                                  • UK: Cecil Jacobs falls into administration
                                                                                                                                                                                                                                                                    • UK: Dixons
                                                                                                                                                                                                                                                                      • …extends £300 million credit facility
                                                                                                                                                                                                                                                                        • …receives £10 million investment from Canon
                                                                                                                                                                                                                                                                          • …reports boost in sales and EBITDA
                                                                                                                                                                                                                                                                            • UK: Kesa reports falling profits in Q4
                                                                                                                                                                                                                                                                              • Music retailing
                                                                                                                                                                                                                                                                                • UK: AEG is favourite to acquire HMV Live
                                                                                                                                                                                                                                                                                  • UK: Digital music downloads overtake physical sales
                                                                                                                                                                                                                                                                                    • UK: HMV
                                                                                                                                                                                                                                                                                      • …partners Ticketmaster
                                                                                                                                                                                                                                                                                        • …receives £32 million for Hammersmith Apollo
                                                                                                                                                                                                                                                                                          • Carpet retailing
                                                                                                                                                                                                                                                                                            • UK: Carpetright appoints new chief executive
                                                                                                                                                                                                                                                                                              • Furniture retailing
                                                                                                                                                                                                                                                                                                • UK: Bathstore bought for £15 million
                                                                                                                                                                                                                                                                                                  • UK: CSL Sofas launches augmented reality iPhone app
                                                                                                                                                                                                                                                                                                    • UK: DFS opens first high-street store on Tottenham Court Road
                                                                                                                                                                                                                                                                                                      • UK: Dwell seeks to expand store count by 100
                                                                                                                                                                                                                                                                                                        • UK: Multiyork widens offer with entry-level range
                                                                                                                                                                                                                                                                                                          • UK: Oak Furniture Land plans to expand store numbers
                                                                                                                                                                                                                                                                                                            • Home shopping
                                                                                                                                                                                                                                                                                                              • The Netherlands: Aurora Fashions to replace concessions with e-commerce site
                                                                                                                                                                                                                                                                                                                • UK Asos
                                                                                                                                                                                                                                                                                                                  • …reports "strong" full year
                                                                                                                                                                                                                                                                                                                    • UK: Brand Alley launches new Outlet channel
                                                                                                                                                                                                                                                                                                                      • UK: Ebay Fashion launches colour matching app
                                                                                                                                                                                                                                                                                                                        • UK: Feelunique.com to revamp website
                                                                                                                                                                                                                                                                                                                          • UK: Flying Brands sales fall as it continues to look for buyer
                                                                                                                                                                                                                                                                                                                            • UK: Kiddicare's focus on loyal customers boosts online sales by 20%
                                                                                                                                                                                                                                                                                                                              • UK: Mamas & Papas to expand online presence through Amazon and Tesco
                                                                                                                                                                                                                                                                                                                                • UK: Moonpig founder acquires stake in menswear etailer
                                                                                                                                                                                                                                                                                                                                  • UK: Ocado
                                                                                                                                                                                                                                                                                                                                    • …introduces own label webshop
                                                                                                                                                                                                                                                                                                                                      • …introduces video-game software to increase efficiency
                                                                                                                                                                                                                                                                                                                                        • UK: Occa receives investment from Asos backer
                                                                                                                                                                                                                                                                                                                                          • UK: Shop Direct
                                                                                                                                                                                                                                                                                                                                            • …outsources customer service operations
                                                                                                                                                                                                                                                                                                                                              • …sign a further 10 year warehousing contract with Norbert Dentressangle
                                                                                                                                                                                                                                                                                                                                                • Germany: Celesio reports rise in Q1 profits
                                                                                                                                                                                                                                                                                                                                                  • Russian Federation: Pharmacy chain 36.6 reports strong full year growth
                                                                                                                                                                                                                                                                                                                                                    • UK: Alliance Boots reports rising trading profit
                                                                                                                                                                                                                                                                                                                                                      • UK: Boots to launch new food range
                                                                                                                                                                                                                                                                                                                                                        • UK: Superdrug considers localising its product offering
                                                                                                                                                                                                                                                                                                                                                          • UK: The Fragrance Shop reports 24% boost in EBITDA
                                                                                                                                                                                                                                                                                                                                                            • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                              • UK: Clinton Cards
                                                                                                                                                                                                                                                                                                                                                                • …reveals 44 store to close
                                                                                                                                                                                                                                                                                                                                                                  • …to close 350 stores as Birthdays exits high street
                                                                                                                                                                                                                                                                                                                                                                    • …to have up to 400 stores acquired by American Greetings
                                                                                                                                                                                                                                                                                                                                                                      • UK: Waterstones signs deal to sell Amazon Kindle
                                                                                                                                                                                                                                                                                                                                                                        • Iceland: Sports Direct to open in Iceland
                                                                                                                                                                                                                                                                                                                                                                          • UK: Halfords reports declining pre-tax profit in last fiscal year
                                                                                                                                                                                                                                                                                                                                                                            • UK: JD looks to buy One True Saxon
                                                                                                                                                                                                                                                                                                                                                                              • UK: JJB new store format has Nike's support
                                                                                                                                                                                                                                                                                                                                                                                • UK: Snow + Rock report decline in profits
                                                                                                                                                                                                                                                                                                                                                                                  • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                    • Switzerland: Richemont reports full year sales rise
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Pixmania launches jewellery range
                                                                                                                                                                                                                                                                                                                                                                                        • UK: Signet UK sees moderate sales rise
                                                                                                                                                                                                                                                                                                                                                                                          • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                            • UK: The Entertainer wins sales as sector rivals close down
                                                                                                                                                                                                                                                                                                                                                                                              • Economy
                                                                                                                                                                                                                                                                                                                                                                                                • Germany: German retail sales down 3.8% in April
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: April Scottish retail sales affected by wet weather
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Footfall falls 2% in Q1
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Government makes changes to pasty tax
                                                                                                                                                                                                                                                                                                                                                                                                        • …retail sales values slow in April
                                                                                                                                                                                                                                                                                                                                                                                                          • …RPI stands at 3.5% in April
                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Shop inflation increases to 1.5%, but food inflation stabilises
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Warm weather boosts like-for-like sales in May
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Westfield London sales up 2.2% in Q1
                                                                                                                                                                                                                                                                                                                                                                                                                • Electrical Retailing in Europe – Fnac

                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 20: Fnac Europe: Sales as share of electrical specialists’ sales in Europe, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 21: Fnac: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 22: Fnac: Sales by product category, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 23: Fnac: Outlet data, 2006-11*
                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping

                                                                                                                                                                                                                                                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                        • A. S. Watson UK
                                                                                                                                                                                                                                                                                                                                                                                                                        • Adidas
                                                                                                                                                                                                                                                                                                                                                                                                                        • adidas-Salomon AG
                                                                                                                                                                                                                                                                                                                                                                                                                        • Ahold Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                        • Alexon Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • All Saints
                                                                                                                                                                                                                                                                                                                                                                                                                        • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                        • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                        • Allied Floors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                        • American Greetings Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                        • Apax Partners
                                                                                                                                                                                                                                                                                                                                                                                                                        • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                        • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                        • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Barclays Capital
                                                                                                                                                                                                                                                                                                                                                                                                                        • Barnes & Noble, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Bathstore.com Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Blinkbox
                                                                                                                                                                                                                                                                                                                                                                                                                        • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                        • Bonmarché
                                                                                                                                                                                                                                                                                                                                                                                                                        • Booker Cash & Carry Limited
                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand Alley
                                                                                                                                                                                                                                                                                                                                                                                                                        • British Phonographic Industry Ltd (The) [BPI]
                                                                                                                                                                                                                                                                                                                                                                                                                        • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                        • Brown Thomas
                                                                                                                                                                                                                                                                                                                                                                                                                        • Budgens Stores Ltd - retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                        • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • C&J Clark Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Canon Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                        • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                        • Cavendish Equity Release
                                                                                                                                                                                                                                                                                                                                                                                                                        • Cecil Jacobs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Celesio Retail
                                                                                                                                                                                                                                                                                                                                                                                                                        • Centra (Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                        • Darty France
                                                                                                                                                                                                                                                                                                                                                                                                                        • Darty Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Daybreak
                                                                                                                                                                                                                                                                                                                                                                                                                        • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Denby Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Dick's Sporting Goods, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Dune Footwear
                                                                                                                                                                                                                                                                                                                                                                                                                        • Dwell
                                                                                                                                                                                                                                                                                                                                                                                                                        • Early Learning Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • eBay Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • Ernest Jones Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Feelunique.com
                                                                                                                                                                                                                                                                                                                                                                                                                        • Fenchurch International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Flying Brands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                        • FreshDirect Inc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Genuardi's Family Markets Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Grupo Eroski
                                                                                                                                                                                                                                                                                                                                                                                                                        • H Samuel Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                        • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Hamleys of London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Hammersmith Apollo
                                                                                                                                                                                                                                                                                                                                                                                                                        • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                        • Hawkin's Bazaar
                                                                                                                                                                                                                                                                                                                                                                                                                        • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Hornbach Holding
                                                                                                                                                                                                                                                                                                                                                                                                                        • Hornbach-Baumarkt
                                                                                                                                                                                                                                                                                                                                                                                                                        • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • HSBC Holdings plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                        • Innocent Drinks Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Intermarché (France)
                                                                                                                                                                                                                                                                                                                                                                                                                        • ITV plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                        • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                        • Jones Apparel Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Juicy Couture, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • Jumbo Supermarkten
                                                                                                                                                                                                                                                                                                                                                                                                                        • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                        • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                        • Kiddicare
                                                                                                                                                                                                                                                                                                                                                                                                                        • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                        • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Lakeside Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                        • Lehman Brothers [UK]
                                                                                                                                                                                                                                                                                                                                                                                                                        • Levi Strauss
                                                                                                                                                                                                                                                                                                                                                                                                                        • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Little Chef
                                                                                                                                                                                                                                                                                                                                                                                                                        • Live Nation
                                                                                                                                                                                                                                                                                                                                                                                                                        • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Londis (Holdings) Ltd - retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                        • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Mamas & Papas Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                        • Max Bahr
                                                                                                                                                                                                                                                                                                                                                                                                                        • McArthurGlen UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Metro (The)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Microsoft Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                        • Monsoon Accessorize Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Montblanc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Moonpig.com Limited
                                                                                                                                                                                                                                                                                                                                                                                                                        • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Multiyork Furniture Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Musgrave
                                                                                                                                                                                                                                                                                                                                                                                                                        • Nestlé UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Net-A-Porter Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Nike
                                                                                                                                                                                                                                                                                                                                                                                                                        • Oak Furniture Land
                                                                                                                                                                                                                                                                                                                                                                                                                        • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                        • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                        • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                        • Office Holdings Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • OXFAM
                                                                                                                                                                                                                                                                                                                                                                                                                        • Paul Smith Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • PayPal Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                        • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Penny - Germany
                                                                                                                                                                                                                                                                                                                                                                                                                        • Pentland Group PLC
                                                                                                                                                                                                                                                                                                                                                                                                                        • Permira Advisers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Pharmacy Chain 36.6
                                                                                                                                                                                                                                                                                                                                                                                                                        • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Phoenix Equity Partners
                                                                                                                                                                                                                                                                                                                                                                                                                        • Pied a Terre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Poundstretcher Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Poundworld Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Praktiker
                                                                                                                                                                                                                                                                                                                                                                                                                        • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                                                                                                        • Radley
                                                                                                                                                                                                                                                                                                                                                                                                                        • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                        • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Robert Dyas Holdings
                                                                                                                                                                                                                                                                                                                                                                                                                        • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Salvatore Ferragamo
                                                                                                                                                                                                                                                                                                                                                                                                                        • SAM's Club
                                                                                                                                                                                                                                                                                                                                                                                                                        • Savers Health and Beauty Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Schlecker
                                                                                                                                                                                                                                                                                                                                                                                                                        • Schuh Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Serco Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Shop Direct Home Shopping Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Signet Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Snow & Rock Sports Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Stella McCartney
                                                                                                                                                                                                                                                                                                                                                                                                                        • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Superquinn
                                                                                                                                                                                                                                                                                                                                                                                                                        • Supervalu Inc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Système U
                                                                                                                                                                                                                                                                                                                                                                                                                        • Target Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                        • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • The Entertainer (Amersham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • The Fragrance Shop
                                                                                                                                                                                                                                                                                                                                                                                                                        • The Hut Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • The Perfume Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • The Shoe Studio Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Ticketmaster
                                                                                                                                                                                                                                                                                                                                                                                                                        • Topps Tiles Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                        • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                                                                                                                        • Unilever Plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • V&D
                                                                                                                                                                                                                                                                                                                                                                                                                        • Vanden Borre
                                                                                                                                                                                                                                                                                                                                                                                                                        • Victoria's Secret
                                                                                                                                                                                                                                                                                                                                                                                                                        • Vivarte
                                                                                                                                                                                                                                                                                                                                                                                                                        • Vivienne Westwood Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                        • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                        • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                                                                                                                        • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                        • Whole Foods Market Inc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                        • Wine Cellar
                                                                                                                                                                                                                                                                                                                                                                                                                        • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                        • Wolseley plc
                                                                                                                                                                                                                                                                                                                                                                                                                        • Woolworths Group plc

                                                                                                                                                                                                                                                                                                                                                                                                                        European Retail Briefing - June 2012

                                                                                                                                                                                                                                                                                                                                                                                                                        £295.00 (Excl.Tax)