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European Retail Briefing - March 2011

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

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Table of contents

  1. Analyst Comment

    • Carrefour bows to the pressure
      • The property assets
        • Dia
          • Not all bad news
          • Headlines for the Month

            • Grocers
              • Clothing retailing
                • Luxury goods
                  • Footwear retailing
                    • Department stores
                      • DIY retailing
                        • Electrical retailing
                          • Health and beauty retailing
                            • Sports and leisure goods retailing
                            • Retail Sales Review

                              • Key points
                                • France
                                  • Figure 1: France: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 2: France: Inflation, 2010-11
                                • Germany
                                  • Figure 3: Germany: Retail sales trends, 2009-11
                                • Inflation
                                  • Figure 4: Germany: Inflation, 2010-11
                                • Italy
                                  • Figure 5: Italy: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 6: Italy: Inflation, 2009-11
                                • Netherlands
                                  • Figure 7: The Netherlands: Retail sales trends, 2010-11
                                • Inflation
                                  • Figure 8: The Netherlands: Inflation, 2010-11
                                • Spain
                                  • Figure 9: Spain: Retail sales trends, 2010-11
                                • Inflation
                                  • Figure 10: Spain: Inflation, 2010-11
                                • UK
                                  • Figure 11: Retail sales trends, 2009-10
                                • Inflation
                                  • Figure 12: UK: Annual percentage change in Consumer Price Index for selected product groups, 2009-11
                                • Department store retailing in Europe
                                  • Usage of department stores
                                    • The European competitive landscape
                                      • Outlook for department store retailing
                                      • El Corte Inglés

                                          • Figure 13: El Corte Inglés (Department Stores): Sales as share of mixed goods retailers’ sales in Spain, 2005-09
                                        • Strategic evaluation
                                          • Recent history
                                            • Financial performance
                                              • Figure 14: El Corte Inglés (Department Stores): Group financial performance, 2005/6-2009/10
                                            • Store portfolio
                                              • Figure 15: El Corte Inglés (Department Stores): Outlet data, 2005/06-09/10
                                            • Retail offering
                                              • e-commerce and home shopping
                                              • News Analysis

                                                • Grocers
                                                  • Belgium: Ahold aiming for Albert Heijn local expansion
                                                    • Croatia: Konzum reports strong full year growth
                                                      • Denmark: Dansk Supermarked reports modest full year growth
                                                        • France: Auchan enjoys solid FY growth
                                                          • France: Carrefour to spin off Dia discount chain and streamline operations
                                                            • France: Casino
                                                              • …phases out Géant Discount banner
                                                                • …profits down 7%, sales up 8.7%
                                                                  • …sales down due to domestic weakness
                                                                    • …wins new decision against Baud family
                                                                      • France: Système U reports modest sales growth
                                                                        • Germany: Aldi Nord results 2009
                                                                          • Germany: Rewe Group maintains growth course
                                                                            • Lithuania: Maxima sale talks begin
                                                                              • Netherlands: Ahold fourth quarter profits fall
                                                                                • Norway: Coop streamlines operation with closure of Fakta HQ
                                                                                  • Poland: Makro to expand C-store format
                                                                                    • Poland: Tesco close to buying Polish chain
                                                                                      • Portugal: Jeronimo Martins reports strong profit
                                                                                        • Romania: Carrefour's Romanian sales fall
                                                                                          • Sweden: Axfood reports strong full-year results
                                                                                            • Switzerland: Coop reports solid profits
                                                                                              • UK: Asda
                                                                                                • …'outperforms' as sales and profits rise
                                                                                                  • …receives the all-clear for Netto takeover
                                                                                                    • …slammed for breaching alcohol industry's packaging rules
                                                                                                      • …staff receive £26.9m bonus pot
                                                                                                        • UK: Asda Income Tracker: family spending power fell by £9 a week in January
                                                                                                          • UK: Co-op
                                                                                                            • …disposals spark convenience space race
                                                                                                              • …has store in every postcode with Strand opening
                                                                                                                • …launches multi-channel campaign to convey green credentials
                                                                                                                  • …to create 1,700 store management jobs
                                                                                                                    • UK: Iceland to pay £200m dividend
                                                                                                                      • UK: Morrisons
                                                                                                                        • …annual profit up
                                                                                                                          • …buys Kiddicare for £70m
                                                                                                                            • …to develop 'store of the future'
                                                                                                                              • …to return £1bn to shareholders
                                                                                                                                • UK: Penta sells Poland's largest convenience-store chain to UK-based private equity firm
                                                                                                                                  • UK: Sainsbury's
                                                                                                                                    • …aims to double Fairtrade business over next 5 years
                                                                                                                                      • …and Morrisons outperform, while Tesco and Asda lag
                                                                                                                                        • …chief exec sells mass of shares
                                                                                                                                          • …to source all Fairtrade cotton from supplier in India
                                                                                                                                            • UK: Tesco
                                                                                                                                              • …completes sale and leaseback of 21 shops
                                                                                                                                                • …social media yields £1.5m in sales
                                                                                                                                                  • …ups its stakes in the Asda price war
                                                                                                                                                    • …F&F sponsors LFW designer Mark Fast
                                                                                                                                                      • UK: Total UK re-launches customer loyalty programme
                                                                                                                                                        • UK: Waitrose
                                                                                                                                                          • …invests £10m in online operations
                                                                                                                                                            • …to continue stocking Innocent Vitamins range
                                                                                                                                                              • Off-licences
                                                                                                                                                                • UK: Bargain Booze owner considers sale
                                                                                                                                                                  • UK: Oddbins to shut 39 outlets
                                                                                                                                                                    • Clothing retailing
                                                                                                                                                                      • Estonia: Baltika Group announces annual results with net losses down 40%
                                                                                                                                                                        • Europe: Zara expands online presence to a further five countries
                                                                                                                                                                          • Italy: OVS Industry to launch in France at the La Millenaire shopping centre
                                                                                                                                                                            • Lithuania: Apranga aims for 10.7% rise in turnover for 2011
                                                                                                                                                                              • Russian Federation: Jaeger to expand into Russia
                                                                                                                                                                                • Sweden: H&M January sales grow 9%
                                                                                                                                                                                  • UK: All Saints up for sale
                                                                                                                                                                                    • UK: Arcadia joins return to UK sourcing
                                                                                                                                                                                      • UK: Crew targets 50% online sales rise
                                                                                                                                                                                        • UK: Fenchurch in administration due to cotton prices
                                                                                                                                                                                          • UK: Jack Wills to expand further overseas
                                                                                                                                                                                            • UK: Karen Millen targets £500m sales as it splits from Aurora
                                                                                                                                                                                              • UK: La Senza to roll out new ad campaign in run up to National Cleavage Day
                                                                                                                                                                                                • UK: New Look
                                                                                                                                                                                                  • …gains former Primark boss to revamp product offer
                                                                                                                                                                                                    • …valuation halved by private equity owner
                                                                                                                                                                                                      • UK: Primark reports increasingly tough trading
                                                                                                                                                                                                        • UK: TJX slows European growth plans as profits fall
                                                                                                                                                                                                          • UK: TK Maxx to open Haymarket store despite faltering performance
                                                                                                                                                                                                            • UK: Victoria's Secret in talks to buy La Senza
                                                                                                                                                                                                              • Footwear retailing
                                                                                                                                                                                                                • Germany: Deichmann Group reports sales rise
                                                                                                                                                                                                                  • UK: Schuh launches an iPhone app
                                                                                                                                                                                                                    • Luxury goods retailing
                                                                                                                                                                                                                      • Italy: LVMH to take control of Bulgari
                                                                                                                                                                                                                        • Italy: Prada reports strong 2010 sales
                                                                                                                                                                                                                          • Multi-sector retailing
                                                                                                                                                                                                                            • France: PPR reports group revenue up
                                                                                                                                                                                                                              • UK: Home Retail Group lowers profit forecast
                                                                                                                                                                                                                                • UK: Marks & Spencer
                                                                                                                                                                                                                                  • …hires Inditex man to lead international expansion
                                                                                                                                                                                                                                    • …to open largest ever Outlet store
                                                                                                                                                                                                                                      • …to open most sustainable store to date
                                                                                                                                                                                                                                        • Miscellaneous specialists
                                                                                                                                                                                                                                          • UK: Cash Converters reports record profits as retail sales rise
                                                                                                                                                                                                                                            • UK: Halfords appoints ex-House of Fraser director
                                                                                                                                                                                                                                              • UK: Thorntons plans store portfolio reshape after falling profits
                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                  • Finland: Stockmann group sales rise 7.3% in 2010
                                                                                                                                                                                                                                                    • Italy: La Rinascente in sale talks
                                                                                                                                                                                                                                                      • UK: Debenhams opens first pop-up store
                                                                                                                                                                                                                                                        • UK: House of Fraser considers Biba roll out
                                                                                                                                                                                                                                                          • UK: John Lewis
                                                                                                                                                                                                                                                            • …chief warns against interest rate rises
                                                                                                                                                                                                                                                              • …first foray into Australia and the US
                                                                                                                                                                                                                                                                • …Pension Trust sells Ocado stake
                                                                                                                                                                                                                                                                  • …sees 6.5% rise in gross sales and 20.5% rise in group operating profit
                                                                                                                                                                                                                                                                    • …to expand into Europe
                                                                                                                                                                                                                                                                      • …to open new store in Birmingham
                                                                                                                                                                                                                                                                        • …to roll out new security system
                                                                                                                                                                                                                                                                          • UK: Selfridges to revamp womenswear floor
                                                                                                                                                                                                                                                                            • Mixed goods retailing
                                                                                                                                                                                                                                                                              • UK: Alworths' future is unclear
                                                                                                                                                                                                                                                                                • DIY retailing
                                                                                                                                                                                                                                                                                  • Austria: bauMax plans to open 7-8 new stores as turnover rises
                                                                                                                                                                                                                                                                                    • UK: B&Q announces plans to invest £35m in multichannel operations
                                                                                                                                                                                                                                                                                      • UK: Focus sells six stores to Asda
                                                                                                                                                                                                                                                                                        • UK: Homebase's Unipart deal to create 200 jobs
                                                                                                                                                                                                                                                                                          • UK: Kingfisher expects profits to be at top end of expectations
                                                                                                                                                                                                                                                                                            • UK: Wickes
                                                                                                                                                                                                                                                                                              • …online sales up 70% with upgraded sites
                                                                                                                                                                                                                                                                                                • …sees flat like-for-likes but gains market share
                                                                                                                                                                                                                                                                                                  • Electrical retailing
                                                                                                                                                                                                                                                                                                    • Czech Republic: Okay expands from electronics into grocery retailing
                                                                                                                                                                                                                                                                                                      • Germany: Media Saturn Holding considers Redcoon acquisition
                                                                                                                                                                                                                                                                                                        • UK: Best Buy international operations cut but expects UK growth
                                                                                                                                                                                                                                                                                                          • UK: Dixons plans to open second Black store in central London
                                                                                                                                                                                                                                                                                                            • UK: Everything Everywhere
                                                                                                                                                                                                                                                                                                              • …reports revenues up
                                                                                                                                                                                                                                                                                                                • …to test stores under own name
                                                                                                                                                                                                                                                                                                                  • UK: Phones 4U sale process resumes
                                                                                                                                                                                                                                                                                                                    • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                      • UK: HMV
                                                                                                                                                                                                                                                                                                                        • …expected to consider emergency rights issue
                                                                                                                                                                                                                                                                                                                          • …sales rise after Brits
                                                                                                                                                                                                                                                                                                                            • …to close Brent Cross store
                                                                                                                                                                                                                                                                                                                              • …warns on profits
                                                                                                                                                                                                                                                                                                                                • UK: Spotify reaches one million listeners
                                                                                                                                                                                                                                                                                                                                  • Furniture retailing
                                                                                                                                                                                                                                                                                                                                    • UK: Carpetright shuts Irish branches as sales drop over 50%
                                                                                                                                                                                                                                                                                                                                      • UK: Dunelm chief plans multichannel push as profits rise
                                                                                                                                                                                                                                                                                                                                        • UK: Land of Leather up for sale
                                                                                                                                                                                                                                                                                                                                          • UK: Tile Depot planning another 15 stores
                                                                                                                                                                                                                                                                                                                                            • Home shopping
                                                                                                                                                                                                                                                                                                                                              • France: Alittlemarket.com goes pop (up)
                                                                                                                                                                                                                                                                                                                                                • UK: Asos launches Fashion Finder site
                                                                                                                                                                                                                                                                                                                                                  • UK: Confetti to expand with party products
                                                                                                                                                                                                                                                                                                                                                    • UK: Findel
                                                                                                                                                                                                                                                                                                                                                      • …reports £80.5m fundraising
                                                                                                                                                                                                                                                                                                                                                        • …to restructure in bid to lift performance
                                                                                                                                                                                                                                                                                                                                                          • UK: Net-a-Porter
                                                                                                                                                                                                                                                                                                                                                            • …launches digital TV station
                                                                                                                                                                                                                                                                                                                                                              • …menswear site launches
                                                                                                                                                                                                                                                                                                                                                                • UK: Ocado
                                                                                                                                                                                                                                                                                                                                                                  • …acquires new plot for DC in Wimbledon
                                                                                                                                                                                                                                                                                                                                                                    • …expands to meet increased demand and better compete with Waitrose
                                                                                                                                                                                                                                                                                                                                                                      • …sees continued growth in 2011
                                                                                                                                                                                                                                                                                                                                                                        • …shares fall as John Lewis sells stake
                                                                                                                                                                                                                                                                                                                                                                          • UK: Woolworths site debuts art supplies offer
                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                              • France: Alliance Boots signs deal with Carrefour
                                                                                                                                                                                                                                                                                                                                                                                • Germany: Ceslesio prepared to spend €1bn on deals
                                                                                                                                                                                                                                                                                                                                                                                  • Germany: Schlecker begins store remodelling
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Shanghai Pharmaceuticals considering buying stake in Celesio
                                                                                                                                                                                                                                                                                                                                                                                      • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                        • UK: Clinton Cards to place Birthdays Ireland into liquidation
                                                                                                                                                                                                                                                                                                                                                                                          • UK: Foyles plans new Charing Cross flagship
                                                                                                                                                                                                                                                                                                                                                                                            • UK: WH Smith chief sells 27% of shares
                                                                                                                                                                                                                                                                                                                                                                                              • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                • France: Sportsdirect.com expected at Herblay, near Franconville
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Blacks Leisure
                                                                                                                                                                                                                                                                                                                                                                                                    • …chief executive Gillis resigns
                                                                                                                                                                                                                                                                                                                                                                                                      • …outgoing chief exec faces disqualification over Farepak collapse
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: JJB Sports
                                                                                                                                                                                                                                                                                                                                                                                                          • …set for fight with landlords over second CVA
                                                                                                                                                                                                                                                                                                                                                                                                            • …confirms plans for CVA
                                                                                                                                                                                                                                                                                                                                                                                                              • …gets backing for £31.5m fundraising
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                  • …no longer under investigation – and completes re-financing project
                                                                                                                                                                                                                                                                                                                                                                                                                    • …retail sales up 13.8%
                                                                                                                                                                                                                                                                                                                                                                                                                      • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Albermarle & Bond retail sales drop
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Ollie & Nic rescued from administration by former Principles boss
                                                                                                                                                                                                                                                                                                                                                                                                                            • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Game
                                                                                                                                                                                                                                                                                                                                                                                                                                • …new strategy aims to triple digital revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                  • …signs deal with Microsoft to sell downloads in store
                                                                                                                                                                                                                                                                                                                                                                                                                                    • …to invest £15m in three year multi-channel strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Property
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Touchwood shopping centre sees sales rise
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Westfield shopping centre sees sales rise
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: BRC:
                                                                                                                                                                                                                                                                                                                                                                                                                                                • …UK retail sales values down 0.4%
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …penalising successful retailers will damage Northern Ireland's reputation for retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: CBI reports slow retail growth as prices rise to 1991 levels
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Govt to introduce plain packaging for cigarettes and ban on retail displays
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Network Rail posts promising Q4 retail sales results
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: ONS reports strong January sales figures
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Shop vacancy rates rise in 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                            European Retail Briefing - March 2011

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