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European Retail Briefing - March 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

    • Eastern European immigration
      • What we’ve seen
        • Painful period at an end
          • Figure 1: EU vs Eastern Europe, quarterly real terms GDP growth, 2008-11
        • Maxima spreads its wings
          • Staying local
            • What it means
            • Retail Sales Review

              • Key points
                • France
                  • Figure 2: France: Retail sales trends, 2010-11
                • Inflation
                  • Figure 3: France: Inflation, 2011-12
                • Germany
                  • Figure 4: Germany: Retail sales trends, 2011-12
                • Inflation
                  • Figure 5: Germany: Inflation, 2011-12
                • Italy
                  • Figure 6: Italy: Retail sales trends, 2010-11
                • Inflation
                  • Figure 7: Italy: Inflation, 2011-12
                • Netherlands
                  • Figure 8: The Netherlands: Retail sales trends, 2011-12
                • Inflation
                  • Figure 9: The Netherlands: Inflation, 2011-12
                • Spain
                  • Figure 10: Spain: Retail sales trends, 2011-12
                • Inflation
                  • Figure 11: Spain: Inflation, 2011-12
                • UK
                  • Figure 12: UK: Retail sales trends, 2011-12
                • Inflation
                  • Figure 13: UK: Annual percentage change in Consumer Price Index for selected product groups, 2011-12
              • Headlines for the Month

                • Grocers
                  • Clothing
                    • Footwear
                      • Multi-sector
                        • Mixed goods
                          • Department stores
                            • DIY
                              • Electricals
                                • Home shopping
                                  • Health and beauty
                                    • Jewellers
                                    • News Analysis

                                      • Grocers
                                        • Austria: Rewe at centre of "price-fixing" probe
                                          • Austria: Spar sees record turnover and plans further expansion
                                            • Belgium: Delhaize names new chairman as Q4 sales grow
                                              • France: Auchan to launch organic supermarket concept
                                                • France: Carrefour reports weak full year results
                                                  • France: Casino
                                                    • …full year profits rise on international growth
                                                      • …launches Cvous.com
                                                        • France: Intermarché reports solid growth
                                                          • Germany: Lidl to streamline product range in Germany
                                                            • Germany: Rewe plans to cash-in on Schlecker crisis
                                                              • Netherlands: Ahold
                                                                • …boosts online activities with €350m acquisition
                                                                  • …fourth quarter profits and sales rise
                                                                    • …Ahold to expand AH To Go
                                                                      • Portugal: Jeronimo Martins reports surprise Q4 profit fall
                                                                        • Romania: Delhaize gets EBRD approval for Cora expansion loan
                                                                          • Romania: Metro's Cash & Carry to launch new format
                                                                            • Russian Federation: X5 to launch Kopeyka
                                                                              • Slovenia: Mercator profits fall
                                                                                • Spain: Dinosol sells Supersol to Maxima
                                                                                  • Spain: Maxima eyes Spain's Dinosol Supermercados
                                                                                    • Spain: Mercadona rocked as own label linked to canine deaths
                                                                                      • Switzerland: Coop Swiss sees net profit fall
                                                                                        • UK: Asda
                                                                                          • …poaches John Lewis Partnership director for CFO role
                                                                                            • …sees fourth quarter like-for-like sales up 1%
                                                                                              • …staff save £515m with its saving scheme
                                                                                                • …to introduce Android app to drive m-commerce sales
                                                                                                  • UK: Iceland
                                                                                                    • …acquires Peacocks stores
                                                                                                      • …expands eastward with partnership in Czech Republic
                                                                                                        • UK: Londis to double fresh food sales over next three years
                                                                                                          • UK: Morrisons
                                                                                                            • …bolsters Kiddicare management
                                                                                                              • …plans for 300 convenience stores
                                                                                                                • …reports rising profits in 'best year yet'
                                                                                                                  • UK: Nisa Loco prepares to launch in Newcastle
                                                                                                                    • UK: People's Supermarket fights closure
                                                                                                                      • UK: Sainsbury's
                                                                                                                        • …employees share £26.5m saving scheme payout
                                                                                                                          • …invests in green power
                                                                                                                            • …opens first outpatient pharmacy
                                                                                                                              • …renews contract with Nectar
                                                                                                                                • UK: Tesco
                                                                                                                                  • …online food sales to double in next five years
                                                                                                                                    • …to create 20,000 jobs
                                                                                                                                      • …to fund UK stores with Thai malls sale
                                                                                                                                        • …to place emphasis on fresh food
                                                                                                                                          • …unveils 3D virtual fitting room
                                                                                                                                            • …unveils next round of Big Price Drop cuts
                                                                                                                                              • …web portal to aid promotions
                                                                                                                                                • UK: The Co-operative
                                                                                                                                                  • … set to launch in-store food magazine
                                                                                                                                                    • …makes £40m in sustainability savings
                                                                                                                                                      • …to axe 300 jobs at HQ
                                                                                                                                                        • …performance held back by former Somerfield stores
                                                                                                                                                          • UK: Waitrose Olympic Park branch awarded BREEAM 'outstanding' rating
                                                                                                                                                            • Other food specialists
                                                                                                                                                              • UK: Hotel Chocolat considering launch of beauty products
                                                                                                                                                                • UK: Thorntons
                                                                                                                                                                  • …plan to test products online
                                                                                                                                                                    • …plans to refit stores after poor trading
                                                                                                                                                                      • …profits fall and retailer prepares to close more stores
                                                                                                                                                                        • UK: Whittard to expand after good Christmas
                                                                                                                                                                          • Clothing retailing
                                                                                                                                                                            • Eastern Europe: Inditex to open stores in Bosnia and Herzegovina
                                                                                                                                                                              • France: Isabel Marant to expand
                                                                                                                                                                                • France: Longchamp reports full-year sales increase
                                                                                                                                                                                  • France: LVMH takes stake in Chinese retailer
                                                                                                                                                                                    • France: PPR reports fourth quarter sales rise
                                                                                                                                                                                      • Ireland: A-Wear bought out of receivership
                                                                                                                                                                                        • Spain: Inditex to remodel all Zara stores in home market
                                                                                                                                                                                          • Sweden: H&M posts positive growth for January
                                                                                                                                                                                            • UK: Ann Summers sees sales lift without rival La Senza
                                                                                                                                                                                              • UK: Aurora to sell stake in luxury Bastyan brand
                                                                                                                                                                                                • UK: Benetton increased digital focus with launch of new apps
                                                                                                                                                                                                  • UK: Billabong
                                                                                                                                                                                                    • …receives formal approach from TPG
                                                                                                                                                                                                      • …rejects takeover bid
                                                                                                                                                                                                        • …sees Blackstone and KKR join bidding race
                                                                                                                                                                                                          • UK: Bonmarché
                                                                                                                                                                                                            • …sees more stores rescued from closure
                                                                                                                                                                                                              • …to target over-50s
                                                                                                                                                                                                                • UK: Boux Avenue signs three stores
                                                                                                                                                                                                                  • UK: Crew Clothing full year profits rise
                                                                                                                                                                                                                    • UK: Edinburgh Woollen Mill
                                                                                                                                                                                                                      • …eyes further 75 Peacocks stores
                                                                                                                                                                                                                        • …invests £50m to turn around Peacocks
                                                                                                                                                                                                                          • …pulls out of Peacocks talks
                                                                                                                                                                                                                            • …re-enters bid for Peacocks
                                                                                                                                                                                                                              • UK: Fenn Wright Manson
                                                                                                                                                                                                                                • …calls in restructuring firm
                                                                                                                                                                                                                                  • …receives interest from Hobbs and Phase Eight
                                                                                                                                                                                                                                    • UK: Firetrap explores sale options
                                                                                                                                                                                                                                      • UK: French Connection pushes into homewares market
                                                                                                                                                                                                                                        • UK: George at Asda acquires Turkish clothes sourcing arm
                                                                                                                                                                                                                                          • UK: Gerry Weber reports full-year sales increase
                                                                                                                                                                                                                                            • UK: Hobbs
                                                                                                                                                                                                                                              • …announces £18m investment plans
                                                                                                                                                                                                                                                • …invests £18m to drive multichannel
                                                                                                                                                                                                                                                  • UK: J Crew to open UK stores
                                                                                                                                                                                                                                                    • UK: Lipsy launches first overseas stores in Dubai
                                                                                                                                                                                                                                                      • UK: Mango
                                                                                                                                                                                                                                                        • …continues international expansion
                                                                                                                                                                                                                                                          • …drops prices by 20%
                                                                                                                                                                                                                                                            • UK: Matalan reports falling EBITDA for full year
                                                                                                                                                                                                                                                              • UK: New Look
                                                                                                                                                                                                                                                                • …seeks debt restructuring
                                                                                                                                                                                                                                                                  • …to double revenues in international markets
                                                                                                                                                                                                                                                                    • UK: Peacocks sold to Edinburgh Woollen Mill
                                                                                                                                                                                                                                                                      • UK: Playtex reports sales increase
                                                                                                                                                                                                                                                                        • UK: Primark like-for-like sales to rise 2% in first half
                                                                                                                                                                                                                                                                          • UK: PVH to take European ck Calvin Klein accessories and apparel in-house
                                                                                                                                                                                                                                                                            • UK: Reiss fashion week activity increases sales
                                                                                                                                                                                                                                                                              • UK: Republic invests online due to fears for the high street
                                                                                                                                                                                                                                                                                • UK: River Island's UK production paying off
                                                                                                                                                                                                                                                                                  • UK: TK Maxx to open at Meadowhall
                                                                                                                                                                                                                                                                                    • UK: Topshop continues US expansion with LA store
                                                                                                                                                                                                                                                                                      • UK: White Stuff reports £7.1m loss after goodwill write-off
                                                                                                                                                                                                                                                                                        • UK: Yeomans sold to former Sports Division boss Kinnaird
                                                                                                                                                                                                                                                                                          • Footwear retailing
                                                                                                                                                                                                                                                                                            • France: Schuh to launch in European online market
                                                                                                                                                                                                                                                                                              • UK: Aldo adds new fascia and tie-ups with Debenhams
                                                                                                                                                                                                                                                                                                • UK: LK Bennett reports profits rise
                                                                                                                                                                                                                                                                                                  • UK: Shoon falls into administration
                                                                                                                                                                                                                                                                                                    • Multi-sector retailing
                                                                                                                                                                                                                                                                                                      • France: But to open 8 urban 'But City' stores in 2012
                                                                                                                                                                                                                                                                                                        • Germany: Douglas ceo says 'No war' with Mueller
                                                                                                                                                                                                                                                                                                          • UK: Marks & Spencer
                                                                                                                                                                                                                                                                                                            • …launches new multichannel store format
                                                                                                                                                                                                                                                                                                              • …launches outlet format online
                                                                                                                                                                                                                                                                                                                • …sees another director exit
                                                                                                                                                                                                                                                                                                                  • Mixed goods retailing
                                                                                                                                                                                                                                                                                                                    • UK: Argos considers shake-up of stores
                                                                                                                                                                                                                                                                                                                      • UK: B&M reports 47% profit growth
                                                                                                                                                                                                                                                                                                                        • UK: QD Stores targets online
                                                                                                                                                                                                                                                                                                                          • Miscellaneous specialists
                                                                                                                                                                                                                                                                                                                            • UK: Countrywide redundancies due to disappointing first half results
                                                                                                                                                                                                                                                                                                                              • UK: Albemarle & Bond
                                                                                                                                                                                                                                                                                                                                • …eyes more pop-ups
                                                                                                                                                                                                                                                                                                                                  • …sees profits rise 12%
                                                                                                                                                                                                                                                                                                                                    • UK: Cash Converters in UK expansion drive
                                                                                                                                                                                                                                                                                                                                      • UK: Evans Cycles revenues rise but profits fall
                                                                                                                                                                                                                                                                                                                                        • UK: H&T full year pre-tax profits rise
                                                                                                                                                                                                                                                                                                                                          • UK: Lot 18 launches in the UK
                                                                                                                                                                                                                                                                                                                                            • UK: Mamas and Papas
                                                                                                                                                                                                                                                                                                                                              • …increases global expansion
                                                                                                                                                                                                                                                                                                                                                • …to develop multichannel around parents "on the go"
                                                                                                                                                                                                                                                                                                                                                  • UK: Past Times closes all shops
                                                                                                                                                                                                                                                                                                                                                    • UK: Pets at Home appoint new chief executive
                                                                                                                                                                                                                                                                                                                                                      • Department stores
                                                                                                                                                                                                                                                                                                                                                        • UK: John Lewis
                                                                                                                                                                                                                                                                                                                                                          • …hires former Kingfisher finance boss
                                                                                                                                                                                                                                                                                                                                                            • …prepares for 'profound change' in retail market
                                                                                                                                                                                                                                                                                                                                                              • …profits dip and staff receive lower bonus
                                                                                                                                                                                                                                                                                                                                                                • …to revamp flagship ahead of Olympics
                                                                                                                                                                                                                                                                                                                                                                  • DIY retailing
                                                                                                                                                                                                                                                                                                                                                                    • Germany: Praktiker
                                                                                                                                                                                                                                                                                                                                                                      • …asks bondholders to accept less interest
                                                                                                                                                                                                                                                                                                                                                                        • …relaunches Kaiserlautern store
                                                                                                                                                                                                                                                                                                                                                                          • UK: B&Q embarks on revamp project
                                                                                                                                                                                                                                                                                                                                                                            • UK: Kingfisher reports B&Q like-for-like sales fall
                                                                                                                                                                                                                                                                                                                                                                              • UK: Wickes sees fall in kitchen and bathroom sales
                                                                                                                                                                                                                                                                                                                                                                                • Electricals retailing
                                                                                                                                                                                                                                                                                                                                                                                  • France: Apple potentially moving into Champse Élysées Virgin Megastore
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Comet
                                                                                                                                                                                                                                                                                                                                                                                      • …cuts staff by 450
                                                                                                                                                                                                                                                                                                                                                                                        • …in consultation to close Hull base
                                                                                                                                                                                                                                                                                                                                                                                          • UK: Dixons movies business to launch on Thursday
                                                                                                                                                                                                                                                                                                                                                                                            • UK: Game
                                                                                                                                                                                                                                                                                                                                                                                              • …loses supply from Capcom
                                                                                                                                                                                                                                                                                                                                                                                                • …to exit Comet shops to reduce space
                                                                                                                                                                                                                                                                                                                                                                                                  • …to stop stocking EA and Nintendo major releases over credit row
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Jessops chairman to step down
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Maplin
                                                                                                                                                                                                                                                                                                                                                                                                        • …chief executive announced as John Cleland
                                                                                                                                                                                                                                                                                                                                                                                                          • …signs deal for 90-minute delivery
                                                                                                                                                                                                                                                                                                                                                                                                            • Carpet retailing
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Carpetright shares rise on privatisation speculation
                                                                                                                                                                                                                                                                                                                                                                                                                • Furniture and furnishings retailing
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Dunelm deputy chairman reduces stake
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Feather & Black launches transactional mobile site
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Lakeland to introduce contactless payment
                                                                                                                                                                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Asos delivers to Collect+ stores
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Boohoo moves into menswear
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: BrandAlley to double mobile sales with site launch
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Ebay launches first TV ad since 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Flying Brands to sell gift business to Interflora
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Ideal Shopping acquires etailer CreateToday
                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: My-Wardrobe
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …debuts virtual shop window
                                                                                                                                                                                                                                                                                                                                                                                                                                          • …losses widen as it invests in ambitious expansion plan
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Net-a-Porter Group
                                                                                                                                                                                                                                                                                                                                                                                                                                              • …announces expansion into Asia
                                                                                                                                                                                                                                                                                                                                                                                                                                                • …to launch kidwear, home and beauty sites
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Ocado reports first quarter sales rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Shop Direct develops virtual changing rooms
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Simply Be to expand store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: StylistPick to open first pop-up shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Yoox Group launches footwear site
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Germany: Schlecker to reduce domestic network by half
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …new £50m warehouse to enhance online profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …to stock Mary Portas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Superdrug launches advanced skincare clinics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: The Body Shop reports 'solid' growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Clinton's Birthdays up for sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Go Outdoors launches mobile-based loyalty scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: JJB Sports like-for-like sales fall but margins improve
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …acquires sportswear website
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …reports strong third quarter ahead of expectations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Yeomans sold to former Sports Division boss Kinnaird
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Denmark: Pandora sees 10% fall in fourth quarter net profit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Aurum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …full year EBITDA rises as sales process continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …to revamp Mappin & Webb as suitors circle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Swarovski reveals plans for lola&grace brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Entertainer boosts multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: BRC: Like-for-like retail sales fall 0.3% in February
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Christmas footfall rise driven by out-of-town shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Consumer confidence holds firm in February
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Cotton prices rise following Indian export ban
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: CPI stands at 3.6% in January
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Fairtrade sales hit £1.3bn as Morrisons joins commitment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Government considering minimum wage freeze
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Hammerson occupancy levels up as it sheds office to focus on retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Kantar: Tesco records lowest market share since May 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Mobile accounts for 5% of all online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: ONS: January retail sales driven by online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Scottish retailers suffer biggest fall in sales since 1999
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Shop price inflation hits lowest rate for nearly two years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Westfield Stratford City performs "extremely well"
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • DIY Retailing in Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Praktiker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 14: Praktiker: Sales as share of DIY retailers sales in Europe, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 15: Praktiker: Group sales performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 16: Praktiker: Group financial performance, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 17: Praktiker: Average annual sales per outlet, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 18: Praktiker: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and social media

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                European Retail Briefing - March 2012

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