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European Retail Briefing - March 2014

The European retail briefing provides commentary, data and news analysis from across Europe ensuring that you keep in contact with the latest retail news.

In this report we include:

  • An analyst comment looking at Amazon's achievements in Europe and its importance in the key categories of electricals goods, clothing and grocery.
  • An overview of the the latest European retail sales data across the five Major European economies.
  • A profile of Dixons Retail. This is taken from our recently published Electrical Retailing - Europe report.
  • Monthly headlines and retail news analysis across Europe.

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Table of contents

  1. Analyst Comment

    • Amazon in Europe
      • €16.7bn sales in 2013
        • Figure 1: Amazon Europe: Group sales performance, excl. sales tax, 2008-13
      • Amazon in clothing
        • Figure 2: The consumer: Percentage that bought clothing from Amazon in the past year, August 2013
      • Amazon in electricals
        • Figure 3: The consumer: Percentage that bought electrical goods from Amazon in the past year, August 2013
      • Amazon in grocery
        • What it means
        • European Retail Sales

          • Key points
            • Retail sales
              • Figure 4: Major European economies: Year on year retail sales value growth, 2013-14
              • Figure 5: Major European economies: Year on year retail sales volume growth, 2013-14
            • Inflation
              • Figure 6: Major European economies: All items CPI, 2013-14
              • Figure 7: Major European economies: Food price inflation, 2013-14
          • Headlines for the Month

            • Grocers
              • Clothing retailing
                • Mass merchandisers
                  • Multi-sector retailing
                    • Home shopping
                    • News Analysis – Food and Drink

                      • Co-ops
                        • Switzerland: Switzerland’s Coop profits increase 2.2%
                          • UK: Co-op
                            • …plans convenience store expansion
                              • …surveys public regarding its future
                                • …2013 losses to be over £2bn
                                  • …documents leaked over Co-op salary increases
                                    • Convenience stores
                                      • UK: McColl’s launches initial public offering
                                        • UK: Spar gets boost from television campaign
                                          • Grocers
                                            • Bulgaria: Delhaize Group to sell Bulgarian operations
                                              • Europe: Buying alliance formed by four large European grocers
                                                • Europe: Carrefour to invest more money after profit rise in 2013
                                                  • Europe: Jerónimo Martins reports full-year sales increase
                                                    • Europe: Schwarz Group looking to Serbian market
                                                      • Europe: Tesco is reported to be considering combining its Turkish operation with a local operator
                                                        • France: Leclerc reports strong performance from drive-thru collection points
                                                          • Ireland: SuperValu reports sales increase
                                                            • UK: Aldi
                                                              • …and Lidl further store expansion plans
                                                                • …beats Waitrose for first time in supermarket poll
                                                                  • UK: Asda
                                                                    • …announces additional £100m in price cuts
                                                                      • …sees drop in like-for-like sales in fourth quarter
                                                                        • …to introduce 130 more hybrid checkouts
                                                                          • UK: Morrisons
                                                                            • …looking for sale to private equity firms
                                                                              • …shares surge due to founding family buyout rumour
                                                                                • …to take on Aldi and Lidl with price cuts
                                                                                  • UK: Sainsbury’s
                                                                                    • …and Co-op follow Tesco and reduce milk prices
                                                                                      • …finance director expects continued discounter growth
                                                                                        • …launches UK’s first ‘grown by women’ coffee
                                                                                          • …Waitrose and discounters see market share growth
                                                                                            • UK: Tesco
                                                                                              • …appoints George Dymond
                                                                                                • …customers' passwords leaked online
                                                                                                  • …reveals profit of online grocery business
                                                                                                    • …to introduce ‘digital wallet’
                                                                                                      • …to make changes to middle management
                                                                                                        • …to reset UK margins
                                                                                                          • …finance director could be on the way out
                                                                                                            • …Warren Buffett decreases stake in Tesco
                                                                                                              • UK: Waitrose
                                                                                                                • …staff to carry tablets
                                                                                                                  • …and Nisa are next retailers to lower milk prices
                                                                                                                    • Specialist food retailers
                                                                                                                      • UK: Thorntons first half profits increase
                                                                                                                      • News Analysis – Non-food

                                                                                                                        • Clothing retailing
                                                                                                                          • Europe: Internacionale close to entering administration
                                                                                                                            • Europe: Primark sees 4% increase in like-for-like sales
                                                                                                                              • Europe: TJX Europe plans 40 new stores
                                                                                                                                • UK: Bolongaro Trevor receives £1 million funding
                                                                                                                                  • UK: CEO of Hobbs to step down from role
                                                                                                                                    • UK: Coast to restructure as it goes for double-digit growth
                                                                                                                                      • UK: Karen Millen to open new Knightsbridge flagship store
                                                                                                                                        • UK: Mulberry appoints Louis Vuitton executive
                                                                                                                                          • UK: New Celtic Sheepskin & Co boss to take company “back to its roots”
                                                                                                                                            • UK: New Look
                                                                                                                                              • …aims to expand before IPO
                                                                                                                                                • …chairman Alistair McGeorge to depart
                                                                                                                                                  • …reports sales increase
                                                                                                                                                    • UK: Topshop to give customers virtual front row experience of London Fashion Week
                                                                                                                                                      • Footwear retailing
                                                                                                                                                        • UK: Shoe Zone announces full-year sales increase
                                                                                                                                                          • Mass merchandisers
                                                                                                                                                            • Europe: Costco to open warehouses in Spain
                                                                                                                                                              • Mixed goods retailing
                                                                                                                                                                • Europe: Tiger sees 45% increase in turnover
                                                                                                                                                                  • UK: Poundland
                                                                                                                                                                    • …given £750m valuation
                                                                                                                                                                      • …confirms plans to launch an IPO
                                                                                                                                                                        • UK: The Works has best January sales ever
                                                                                                                                                                          • UK: Three retailers set to float in coming weeks
                                                                                                                                                                            • Multi-sector retailing
                                                                                                                                                                              • Europe: Marks & Spencer set to open stores in Finland
                                                                                                                                                                                • Europe: Metro Group
                                                                                                                                                                                  • …reports solid start to 2014
                                                                                                                                                                                    • …Russian Metro edges closer to IPO
                                                                                                                                                                                      • UK: M&S could offer share buyback to reassure investors
                                                                                                                                                                                        • Department stores
                                                                                                                                                                                          • UK: Eleven Paris creates new Kate Moss collection exclusively for Selfridges
                                                                                                                                                                                            • UK: John Lewis
                                                                                                                                                                                              • …announces weekly sales increase
                                                                                                                                                                                                • …launches new JLAB technology incubator
                                                                                                                                                                                                  • …posts strong performance in 2013
                                                                                                                                                                                                    • …sees sales increase despite weather
                                                                                                                                                                                                      • DIY retailing
                                                                                                                                                                                                        • UK: Wickes reports sales increase but drop in profits
                                                                                                                                                                                                          • Electrical retailing
                                                                                                                                                                                                            • UK: BrightHouse reports revenue growth
                                                                                                                                                                                                              • UK: Dixons and Carphone Warehouse confirm merger talks
                                                                                                                                                                                                                • UK: Montagu puts Maplin up for sale
                                                                                                                                                                                                                  • Carpet retailing
                                                                                                                                                                                                                    • UK: United Carpets sees like-for-like sales increase
                                                                                                                                                                                                                      • Furniture retailing
                                                                                                                                                                                                                        • UK: Bathstore
                                                                                                                                                                                                                          • …to go up for sale
                                                                                                                                                                                                                            • …website sees dramatic improvement
                                                                                                                                                                                                                              • UK: DFS to provide financial support to furniture brand Dwell
                                                                                                                                                                                                                                • Homewares retailing
                                                                                                                                                                                                                                  • UK: Dunelm interim results show 4.8% revenue growth
                                                                                                                                                                                                                                    • Home shopping
                                                                                                                                                                                                                                      • Europe: Klingel acquires Stilago
                                                                                                                                                                                                                                        • Europe: Zalando sales increase by more than half in 2013
                                                                                                                                                                                                                                          • Germany: Amazon to launch Amazonfresh to Germany
                                                                                                                                                                                                                                            • Germany: Rewe preparing to challenge Amazon
                                                                                                                                                                                                                                              • UK: Amazon rebrands LoveFilm service
                                                                                                                                                                                                                                                • UK: Ao.com
                                                                                                                                                                                                                                                  • …valued at £1.2bn on London Stock Exchange
                                                                                                                                                                                                                                                    • …asks suppliers for transparency
                                                                                                                                                                                                                                                      • …sees shares soar after stock market debut
                                                                                                                                                                                                                                                        • UK: Asos improves online delivery options
                                                                                                                                                                                                                                                          • UK: Blue Inc overhauls its online business
                                                                                                                                                                                                                                                            • UK: Boohoo
                                                                                                                                                                                                                                                              • …IPO to be valued at £500 million
                                                                                                                                                                                                                                                                • …plans overseas expansion from IPO proceeds
                                                                                                                                                                                                                                                                  • …former Shop Direct chief executive joins Boohoo board
                                                                                                                                                                                                                                                                    • UK: Lovehoney to launch new Frisky Business TV series
                                                                                                                                                                                                                                                                      • UK: Marks and Spencer re-launches website
                                                                                                                                                                                                                                                                        • UK: Moonpig.com owner planning IPO
                                                                                                                                                                                                                                                                          • UK: My-Wardrobe launches ‘try it, keep it, buy it’
                                                                                                                                                                                                                                                                            • UK: Ocado to launch new kitchen and barbecue range
                                                                                                                                                                                                                                                                              • UK: PoundPanda closes from heavy online traffic
                                                                                                                                                                                                                                                                                • UK: Shop Direct tests augmented reality
                                                                                                                                                                                                                                                                                  • UK: UK online retail sees strongest January performance since 2009
                                                                                                                                                                                                                                                                                    • UK: Online spend up 18% y-o-y in January 2014
                                                                                                                                                                                                                                                                                      • UK: UK shopping by smartphone continues to increase
                                                                                                                                                                                                                                                                                        • Health and beauty retailing
                                                                                                                                                                                                                                                                                          • UK: Superdrug to launch three new store designs
                                                                                                                                                                                                                                                                                            • UK: The Body Shop appoints new retail director
                                                                                                                                                                                                                                                                                              • Books and stationery retailing
                                                                                                                                                                                                                                                                                                • UK: Smiggle launches in the UK
                                                                                                                                                                                                                                                                                                  • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                    • UK: Sports Direct announces profit rise in third quarter
                                                                                                                                                                                                                                                                                                      • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                                        • UK: Mothercare’s CEO Simon Calver resigns
                                                                                                                                                                                                                                                                                                          • UK: Pets at Home
                                                                                                                                                                                                                                                                                                            • …IPO valued between £1.05 billion and £1.3 billion
                                                                                                                                                                                                                                                                                                              • …moves forward with float
                                                                                                                                                                                                                                                                                                                • …appoints new directors in preparation for flotation
                                                                                                                                                                                                                                                                                                                  • …private equity owner to potentially make £200m as a result of float
                                                                                                                                                                                                                                                                                                                    • Economy
                                                                                                                                                                                                                                                                                                                      • UK: Footfall increases as shoppers look to shopping centres to avoid the weather
                                                                                                                                                                                                                                                                                                                        • UK: January 2014 sees strongest sales growth since March 2010
                                                                                                                                                                                                                                                                                                                          • UK: ONS reports strong retail growth for January
                                                                                                                                                                                                                                                                                                                            • UK: Retailer store expansion stunted in 2013
                                                                                                                                                                                                                                                                                                                              • UK: Shop prices fall for tenth consecutive month
                                                                                                                                                                                                                                                                                                                                • UK: Local Data Company shop vacancy rate falls in February
                                                                                                                                                                                                                                                                                                                                • Electrical Goods Retailing – Europe

                                                                                                                                                                                                                                                                                                                                    • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                            • Figure 8: Dixons retail group: Like-for-like growth, 2012/13 and 2013/14
                                                                                                                                                                                                                                                                                                                                            • Figure 9: Dixons Retail Plc: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                            • Figure 10: Dixons Retail Plc: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                            • Figure 11: Dixons retail: UK sales mix, 2012/13

                                                                                                                                                                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                                                                                                                                                                        • Aldi
                                                                                                                                                                                                                                                                                                                                        • Aldi Stores Ltd (UK & Ireland)
                                                                                                                                                                                                                                                                                                                                        • Amazon UK
                                                                                                                                                                                                                                                                                                                                        • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                        • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                        • AO World Plc
                                                                                                                                                                                                                                                                                                                                        • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                        • ASOS
                                                                                                                                                                                                                                                                                                                                        • ASOS (UK retail sales)
                                                                                                                                                                                                                                                                                                                                        • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                                        • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                        • Aurora fashions UK
                                                                                                                                                                                                                                                                                                                                        • Bathstore.com Plc
                                                                                                                                                                                                                                                                                                                                        • Behar Carpets Ltd
                                                                                                                                                                                                                                                                                                                                        • Bloomberg L.P.
                                                                                                                                                                                                                                                                                                                                        • Boohoo.com plc
                                                                                                                                                                                                                                                                                                                                        • Brighthouse
                                                                                                                                                                                                                                                                                                                                        • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                        • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                        • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                                                                                        • Carlyle Group (The)
                                                                                                                                                                                                                                                                                                                                        • Carpetright UK
                                                                                                                                                                                                                                                                                                                                        • Carrefour Europe
                                                                                                                                                                                                                                                                                                                                        • CBRE | Melody
                                                                                                                                                                                                                                                                                                                                        • Co-operative Group
                                                                                                                                                                                                                                                                                                                                        • Colruyt Group
                                                                                                                                                                                                                                                                                                                                        • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                        • Conad Group
                                                                                                                                                                                                                                                                                                                                        • Coop Schweiz
                                                                                                                                                                                                                                                                                                                                        • Costco Wholesale Corporation
                                                                                                                                                                                                                                                                                                                                        • Credit Suisse Group
                                                                                                                                                                                                                                                                                                                                        • CVC Capital Partners Limited
                                                                                                                                                                                                                                                                                                                                        • Delhaize Group
                                                                                                                                                                                                                                                                                                                                        • Delta Maxi
                                                                                                                                                                                                                                                                                                                                        • Deutsche Bank AG
                                                                                                                                                                                                                                                                                                                                        • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                        • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                        • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                        • Dwell
                                                                                                                                                                                                                                                                                                                                        • E Leclerc
                                                                                                                                                                                                                                                                                                                                        • Early Learning Centre Ltd
                                                                                                                                                                                                                                                                                                                                        • eBay Inc.
                                                                                                                                                                                                                                                                                                                                        • Esselunga
                                                                                                                                                                                                                                                                                                                                        • Financial Times Group
                                                                                                                                                                                                                                                                                                                                        • Fresh Connection Ltd
                                                                                                                                                                                                                                                                                                                                        • Hamleys of London Ltd
                                                                                                                                                                                                                                                                                                                                        • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                        • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                        • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                        • HobbyCraft Group Ltd
                                                                                                                                                                                                                                                                                                                                        • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                        • Internacionale Ltd
                                                                                                                                                                                                                                                                                                                                        • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                        • Jane Asher Party Cakes & Sugarcraft
                                                                                                                                                                                                                                                                                                                                        • Jerónimo Martins
                                                                                                                                                                                                                                                                                                                                        • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                        • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                        • JPMorgan Invest LLC (BrownCo)
                                                                                                                                                                                                                                                                                                                                        • Kantar Media
                                                                                                                                                                                                                                                                                                                                        • Karen Millen
                                                                                                                                                                                                                                                                                                                                        • Kaufhof
                                                                                                                                                                                                                                                                                                                                        • Kaufland (Romania)
                                                                                                                                                                                                                                                                                                                                        • Kohlberg Kravis Roberts & Co.
                                                                                                                                                                                                                                                                                                                                        • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                        • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                                        • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                        • Maplin Electronics Ltd
                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                        • MasterCard UK
                                                                                                                                                                                                                                                                                                                                        • McColl's (convenience stores)
                                                                                                                                                                                                                                                                                                                                        • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                        • Merlin Entertainments Group Limited
                                                                                                                                                                                                                                                                                                                                        • Metro (The)
                                                                                                                                                                                                                                                                                                                                        • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                        • MFI Furniture Group Plc
                                                                                                                                                                                                                                                                                                                                        • Migros Coops International
                                                                                                                                                                                                                                                                                                                                        • Mondelez International
                                                                                                                                                                                                                                                                                                                                        • Montagu Private Equity Limited
                                                                                                                                                                                                                                                                                                                                        • Moonpig.com Limited
                                                                                                                                                                                                                                                                                                                                        • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                        • My-Wardrobe
                                                                                                                                                                                                                                                                                                                                        • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                        • Netflix, Inc.
                                                                                                                                                                                                                                                                                                                                        • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                        • Nisa (fascia) incl. Loco
                                                                                                                                                                                                                                                                                                                                        • Ocado
                                                                                                                                                                                                                                                                                                                                        • Ofcom
                                                                                                                                                                                                                                                                                                                                        • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                        • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                        • Pets at Home Group Ltd
                                                                                                                                                                                                                                                                                                                                        • Pingo Doce (Portugal)
                                                                                                                                                                                                                                                                                                                                        • Planet Organic Ltd
                                                                                                                                                                                                                                                                                                                                        • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                        • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                        • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                        • Reuters Group PLC
                                                                                                                                                                                                                                                                                                                                        • Rewe
                                                                                                                                                                                                                                                                                                                                        • Rewe Food Retail Germany
                                                                                                                                                                                                                                                                                                                                        • Sainsbury's Local
                                                                                                                                                                                                                                                                                                                                        • Schwarz Group
                                                                                                                                                                                                                                                                                                                                        • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                        • Shoe Zone Group Ltd
                                                                                                                                                                                                                                                                                                                                        • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                        • Space NK Ltd
                                                                                                                                                                                                                                                                                                                                        • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                        • Sports Direct UK
                                                                                                                                                                                                                                                                                                                                        • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                        • Superquinn
                                                                                                                                                                                                                                                                                                                                        • SuperValu (Ireland)
                                                                                                                                                                                                                                                                                                                                        • Tate Modern
                                                                                                                                                                                                                                                                                                                                        • Telegraph Group Limited
                                                                                                                                                                                                                                                                                                                                        • Tesco (UK)
                                                                                                                                                                                                                                                                                                                                        • Tesco Plc
                                                                                                                                                                                                                                                                                                                                        • The Body Shop - Retail Sales
                                                                                                                                                                                                                                                                                                                                        • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                        • The Carphone Warehouse Plc
                                                                                                                                                                                                                                                                                                                                        • The Co-operative Food
                                                                                                                                                                                                                                                                                                                                        • The Sofa Workshop Ltd
                                                                                                                                                                                                                                                                                                                                        • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                        • Tiger
                                                                                                                                                                                                                                                                                                                                        • TJX International (TK Maxx Europe)
                                                                                                                                                                                                                                                                                                                                        • Toolstation
                                                                                                                                                                                                                                                                                                                                        • Topshop old
                                                                                                                                                                                                                                                                                                                                        • Travelodge
                                                                                                                                                                                                                                                                                                                                        • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                                        • United Carpets Group plc
                                                                                                                                                                                                                                                                                                                                        • USC
                                                                                                                                                                                                                                                                                                                                        • Visa Europe
                                                                                                                                                                                                                                                                                                                                        • Waitrose
                                                                                                                                                                                                                                                                                                                                        • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                        • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                        • Zalando

                                                                                                                                                                                                                                                                                                                                        European Retail Briefing - March 2014

                                                                                                                                                                                                                                                                                                                                        US $380.17 (Excl.Tax)