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European Retail Briefing - May 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

    • European retailers adjusting to the multichannel world
      • Multichannel innovations
        • Rates of online purchasing
          • Figure 1: Percentage of all individuals purchasing online in the past 12 months, 2007-11
          • Figure 2: Percentage of all individuals purchasing online in the past three months, 2007-11
        • National differences
          • Sector opportunities
            • What does this mean?
            • Retail Sales Review

              • Key points
                • France
                  • Figure 3: France: Retail sales trends, 2011-12
                • Inflation
                  • Figure 4: France: Inflation, 2011-12 (% change on year)
                • Germany
                  • Figure 5: Germany: Retail sales trends, 2011-12
                • Inflation
                  • Figure 6: Germany: Inflation, 2011-12(% change on year)
                • Italy
                  • Figure 7: Italy: Retail sales trends, 2011-12
                • Inflation
                  • Figure 8: Italy: Inflation, 2011-12 (% change on year)
                • Netherlands
                  • Figure 9: The Netherlands: Retail sales trends, 2011-12
                • Inflation
                  • Figure 10: The Netherlands: Inflation, 2011-12 (% change on year)
                • Spain
                  • Figure 11: Spain: Retail sales trends, 2011-12
                • Inflation
                  • Figure 12: Spain: Inflation, 2011-12
                • UK
                  • Figure 13: UK: Retail sales trends, 2011-12
                • Inflation
                  • Figure 14: UK: Annual percentage change in Consumer Price Index for selected product groups, 2011-12
              • Headlines for the month

                • Grocers
                  • Clothing
                    • Multi-sector retailing
                      • Department stores
                        • Electrical goods retailing
                          • Music and video goods retailing
                            • Carpet retailing
                              • Furniture retailing
                                • Homewares retailing
                                  • Home shopping
                                    • Health and beauty retailing
                                      • Books and stationery
                                      • News Analysis

                                        • Grocers
                                          • Belgium: Delhaize reports losses in first quarter
                                            • France: Carrefour
                                              • …plans an organic food store in Paris
                                                • …reports weak first quarter
                                                  • France: Casino first quarter growth fuelled by international sales
                                                    • France: Intermarche gets approval for Altis stores
                                                      • Germany: Edeka to expand after strong full year
                                                        • Hungary: Auchan receives EC clearance for Magyar Hipermarket deal
                                                          • Netherlands: Ahold acquisition of bol.com approved
                                                            • Norway: ICA streamlines Norwegian operations
                                                              • Russian Federation: Magnit sees sales surge
                                                                • Russian Federation: Rewe wins approval for Citistores
                                                                  • Russian Federation: X5 Retail Group sales growth slower than expected
                                                                    • UK: Asda
                                                                      • …considers Walmart 'pay cash' launch
                                                                        • …launches new in-store stocking tactic and contactless payment
                                                                          • UK: Iceland launches money-off coupon offer
                                                                            • UK: Morrisons reports first quarter like-for-likes up
                                                                              • UK: Sainsbury's
                                                                                • …enters online music service battle
                                                                                  • …sees profits rise
                                                                                    • …to buy 18 Total petrol stations
                                                                                      • UK: Tesco
                                                                                        • …begins rivalry with Amazon as Clarke to unveil strategy this week
                                                                                          • …group media director exits
                                                                                            • …introduces £10 off voucher
                                                                                              • …invest £1bn to overcome UK sales drop
                                                                                                • …overhauls Clubcard scheme and trials electronic shelf pricing
                                                                                                  • …reviews advertising account
                                                                                                    • …to focus on smaller store formats
                                                                                                      • …turnaround already facing problems with credit rating downgrade
                                                                                                        • UK: The Co-operative trials contactless payment
                                                                                                          • UK: The People's Supermarket sees losses narrow
                                                                                                            • UK: Waitrose launches brand price match initiative
                                                                                                              • Food specialists
                                                                                                                • UK: Thorntons gets Easter like-for-like boost
                                                                                                                  • Clothing retailing
                                                                                                                    • France: LVMH reports rising sales in first quarter
                                                                                                                      • France: PPR reports revenues up in first quarter
                                                                                                                        • Russian Federation: Bosco plans European expansion
                                                                                                                          • Sweden: H&M reports like-for-likes rise in March
                                                                                                                            • UK: Ann Summers launches new store format
                                                                                                                              • UK: Aquascutum
                                                                                                                                • …attracts 10 potential bidders
                                                                                                                                  • …attracts interest
                                                                                                                                    • …nears administration
                                                                                                                                      • …supplier prepares bid
                                                                                                                                        • …to be bought by YGM
                                                                                                                                          • …to close Corby plant
                                                                                                                                            • UK: Arcadia appoints new chief operating officer
                                                                                                                                              • UK: Aurora’s non-executive president steps down
                                                                                                                                                • UK: Bonmarché to launch collect-from-store service
                                                                                                                                                  • UK: Burberry
                                                                                                                                                    • …expansion plans after sales growth slows
                                                                                                                                                      • …reports rising half year sales
                                                                                                                                                        • UK: Burton extends overseas reach with international shipping
                                                                                                                                                          • UK: Forever 21 to expand Oxford Street flagship
                                                                                                                                                            • UK: French Connection plans to sell stores
                                                                                                                                                              • UK: H&M to open in Aylesbury
                                                                                                                                                                • UK: Hobbs considers sale and appoints PwC
                                                                                                                                                                  • UK: Irisa and Jacques Vert make redundancies
                                                                                                                                                                    • UK: Jaeger
                                                                                                                                                                      • …acquired by Better Capital
                                                                                                                                                                        • …hires Better Capital to focus on the customer experience
                                                                                                                                                                          • UK: New Look
                                                                                                                                                                            • …close to deal on debt terms
                                                                                                                                                                              • …plans store revamp and online business growth
                                                                                                                                                                                • …to roll out new store concept
                                                                                                                                                                                  • UK: Next sales rise in first quarter
                                                                                                                                                                                    • UK: Nougat to launch Project 40
                                                                                                                                                                                      • UK: Oasis to welcome Frock and Frill concession
                                                                                                                                                                                        • UK: Opening Ceremony to open in London
                                                                                                                                                                                          • UK: Pretty Green partners with Universal to open virtual pop-up record stores
                                                                                                                                                                                            • UK: Primark celebrates profit increase
                                                                                                                                                                                              • UK: River Island to introduce external womenswear brands
                                                                                                                                                                                                • UK: SuperGroup
                                                                                                                                                                                                  • …issues surprise profit warning
                                                                                                                                                                                                    • …sales boosted, but like-for-likes are disappointing
                                                                                                                                                                                                      • UK: Temperley launches Somerset Collection in partnership with John Lewis
                                                                                                                                                                                                        • UK: Topman to launch premium suiting collection
                                                                                                                                                                                                          • UK: Uniqlo
                                                                                                                                                                                                            • …hunts for flagship store in London
                                                                                                                                                                                                              • …reports £9.7m losses
                                                                                                                                                                                                                • UK: Vivienne Westwood ends franchise partnership
                                                                                                                                                                                                                  • UK: Wonderbra launches ecommerce site
                                                                                                                                                                                                                    • Footwear retailing
                                                                                                                                                                                                                      • UK: Shoon bought buy existing management
                                                                                                                                                                                                                        • UK: TOMS opens pop-up shop in Covent Garden
                                                                                                                                                                                                                          • Multi-sector retailing
                                                                                                                                                                                                                            • UK: Home Retail Group posts profits fall
                                                                                                                                                                                                                              • Germany: Metro reports wider loss in first quarter results
                                                                                                                                                                                                                                • Spain: Metro plans restructure of Makro operations in Spain and Portugal
                                                                                                                                                                                                                                  • UK: Marks & Spencer
                                                                                                                                                                                                                                    • …launch clothing recycling programme
                                                                                                                                                                                                                                      • …sales hit by shortage of best-selling stock
                                                                                                                                                                                                                                        • Miscellaneous specialists
                                                                                                                                                                                                                                          • UK: Halfords plans £6m growth investment
                                                                                                                                                                                                                                            • UK: Mothercare
                                                                                                                                                                                                                                              • …plans to exit a further 110 UK stores
                                                                                                                                                                                                                                                • …new boss to drive online growth
                                                                                                                                                                                                                                                  • …finance director resigns
                                                                                                                                                                                                                                                    • UK: Robert Dyas eyed by R Capital
                                                                                                                                                                                                                                                      • Mixed goods retailers
                                                                                                                                                                                                                                                        • UK: Poundland opens 400th store
                                                                                                                                                                                                                                                          • UK: Argos
                                                                                                                                                                                                                                                            • …to widen revenue stream with advert selling scheme
                                                                                                                                                                                                                                                              • …under review
                                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                                  • UK: Debenhams
                                                                                                                                                                                                                                                                    • …first half pre-tax profit better than expected
                                                                                                                                                                                                                                                                      • …to open new store in Edinburgh
                                                                                                                                                                                                                                                                        • UK: John Lewis
                                                                                                                                                                                                                                                                          • …adds London Olympic shops to stores
                                                                                                                                                                                                                                                                            • …considers move into China
                                                                                                                                                                                                                                                                              • …launches branded broadband service
                                                                                                                                                                                                                                                                                • …provides virtual fashion experience
                                                                                                                                                                                                                                                                                  • …revamped beauty hall set to launch
                                                                                                                                                                                                                                                                                    • UK: Liberty to open pop-up shop in Westfield Stratford
                                                                                                                                                                                                                                                                                      • UK: Selfridges prepares to extend flagship
                                                                                                                                                                                                                                                                                        • Electrical goods retailing
                                                                                                                                                                                                                                                                                          • UK: Carphone Warehouse reports weak fourth quarter
                                                                                                                                                                                                                                                                                            • UK: Dixons
                                                                                                                                                                                                                                                                                              • …reports like-for-like sales surge
                                                                                                                                                                                                                                                                                                • …Travel outlets open at East Midlands and Gatwick North airports
                                                                                                                                                                                                                                                                                                  • …website crashes
                                                                                                                                                                                                                                                                                                    • UK: Everything Everywhere plan to close 31 stores
                                                                                                                                                                                                                                                                                                      • Music and video goods retailing
                                                                                                                                                                                                                                                                                                        • UK: Game's Iberian business bought by OpCapita
                                                                                                                                                                                                                                                                                                          • UK: HMV
                                                                                                                                                                                                                                                                                                            • …gains market share following strong quarter
                                                                                                                                                                                                                                                                                                              • …issues another profit warning but hopes Game demise with help profits
                                                                                                                                                                                                                                                                                                                • Carpet retailing
                                                                                                                                                                                                                                                                                                                  • UK: Allied Carpets acquired in pre-pack administration deal
                                                                                                                                                                                                                                                                                                                    • UK: Carpetright suffering decline in sales
                                                                                                                                                                                                                                                                                                                      • Furniture retailing
                                                                                                                                                                                                                                                                                                                        • Europe: Ikea to launch consumer electronics with China venture
                                                                                                                                                                                                                                                                                                                          • Homewares retailing
                                                                                                                                                                                                                                                                                                                            • Europe: Muji sets to expand
                                                                                                                                                                                                                                                                                                                              • UK: Dunelm reports rising like-for-like sales but remains cautious
                                                                                                                                                                                                                                                                                                                                • Home shopping
                                                                                                                                                                                                                                                                                                                                  • Germany: Neckermann moves to online only
                                                                                                                                                                                                                                                                                                                                    • UK: Achica breaks even and aims for growth
                                                                                                                                                                                                                                                                                                                                      • UK: Amazon launches publishing venture
                                                                                                                                                                                                                                                                                                                                        • UK: Asos reports rising sales
                                                                                                                                                                                                                                                                                                                                          • UK: eBay Fashion launches colour matching app
                                                                                                                                                                                                                                                                                                                                            • UK: Flying Brands to sell garden business as losses continue
                                                                                                                                                                                                                                                                                                                                              • UK: JML shopping programme to debut on ITV1
                                                                                                                                                                                                                                                                                                                                                • UK: My-Wardrobe launches the Shoe Library
                                                                                                                                                                                                                                                                                                                                                  • UK: N Brown
                                                                                                                                                                                                                                                                                                                                                    • …reports "robust" results
                                                                                                                                                                                                                                                                                                                                                      • …to launch click-and-collect
                                                                                                                                                                                                                                                                                                                                                        • UK: Nelly.com launches in the UK
                                                                                                                                                                                                                                                                                                                                                          • UK: Shop Direct
                                                                                                                                                                                                                                                                                                                                                            • …outsources customer service operations
                                                                                                                                                                                                                                                                                                                                                              • …to cut 50 head office positions
                                                                                                                                                                                                                                                                                                                                                                • Health & beauty retailing
                                                                                                                                                                                                                                                                                                                                                                  • UK: Boots
                                                                                                                                                                                                                                                                                                                                                                    • …refreshed and extends pharmacy services
                                                                                                                                                                                                                                                                                                                                                                      • …to close 160 photo labs
                                                                                                                                                                                                                                                                                                                                                                        • UK: Feelunique.com celebrates 120% increase in EBITDA
                                                                                                                                                                                                                                                                                                                                                                          • UK: Lush reports falling profits
                                                                                                                                                                                                                                                                                                                                                                            • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                              • UK: Clinton Cards
                                                                                                                                                                                                                                                                                                                                                                                • …delays strategic review release
                                                                                                                                                                                                                                                                                                                                                                                  • …to collapse today
                                                                                                                                                                                                                                                                                                                                                                                    • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                      • …to launch 100 Kobo mini-stores
                                                                                                                                                                                                                                                                                                                                                                                        • …reports 3% rise in profit but like-for-likes fall
                                                                                                                                                                                                                                                                                                                                                                                          • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                            • Russian Federation: Bosco plans European expansion
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Blacks chief executive to exit
                                                                                                                                                                                                                                                                                                                                                                                                • UK: JD Sports
                                                                                                                                                                                                                                                                                                                                                                                                  • …profits down due to Black acquisition
                                                                                                                                                                                                                                                                                                                                                                                                    • …seeks new acquisitions
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: North Face fined £2.8m for price-fixing
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                          • …sees rising spring sales
                                                                                                                                                                                                                                                                                                                                                                                                            • …starts pricing war with JJB
                                                                                                                                                                                                                                                                                                                                                                                                              • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Toys R Us prepares for £400m debt restructure
                                                                                                                                                                                                                                                                                                                                                                                                                  • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Asda Income Tracker: tightest spending since November 2008
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: BRC: April showers lead to sales fall
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Capital Shopping Centres sees decrease in footfall
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Government turns down permanently relaxed Sunday trading hours proposal
                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Kantar: Waitrose and discounters gain share
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Land Securities to introduce wi-fi to all shopping centres
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: March retail sales boosted by warmer weather
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Online sales rise driven by mobile devices
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: ONS
                                                                                                                                                                                                                                                                                                                                                                                                                                      • …Inflation rise driven by food and clothing in March
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …Retail sales rise in March
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Retail administrations up 15% in Q1 on 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Retail employment up 0.4%, driven by food retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Scottish retail sales up 1.8% in March
                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Shop price inflation falls to 1.3% as commodity prices fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: UK in double-dip recession
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • DIY Retailing in Europe – Group Adeo

                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 15: Groupe Adeo: Sales as share of DIY retailers’ sales in Europe, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 16: Groupe Adeo: Turnover in France as share of total group sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 17: Groupe Adeo: Sales performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 18: Groupe Adeo: Estimated European sales performance, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 19: Groupe Adeo: Outlet data, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 20: Overview of Groupe Adeo’s transactional websites, 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                      • AB World Foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ahold Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Albert Heijn (fascia) Netherlands
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alexander McQueen
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Allied Floors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • American Greetings Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ann Summers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Apax Partners
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Auchan
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bain Capital LLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Biocoop
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blacks Outdoor Division Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blackstone Group (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Blinkbox
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bonmarché
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Boots Healthcare Usa, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bosco
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Fashion Council
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Burton old
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Chausport
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Checkland Kindleysides
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Computer Warehouse
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Converse, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cora - Louis Delhaize Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams (UK and Republic of Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Delhaize Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Delta Maxi
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dick's Sporting Goods, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E Leclerc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Early Learning Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • eBay Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Edeka Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ernst & Young
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Everything Everywhere Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fast Retailing Co. Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Feelunique.com
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fenn Wright & Manson Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figleaves Global Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Floors 2 go
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Flying Brands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food Lion
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Forever 21 Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Franprix/Leader Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Game Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GreenBee
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grupo Eroski
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • High and Mighty
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ICA Gruppen
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Interflora Flowers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Intermarché (France)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ITV plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JD Sports - Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JML Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JPMorgan Invest LLC (BrownCo)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kaufhof
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kenzo
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kering
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kohlberg Kravis Roberts & Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lakeland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lakeside Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Land Securities Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lehman Brothers Holdings Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Limited Brands Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Little Chef
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Magnit
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • My-Wardrobe
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Neckermann
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Netto (Denmark)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New Balance Athletic Shoe, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Nielsen Media Research, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • NorgesGruppen
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • O'Key Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Orange plc (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • OXFAM
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Permira Advisers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Playtex Apparel Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • PUMA AG Rudolf Dassler Sport
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Robert Dyas Holdings
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Serco Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shell (UK) Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shoon Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Starbucks Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stella McCartney
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sun Capital Partners, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sunspel
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • T-Mobile (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco Express (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The London Organising Committee of the Olympic Games and Paralympic Games Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The North Face Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The People's Supermarket
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Red Brick Road
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Thomas Pink
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Time Warner Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topman old
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Total UK / Rontec
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Toys R Us
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Trafford Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Uniqlo UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Universal Music Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Visa Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Vivienne Westwood Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wiggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • X5 Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Yves Saint Laurent

                                                                                                                                                                                                                                                                                                                                                                                                                                                      European Retail Briefing - May 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                      US $382.00 (Excl.Tax)