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European Retail Briefing - May 2013

This report is the European Retail Briefing - but we should not be geographical purists. And we think it is worth looking beyond Europe to the self-inflicted troubles at US-based JCPenney under recently-departed Chief Exec Ron Johnson and in particular to the parallels to the abandoned turnaround strategy at Carrefour under former CEO Lars Olofsson.

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Table of contents

  1. Analyst Comment

    • Learning the dangers of repositioning – JCPenney and Carrefour Planet
      • JCP straying from its roots
        • Figure 1: JCPenney’s Levis’s denim bar, 2012-13
        • Figure 2: JCPenney: Year-on-year net revenue growth, Q1 2011-Q1 2013
      • Carrefour’s Planet repositioning
        • Figure 3: Carrefour Planet, 2012
        • Figure 4: Carrefour France: Year-on-year revenue growth, Q1 2011-Q1 2013
      • Backtracking
        • Lessons learnt
        • European Retail Sales

          • Key points
            • Retail sales
                • Figure 5: Major European economies: Year on year retail sales value growth, 2012-13
                • Figure 6: Major European economies: Year on year retail sales volume growth, 2012-13
              • Inflation
                • Figure 7: Major European economies: All items CPI, 2012-13
                • Figure 8: Major European economies: Food price inflation, 2012-13
            • Apple Retail

                • What we think
                  • Growth levelling off?
                    • Trouble at the top
                      • Stores integral to brand equity
                        • Company background
                          • Company performance
                            • UK sales
                              • Figure 9: Apple Retail UK: Group financial performance, 2006/07-2011/12
                              • Figure 10: Apple Retail UK: Outlet data, 2006/07-2011/12
                              • Figure 11: Apple Retail: European stores, 2012 and 2013
                            • Retail offering
                            • Headlines for the Month

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

                                                  • Bakers
                                                    • UK: Greggs issues profit warning
                                                      • Convenience stores
                                                        • Spain: Eroski trials new convenience store
                                                          • UK: Asda to invest £700 million in new ‘convenience’ services
                                                            • UK: Musgrave Group reports 11% growth in turnover
                                                              • UK: Spar launches forecourt offer
                                                                • Grocers
                                                                  • Belgium: Delhaize Group posts first quarter trading results
                                                                    • France: Auchan to boost investment in Vietnamese business
                                                                      • France: Carrefour
                                                                        • …builds new distribution centre
                                                                          • …reduces majority stake in Turkish business
                                                                            • …introduces discount section to hypermarkets
                                                                              • …reports strong sales growth in Latin America
                                                                                • France: Casino reports revenue growth of 33.7% in Q1
                                                                                  • France: DIA to introduce Fresh store format in France
                                                                                    • Germany: Edeka reports 3.8% growth
                                                                                      • Germany: Rewe Group regrets underestimating e-commerce
                                                                                        • Portugal: Lidl to invest €45 million in its Portuguese business
                                                                                          • Spain: DIA sells Turkish business for €136 million
                                                                                            • Switzerland: Migros Switzerland and Migros Ticaret report sales rise
                                                                                              • UK: Farmfoods posts 2012 financial results
                                                                                                • UK: Lidl doubles the number of “healthy tills”
                                                                                                  • UK: Morrisons
                                                                                                    • …nears deal with Ocado
                                                                                                      • …posts Q1 trading results
                                                                                                        • …puts 700 jobs at risk with cash-handling technology
                                                                                                          • …questions Tesco’s Price Promise claims
                                                                                                            • …scraps chief executive bonus
                                                                                                              • …adds 200,000 sq. ft. of retail space
                                                                                                                • UK: Sainsbury’s
                                                                                                                  • …Justin King denies rumours he is quitting
                                                                                                                    • …posts full year results
                                                                                                                      • …puts London HQ up for lease
                                                                                                                        • UK: Tesco
                                                                                                                          • …opens mobile app office in Shoreditch
                                                                                                                            • …profits plunge 13% as it confirms US exit
                                                                                                                              • …revamps Clubcard website
                                                                                                                                • …sees slowest sales growth in nine months
                                                                                                                                  • …to unveil revival plans
                                                                                                                                    • …trials new shopping model
                                                                                                                                      • UK: Waitrose
                                                                                                                                        • …begins year with 11% sales growth
                                                                                                                                          • …to open first farm shop
                                                                                                                                            • …to supply food to Eurostar trains
                                                                                                                                              • Other food specialists
                                                                                                                                                • UK: Thorntons posts encouraging Q3 results
                                                                                                                                                  • UK: Whittard reports strong performance
                                                                                                                                                    • Clothing retailing
                                                                                                                                                      • France: LVMH posts disappointing Q1 results
                                                                                                                                                        • Germany: Adler urges shareholders to reject takeover bid
                                                                                                                                                          • Germany: Hugo Boss sees sales slip
                                                                                                                                                            • UK: Abercrombie & Fitch to open first European outlet store
                                                                                                                                                              • UK: Ann Summers to boost wholesale after £1.2 million profit increase
                                                                                                                                                                • UK: Aurora
                                                                                                                                                                  • …credit insurance reduced amid restructuring process
                                                                                                                                                                    • …and Karen Millen outsource property functions
                                                                                                                                                                      • …seeks rent reduction from landlords
                                                                                                                                                                        • UK: Burberry posts sales increase
                                                                                                                                                                          • UK: Crombie to launch made-to-measure service
                                                                                                                                                                            • UK: French Connection
                                                                                                                                                                              • …group director leaves after 12 years
                                                                                                                                                                                • …appoints new finance director
                                                                                                                                                                                  • UK: Guess appoints new chief design officer
                                                                                                                                                                                    • UK: H&M
                                                                                                                                                                                      • …March sales drop as spring delayed by cold weather
                                                                                                                                                                                        • …to dress the 2016 Swedish Olympic team
                                                                                                                                                                                          • UK: Hackett looks at buying Regent Street Ferrari store
                                                                                                                                                                                            • UK: Internacionale signs on to British Land in Hull
                                                                                                                                                                                              • UK: J Crew looks for menswear only store
                                                                                                                                                                                                • UK: Jaeger launches space for emerging talent
                                                                                                                                                                                                  • UK: Joules considers selling minority stake
                                                                                                                                                                                                    • UK: Karen Millen appoints new CFO
                                                                                                                                                                                                      • UK: Kookai to exit UK market
                                                                                                                                                                                                        • UK: New Look
                                                                                                                                                                                                          • …to reduce debt burden through £800m bond issue
                                                                                                                                                                                                            • …footwear buying director steps down
                                                                                                                                                                                                              • UK: Next
                                                                                                                                                                                                                • …cautious over rise in sales
                                                                                                                                                                                                                  • …chief executive to share bonus
                                                                                                                                                                                                                    • UK: Oasis launches personalisation service
                                                                                                                                                                                                                      • UK: Primark
                                                                                                                                                                                                                        • …plots French stores
                                                                                                                                                                                                                          • …reports profit growth
                                                                                                                                                                                                                            • UK: River Island to launch second Rihanna collaboration
                                                                                                                                                                                                                              • UK: Select searching for 200 new stores over next five years
                                                                                                                                                                                                                                • UK: Superdry looks at luxury retailers
                                                                                                                                                                                                                                  • UK: SuperGroup
                                                                                                                                                                                                                                    • …hire new logistics boss
                                                                                                                                                                                                                                      • …to open new distribution centre
                                                                                                                                                                                                                                        • …strong results as it eyes expansion
                                                                                                                                                                                                                                          • UK: T.M. Lewin
                                                                                                                                                                                                                                            • …boosts international portfolio with 5-year expansion plan
                                                                                                                                                                                                                                              • …eyes Nigeria, India and Philippines for international expansion
                                                                                                                                                                                                                                                • UK: Victoria’s Secret poaches Aurora omni-channel director
                                                                                                                                                                                                                                                  • Footwear retailing
                                                                                                                                                                                                                                                    • UK: Dune launches in-store technology
                                                                                                                                                                                                                                                      • UK: Jane Shilton results show £1.9 million loss
                                                                                                                                                                                                                                                        • UK: Mascotte to open first UK store
                                                                                                                                                                                                                                                          • UK: Sole Trader profits plummet
                                                                                                                                                                                                                                                            • Mixed goods retailing
                                                                                                                                                                                                                                                              • UK: 99p Stores: Scotland expansion
                                                                                                                                                                                                                                                                • Multi-sector retailing
                                                                                                                                                                                                                                                                  • Germany: Metro AG considers withdrawal from foreign operations
                                                                                                                                                                                                                                                                    • Netherlands: Marks & Spencer opens interactive store in Amsterdam
                                                                                                                                                                                                                                                                      • UK: Argos
                                                                                                                                                                                                                                                                        • …rivals Amazon
                                                                                                                                                                                                                                                                          • …like-for-likes up for first time in five years
                                                                                                                                                                                                                                                                            • UK: M&S
                                                                                                                                                                                                                                                                              • …formal menswear buyer joins John Lewis
                                                                                                                                                                                                                                                                                • …considered purchasing Jaeger
                                                                                                                                                                                                                                                                                  • …lingerie and beauty buyer exits
                                                                                                                                                                                                                                                                                    • …overhauls womenswear team
                                                                                                                                                                                                                                                                                      • …posts encouraging Q4 results
                                                                                                                                                                                                                                                                                        • …hires new director of Lingerie
                                                                                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                                                                                            • France: Printemps to be taken over by Qataris for €1.6bn
                                                                                                                                                                                                                                                                                              • UK: Debenhams
                                                                                                                                                                                                                                                                                                • …posts a fall in pre-tax profits
                                                                                                                                                                                                                                                                                                  • …reports increase in cookware sales
                                                                                                                                                                                                                                                                                                    • …seeks reduced lead times
                                                                                                                                                                                                                                                                                                      • …set to become the latest cold weather casualty
                                                                                                                                                                                                                                                                                                        • UK: Harvey Nichols boss denies exit rumours
                                                                                                                                                                                                                                                                                                          • UK: House of Fraser
                                                                                                                                                                                                                                                                                                            • …eyed by Qataris
                                                                                                                                                                                                                                                                                                              • …poaches new executives
                                                                                                                                                                                                                                                                                                                • …to boost premium credentials
                                                                                                                                                                                                                                                                                                                  • UK: John Lewis
                                                                                                                                                                                                                                                                                                                    • …looks at broadband market
                                                                                                                                                                                                                                                                                                                      • …launches sofa reuse scheme
                                                                                                                                                                                                                                                                                                                        • …to begin At Home store in Kent next week
                                                                                                                                                                                                                                                                                                                          • …to offer degree-equivalent qualifications
                                                                                                                                                                                                                                                                                                                            • UK: Selfridges
                                                                                                                                                                                                                                                                                                                              • …fee from suppliers for early payment
                                                                                                                                                                                                                                                                                                                                • …restructures senior buying roles
                                                                                                                                                                                                                                                                                                                                  • …to launch click-and-collect
                                                                                                                                                                                                                                                                                                                                    • DIY retailing
                                                                                                                                                                                                                                                                                                                                      • UK: Kingfisher announces expansion into Romania
                                                                                                                                                                                                                                                                                                                                        • Electrical retailing
                                                                                                                                                                                                                                                                                                                                          • Europe: Dixons disposes of Webhallen
                                                                                                                                                                                                                                                                                                                                            • France: Darty
                                                                                                                                                                                                                                                                                                                                              • …denies change of majority ownership
                                                                                                                                                                                                                                                                                                                                                • …new chief executive to start early
                                                                                                                                                                                                                                                                                                                                                  • Switzerland: Media-Saturn-Holding withdraws Saturn from Switzerland
                                                                                                                                                                                                                                                                                                                                                    • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                      • Ireland: Xtra-vision video rentals falls into receivership
                                                                                                                                                                                                                                                                                                                                                        • UK: HMV retains market share
                                                                                                                                                                                                                                                                                                                                                          • UK: Rough Trade reports 25% sales growth in Q1
                                                                                                                                                                                                                                                                                                                                                            • Carpet retailing
                                                                                                                                                                                                                                                                                                                                                              • UK: Carpetright
                                                                                                                                                                                                                                                                                                                                                                • …announces management reshuffle
                                                                                                                                                                                                                                                                                                                                                                  • …sales spurred by refurbs and cold weather
                                                                                                                                                                                                                                                                                                                                                                    • Furniture retailing
                                                                                                                                                                                                                                                                                                                                                                      • Sweden: Ikea’s plans for India approved
                                                                                                                                                                                                                                                                                                                                                                        • UK: Barker & Stonehouse opens first London store
                                                                                                                                                                                                                                                                                                                                                                          • UK: Ikea
                                                                                                                                                                                                                                                                                                                                                                            • …unveils plans for new Sheffield store
                                                                                                                                                                                                                                                                                                                                                                              • …opens pop-up shops in London stations
                                                                                                                                                                                                                                                                                                                                                                                • UK: The Range plots Scottish expansion
                                                                                                                                                                                                                                                                                                                                                                                  • Homewares retailing
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Dunelm posts third quarter results
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Williams-Sonoma opens first store in UK
                                                                                                                                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                          • Germany: Otto Group re-launches Quelle.de as online store
                                                                                                                                                                                                                                                                                                                                                                                            • Russian Federation: Amazon to expand into Russia
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Amazon posts Q1 results
                                                                                                                                                                                                                                                                                                                                                                                                • UK: Asos
                                                                                                                                                                                                                                                                                                                                                                                                  • …posts H1 results
                                                                                                                                                                                                                                                                                                                                                                                                    • …senior director to step down
                                                                                                                                                                                                                                                                                                                                                                                                      • …to launch value fashion line
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Debenhams rated top for mobile retail
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: EBook growth drives total UK book sales
                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Iceland Foods trials new e-commerce site
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: John Lewis online sales hit £1 billion
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Littlewoods launches Facebook shopping tool
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: N Brown Group posts strong full year results
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Ocado reconfirms that it will not be acquired by Morrisons
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Waterstones founder to launch online books offer
                                                                                                                                                                                                                                                                                                                                                                                                                        • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                                          • Germany: DM Drogerie Markt reports double digit growth for H1 2013
                                                                                                                                                                                                                                                                                                                                                                                                                            • Germany: Rossmann reports double digit growth for 2012
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Lush’s pre-tax profits rise by 22.5%
                                                                                                                                                                                                                                                                                                                                                                                                                                • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Clintons reports sales growth under new owner American Greetings
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                                                      • …announces new chairman
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …profits up, sales down
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: JD Sports profits fall by 18.3%
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                                                • …closes 14 JJB Sports stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …posts Q4 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …reportedly freezes buying operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …threatens to close Republic stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Switzerland: Piaget warns sales in China slow
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Switzerland: Richemont Group sees growth in annual profit
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Claire’s Accessories prepares to launch ecommerce in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Pandora acquires former Asda CEO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Swarovski to launch new fascia Cadenza at Westfield Stratford
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Garden centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Tesco-owned garden centre Dobbies opens retail village in Edinburgh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opticians
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Vision Express expands in North West
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: The Entertainer introduces 90-minute deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Halfords sales helped by cold weather
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Mothercare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …announces flat Q4 like-for-likes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …head office staff put into consultation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …footfall fell in March 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …like-for-like retail sales fall in April 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …non-food retailers plan to cut staff
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …retail search volumes increase in Q1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …shop price inflation falls in April
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: ONS: March 2013 retail results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: PopUp Britain to open flagship store on King’s road

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 99p Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Abercrombie & Fitch UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Adler
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Advertising Standards Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • American Greetings Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ann Summers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ASOS (International retail sales)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ASOS (UK retail sales)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Auchan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aurora fashions UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Barker and Stonehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • BDO Stoy Hayward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Blockbuster Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Boux Avenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • BT Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Budgens Stores Ltd - retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • BUT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Carpetright UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Cartier SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Casino (Brazil)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Casino (Thailand)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Centra (Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Champion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Chausport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Claire's Accessories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Crown Eyeglass Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Darty France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Darty Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dave Whelan Sports Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Delhaize America
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Delhaize Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Denner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Deutsche Bank AG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • dm-Drogerie Markt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dobbies Garden Centres plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dune Footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dune Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Early Learning Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Edeka Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ernst & Young
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Eurostar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Farmfoods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Federation of Small Businesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ferrari S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figleaves Global Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Food Lion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fresh & Easy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fresh Connection Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Galeries Lafayette Department Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Géant Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Giraffe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Goldman Sachs Group, Inc., The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Granada Television
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Grupo Eroski
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Guess (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hackett Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • HSBC Private Bank (UK) Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ihr Platz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Interio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Internacionale Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Isobar USA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ITV plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • J. Crew Group, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jane Shilton Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jasper Conran
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • JD Sports - Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jenny Packham London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • JJB Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Joules
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • JP Morgan Fleming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Komplett
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • kookai UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lakeland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Landmark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Le Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lipsy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Londis (Holdings) Ltd - retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Make-up Art Cosmetics, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Migrol shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Migros (Switzerland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Migros (Turkey)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Morgan Stanley
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Morrisons M Local
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Musgrave
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Musgrave UK - retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Neckermann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next Directory
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Nokia Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • O2 / Telefonica UK (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Otto Group (Multichannel Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pandora Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Piaget
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pixmania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Printemps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • PUMA AG Rudolf Dassler Sport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Quelle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • R Twining and Company Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Roberto Cavalli
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rossmann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rossmann Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ryvita Company Ltd (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sainsbury's Bank
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Schlecker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Schwarz Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Select (Retail) Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shoon Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sok (Turkey)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sole Trader (Twinmar Ltd)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sports Direct UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Superquinn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Swarovski
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • T.M.LEWIN
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TalkTalk Telecom Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Telegraph Group Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tengelmann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The British Land Company Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Entertainer (Amersham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Hollister Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tiffany & Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TM Lewin & Sons Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Valentino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Victoria's Secret
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Vision Express (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Vivarte
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Whittard of Chelsea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Williams-Sonoma, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          European Retail Briefing - May 2013

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          US $382.00 (Excl.Tax)