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European Retail Briefing - November 2012

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

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Table of contents

  1. Analyst Comment

    • Lidl changes in France
      • Changes in the offer
        • What’s going on elsewhere?
        • Retail Sales Review

          • Key points
            • France
              • Figure 1: France: Retail sales, 2011-12
            • Inflation
              • Figure 2: France: Inflation, 2011-12
            • Germany
              • Figure 3: Germany: Retail Sales trends, 2011-12
            • Inflation
              • Figure 4: Germany: Inflation, 2011-12
            • Italy
              • Figure 5: Italy: Retail sales trends, 2011-12
            • Inflation
              • Figure 6: Italy: Inflation, 2011-12
            • Netherlands
              • Figure 7: The Netherlands: Retail sales trends, 2011-12
            • Inflation
              • Figure 8: The Netherlands: Inflation, 2011-12
            • Spain
              • Figure 9: Spain: Retail sales trends, 2011-12
            • Inflation
              • Figure 10: Spain: Inflation 2011-12
            • UK
              • Figure 11: UK: Retail sales trends, 2011-12
            • Inflation
              • Figure 12: UK: Inflation, 2011-12
          • Headlines for the Month

            • Grocers
              • Clothing retailing
                • Department stores
                  • Electrical retailing
                    • Furniture retailing
                      • Home shopping
                        • Economy
                        • News Analysis

                          • Convenience stores
                            • UK: SPAR trials new look store
                              • Co-ops
                                • UK: Co-op
                                  • …to close six more stores
                                    • …launches Christmas savings scheme trust
                                      • Grocers
                                        • Belgium: Delhaize posts third quarter results
                                          • Europe: Carrefour
                                            • …expands in Belgium through new deal
                                              • …reports 2.1% rise in Q3 revenue
                                                • …agrees to Sell Malaysia Retail Business
                                                  • Europe: Tesco looks for new central Europe boss
                                                    • France: Lidl France to abandon "hard discount"
                                                      • UK: Asda
                                                        • …to launch click-and-collect service
                                                          • …to launch customer insight engine
                                                            • UK: Booths reports fall in pre-tax profits
                                                              • UK: Food labelling to be revised
                                                                • UK: George takes 70% space at new 840,000 distribution centre
                                                                  • UK: Morrisons
                                                                    • …launches Morrisons Cellar online
                                                                      • …reports fall in Q3 sales
                                                                        • UK: Sainsbury's
                                                                          • …grabs entertainment share from rivals
                                                                            • …to manage hospital pharmacies
                                                                              • …launches new scan and shop app
                                                                                • …to trial mobile phone shop-in-shops
                                                                                  • …records strong market share growth
                                                                                    • UK: Tesco
                                                                                      • …invests £25m in UK farming
                                                                                        • …named top UK retailer on climate change
                                                                                          • …sells Fresh & Easy products in UK stores
                                                                                            • …targets on-the-go shoppers with online commuter zone
                                                                                              • …Tesco trials new delivery system
                                                                                                • …to deliver Clubcard rewards digitally
                                                                                                  • UK: Waitrose
                                                                                                    • …achieve zero food waste to landfill aim ahead of target
                                                                                                      • …looks to expand loyalty scheme
                                                                                                        • …to donate £1 million to charity
                                                                                                          • …grabs highest grocery market share in its history
                                                                                                            • UK: Whole Foods Market opens in Cheltenham
                                                                                                              • Other food specialists
                                                                                                                • UK: Greggs releases interim results
                                                                                                                  • UK: Thorntons reports 1.7% decline in like-for-like sales
                                                                                                                    • Clothing retailing
                                                                                                                      • Europe: H&M demands new lease clauses
                                                                                                                        • Europe: Hermes posts Q3 results
                                                                                                                          • Europe: Hugo Boss reports Q3 results
                                                                                                                            • Europe: M&S to launch European transactional websites
                                                                                                                              • Europe: Miss Sixty set to lose wholesale arm
                                                                                                                                • France: Luxury sales continue to soar at PPR
                                                                                                                                  • UK: All Saints profits plunge
                                                                                                                                    • UK: Alfred Dunhill appoints new CEO
                                                                                                                                      • UK: Arcadia increases use of UK factories
                                                                                                                                        • UK: Aurora Fashions to launch 60-minute delivery option in 2013
                                                                                                                                          • UK: Ben Sherman's chief executive to depart
                                                                                                                                            • UK: Blue Inc expects Christmas cheer as full-year profits soar
                                                                                                                                              • UK: Bluewater shopping centre to house Montblanc
                                                                                                                                                • UK: Burberry
                                                                                                                                                  • …posts profit rise
                                                                                                                                                    • …reports 8% rise in sales
                                                                                                                                                      • UK: Calvin Klein brands to be reunited
                                                                                                                                                        • UK: Chanel acquires Barrie Knitwear
                                                                                                                                                          • UK: Diesel confirms appointment of new creative director
                                                                                                                                                            • UK: Esprit plans brand revival
                                                                                                                                                              • UK: Fashion will dominate in the eastern Oxford St revamp
                                                                                                                                                                • UK: Firetrap team awaits news on job losses
                                                                                                                                                                  • UK: Guess? appoints new managing director
                                                                                                                                                                    • UK: H&M reports 6% boost in September sales
                                                                                                                                                                      • UK: Hackett reports 30% rise in profits
                                                                                                                                                                        • UK: Hobbs looks to target office workers with pop-up shops
                                                                                                                                                                          • UK: Jack Wills to axe sister brand
                                                                                                                                                                            • UK: Jacques Vert
                                                                                                                                                                              • …boss Paul Allen to stand down
                                                                                                                                                                                • …to axe brands
                                                                                                                                                                                  • UK: Jaeger makes Stewart Binnie executive chairman
                                                                                                                                                                                    • UK: Joules returns to profit
                                                                                                                                                                                      • UK: LVMH
                                                                                                                                                                                        • …to sell fastest-growing fashion brands
                                                                                                                                                                                          • …reports increase in revenue
                                                                                                                                                                                            • UK: Longchamp opens eighth Hong Kong store
                                                                                                                                                                                              • UK: Marks & Spencer
                                                                                                                                                                                                • …slides again
                                                                                                                                                                                                  • …first-half profits fall
                                                                                                                                                                                                    • …launches in-store next day delivery service
                                                                                                                                                                                                      • UK: Matalan appoints new chairman
                                                                                                                                                                                                        • UK: Michael Kors to open store in Covent Garden
                                                                                                                                                                                                          • UK: Moss Bros appoints new non-exec director
                                                                                                                                                                                                            • UK: Mulberry issues profit warning
                                                                                                                                                                                                              • UK: New Look informs suppliers financial position is healthy
                                                                                                                                                                                                                • UK: Next 3rd quarter trading figures
                                                                                                                                                                                                                  • UK: Primark reports 15% boost in revenue
                                                                                                                                                                                                                    • UK: SuperGroup experiences sales boost
                                                                                                                                                                                                                      • UK: Thomas Pink introduces one-touch technology
                                                                                                                                                                                                                        • UK: TJX UK announces 62% drop in pre-tax profit
                                                                                                                                                                                                                          • UK: Victoria’s Secret to open UK stores outside of London
                                                                                                                                                                                                                            • UK: Whistles plans new flagship store
                                                                                                                                                                                                                              • UK: White Stuff chief executive steps downs
                                                                                                                                                                                                                                • UK: Wilkies secured through management buy-out
                                                                                                                                                                                                                                  • Footwear retailing
                                                                                                                                                                                                                                    • UK: Clarks’ online kids’ shoes offer proves successful
                                                                                                                                                                                                                                      • UK: Dune Group reports 13% rise in sales
                                                                                                                                                                                                                                        • UK: Office to open first out of town store
                                                                                                                                                                                                                                          • UK: Russell & Bromley reports rise in profits
                                                                                                                                                                                                                                            • UK: Ugg to open new concept store
                                                                                                                                                                                                                                              • Mixed goods retailing
                                                                                                                                                                                                                                                • UK: Argos
                                                                                                                                                                                                                                                  • …expected to accelerate store closures
                                                                                                                                                                                                                                                    • …to leave catalogue heritage behind
                                                                                                                                                                                                                                                      • UK: B&M attracts private equity bids
                                                                                                                                                                                                                                                        • UK: Home Bargains reports 42% rise in pre-tax profit
                                                                                                                                                                                                                                                          • UK: The Original Factory Shop
                                                                                                                                                                                                                                                            • …reports 30% rise in pre-tax profits
                                                                                                                                                                                                                                                              • …sees earnings drop despite revenue growth
                                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                                  • UK: Debenhams
                                                                                                                                                                                                                                                                    • …sees strong full-year results
                                                                                                                                                                                                                                                                      • …to open store in Wandsworth, London
                                                                                                                                                                                                                                                                        • UK: Fenwick reports fall in profits and turnover
                                                                                                                                                                                                                                                                          • UK: Harrods opens new distribution centre
                                                                                                                                                                                                                                                                            • UK: Harvey Nichols opens pop-up shop in Liverpool
                                                                                                                                                                                                                                                                              • UK: House of Fraser plans to double turnover from multichannel division
                                                                                                                                                                                                                                                                                • UK: John Lewis opens its first full line flexible department store
                                                                                                                                                                                                                                                                                  • UK: Liberty’s head accessories buyer exits
                                                                                                                                                                                                                                                                                    • UK: Selfridges
                                                                                                                                                                                                                                                                                      • …appoints director of multichannel
                                                                                                                                                                                                                                                                                        • …sales break through £1 billion barrier
                                                                                                                                                                                                                                                                                          • DIY retailing
                                                                                                                                                                                                                                                                                            • UK: B&Q sublets store to Asda
                                                                                                                                                                                                                                                                                              • UK: Homebase to close 40 stores in next five years
                                                                                                                                                                                                                                                                                                • UK: Kingfisher to invest £60 million in multi-channel retailing
                                                                                                                                                                                                                                                                                                  • UK: Travis Perkins reports sales slump
                                                                                                                                                                                                                                                                                                    • Electrical retailing
                                                                                                                                                                                                                                                                                                      • France: Darty appoints two new directors
                                                                                                                                                                                                                                                                                                        • UK: Apple retail boss in shock departure
                                                                                                                                                                                                                                                                                                          • UK: Comet
                                                                                                                                                                                                                                                                                                            • …launches personalised e-gift card service
                                                                                                                                                                                                                                                                                                              • …likely to file for administration
                                                                                                                                                                                                                                                                                                                • …management confirms plan to enter administration next week
                                                                                                                                                                                                                                                                                                                  • …owner OpCapita among its creditors
                                                                                                                                                                                                                                                                                                                    • …to accept gift cards again
                                                                                                                                                                                                                                                                                                                      • …to launch Clearance Sale
                                                                                                                                                                                                                                                                                                                        • UK: Dixons to recruit over 3,000 Christmas workers
                                                                                                                                                                                                                                                                                                                          • UK: Maplin secures £20 million to fund expansion
                                                                                                                                                                                                                                                                                                                            • Carpet retailing
                                                                                                                                                                                                                                                                                                                              • UK: Carpetright sees like-for-likes steadily increase
                                                                                                                                                                                                                                                                                                                                • Furniture retailing
                                                                                                                                                                                                                                                                                                                                  • Sweden: Ikea targets turnover of €50 billion by 2020
                                                                                                                                                                                                                                                                                                                                    • UK: DFS reports record results
                                                                                                                                                                                                                                                                                                                                      • UK: Dreams' chairman steps down
                                                                                                                                                                                                                                                                                                                                        • UK: Ikea sees sales surge in the UK
                                                                                                                                                                                                                                                                                                                                          • Home shopping
                                                                                                                                                                                                                                                                                                                                            • Europe: AB Kinnevik increase investment in Zalando
                                                                                                                                                                                                                                                                                                                                              • UK: Abel & Cole
                                                                                                                                                                                                                                                                                                                                                • …nears sale
                                                                                                                                                                                                                                                                                                                                                  • …sale confirmed
                                                                                                                                                                                                                                                                                                                                                    • UK: Amazon
                                                                                                                                                                                                                                                                                                                                                      • …considers bid for Asos
                                                                                                                                                                                                                                                                                                                                                        • …introduces collection lockers in Martin McColl stores
                                                                                                                                                                                                                                                                                                                                                          • UK: Asos
                                                                                                                                                                                                                                                                                                                                                            • …faces staff departures
                                                                                                                                                                                                                                                                                                                                                              • …hires former M&S retail chief
                                                                                                                                                                                                                                                                                                                                                                • …reports 31.7% rise in pre-tax profits
                                                                                                                                                                                                                                                                                                                                                                  • …shares fall as directors sell £50m of shares
                                                                                                                                                                                                                                                                                                                                                                    • …to launch local language sites in Russia and China
                                                                                                                                                                                                                                                                                                                                                                      • UK: eBay relaunches website
                                                                                                                                                                                                                                                                                                                                                                        • UK: My-Wardrobe to focus on womenswear
                                                                                                                                                                                                                                                                                                                                                                          • UK: N Brown reports 4.5% fall in profits
                                                                                                                                                                                                                                                                                                                                                                            • UK: Ocado
                                                                                                                                                                                                                                                                                                                                                                              • …close to covenants breach
                                                                                                                                                                                                                                                                                                                                                                                • …head of non-food business set to leave
                                                                                                                                                                                                                                                                                                                                                                                  • UK: Play.com launches online marketplace
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Shop Direct reduces pre-tax losses by 37%
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Simply Be look to recruit empathetic staff size 14 and over
                                                                                                                                                                                                                                                                                                                                                                                        • UK: The Hut Group acquires Morrisons finance boss
                                                                                                                                                                                                                                                                                                                                                                                          • UK: Wiggle reports 23% profit boost
                                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Boots to trial use of iPads in 30 stores
                                                                                                                                                                                                                                                                                                                                                                                                • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                  • UK: HMV
                                                                                                                                                                                                                                                                                                                                                                                                    • …appoints business relationships managers
                                                                                                                                                                                                                                                                                                                                                                                                      • …trials online marketplace
                                                                                                                                                                                                                                                                                                                                                                                                        • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Paperchase opens first airport store
                                                                                                                                                                                                                                                                                                                                                                                                            • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                              • …CEO to step down
                                                                                                                                                                                                                                                                                                                                                                                                                • …to introduce new travel store format
                                                                                                                                                                                                                                                                                                                                                                                                                  • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: JD Sports announces new JD Pro format
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: JJB stores targeted by value retailers
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                          • …refuses to assist Firetrap stockists
                                                                                                                                                                                                                                                                                                                                                                                                                            • …reports Q2 sales boost
                                                                                                                                                                                                                                                                                                                                                                                                                              • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Pandora reports boost in Q3 revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: LEGO to open 10th UK store
                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: The Entertainer announces 24.2% rise in pre-tax profit
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Toys R Us UK profits halve as it opens stores
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Miscellaneous specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Mothercare warns international targets will be 'a challenge'
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: 02 to franchise a quarter of company-owned stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Pets at Home reports profit rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shopping centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Eagle One receives planning permission for retail and outdoor lifestyle shopping centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Westfield Stratford reports sales of £896 million in first year
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Bluewater reports 6.6% rise in sales in September
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …reports weakest sales growth in 11 months
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …October shop price inflation jumps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …retailers argue case against business rates rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …lambastes business rate rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Disposable income continues to rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: ONS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …UK economy returns to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …UK retail sales up 0.6% in September
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Retailers push for extended Sunday Christmas trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Retail employment shows record growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Scotland records 1% rise in total sales in September
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Senior representatives form the Distressed Retail Property Taskforce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: 32 shops close in Britain each day
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing retailing - Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 13: Europe: Distribution of spending on clothing, by channel, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing specialists sector sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 14: Europe: Clothing specialists’ sales, total of 19 markets, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 15: Europe: Clothing specialists’ retail sales (excl vat), 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 16: Europe: Clothing specialists’ retail sales, domestic currency, compound annual growth rates, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail forecasts to 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 17: Europe: Clothing specialists’ retail sales forecasts (excl vat), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 18: Europe: Clothing specialists’ retail sales forecasts, compound annual growth rates, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 19: Grupo Inditex: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 20: Grupo Inditex: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  European Retail Briefing - November 2012

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