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European Retail Briefing - November 2015

This review looks at:

  • An analyst comment about Amazon Pantry and Lidl Vorratsbox and their likely impact on the online grocery sector.
  • An overview of the the latest European retail sales data across the five major European economies.
  • A profile of hard discounter, Aldi. This is taken from our soon-to-be published Supermarket - Europe, November 2015 report.
  • Monthly headlines and retail news analysis across Europe.

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Table of contents

  1. Analyst Comment

    • Amazon Pantry – Lidl Vorratsbox
      • Ambient temperature only
        • Lidl’s Vorratsbox
          • First step to online grocery?
            • UK a bigger challenge
              • Cost
                • Where next?
                • European Retail Sales

                  • Key points
                    • Retail sales
                      • Figure 1: Major European economies: Year-on-year retail sales value growth, 2014-15
                      • Figure 2: Major European economies: Year-on-year retail sales volume growth, 2014-15
                    • Inflation
                      • Figure 3: Major European economies: All items CPI, 2014-15
                      • Figure 4: Major European economies: Food price inflation, 2014-15
                  • Headlines for the Month

                    • Grocers
                      • Clothing retailers
                        • Department stores
                          • Electrical retailing
                            • Furniture and homeware retailing
                              • Home shopping
                                • Health and beauty retailing
                                  • Shopping locations
                                  • News Analysis – Food

                                    • Convenience stores
                                      • UK: McColl’s to divest 100 newsagents
                                        • UK: One Stop to participate in Black Friday
                                          • UK: Rebranded My Local stores open their doors
                                            • Grocers
                                              • Belgium: Carrefour introduces free home delivery for pregnant women
                                                • Belgium: Delhaize
                                                  • …introduces food saving project
                                                    • …revenues grow 2.3%
                                                      • Europe: Eataly to expand into new European countries
                                                        • France: Auchan reveals plans for €1bn investment in hypermarkets
                                                          • France: Carrefour
                                                            • …hails ‘excellent’ third quarter
                                                              • …introduces robot in store
                                                                • …opens first airport store
                                                                  • France: Casino makes ‘significant improvement’ in France
                                                                    • France: Système U launches new personalised website
                                                                      • Germany: Lidl launches Vorratsbox
                                                                        • Germany: Metro AG revenues fall 1.1% in Q4
                                                                          • Germany: Rewe invests in expansion
                                                                            • Ireland: Lidl unveils new concept in Ireland
                                                                              • Portugal: Jerónimo Martins sales rise 9%
                                                                                • Russia: X5 Retail Group partners with Euroset
                                                                                  • Spain: Dia reports strong third quarter
                                                                                    • Sweden: Axfood drives growth of 6.7%
                                                                                      • Switzerland: Aldi lays out expansion plans
                                                                                        • UK: Asda
                                                                                          • …announces Project Renewal
                                                                                            • …hires Sainsbury’s retail and operations director
                                                                                              • …may scale back Black Friday involvement
                                                                                                • …unveils Halloween VR experience
                                                                                                  • UK: Booths sales decline amid competitive market
                                                                                                    • UK: Morrisons
                                                                                                      • …implements food donation programme
                                                                                                        • …sales fall 2.0% in Q3
                                                                                                          • UK: Sainsbury’s
                                                                                                            • …experiments with new formats
                                                                                                              • …outperforms the grocery market again
                                                                                                                • UK: Tesco
                                                                                                                  • …changes ‘Price Promise’ to ‘Brand Guarantee’
                                                                                                                    • …launches Arcadia brands in Extra stores
                                                                                                                      • UK: Waitrose
                                                                                                                        • …launches standalone Kitchen website
                                                                                                                          • …Mark Price stands down
                                                                                                                            • Other food and drink specialists
                                                                                                                              • France: Biocoop plans forty new store openings
                                                                                                                                • Italy: New French fine food store opens in Rome
                                                                                                                                  • UK: Greggs eyes expansion to 2,000 outlets
                                                                                                                                    • UK: Majestic Wine introduces simpler pricing proposition
                                                                                                                                    • News Analysis – Non-Food

                                                                                                                                      • Clothing retailing
                                                                                                                                        • Germany: Hugo Boss profits down 13%
                                                                                                                                          • Ireland: Carraig Donn opens first UK store
                                                                                                                                            • UK: All Saints sales grow 6%
                                                                                                                                              • UK: Brantano and Jones Bootmaker sold for £12m
                                                                                                                                                • UK: Burberry
                                                                                                                                                  • …moves production to Leeds
                                                                                                                                                    • …to merge Prorsum, Brit and London labels
                                                                                                                                                      • UK: Harris Tweed’s golfing range drives growth
                                                                                                                                                        • UK: Hunter Boot revenues rise 17%
                                                                                                                                                          • UK: Jack Wills founder back at the helm as losses widen
                                                                                                                                                            • UK: M&Co hosts Yours Clothing concession
                                                                                                                                                              • UK: Mothercare UK like-for-like sales up 6.5%
                                                                                                                                                                • UK: New Look
                                                                                                                                                                  • …revenues rise 5.9%
                                                                                                                                                                    • …to open at least 15 menswear stores in 2016
                                                                                                                                                                      • UK: Oasis to unveil new London concept store
                                                                                                                                                                        • UK: Office doubles profits despite investments
                                                                                                                                                                          • UK: Pandora UK revenues surge 50.5%
                                                                                                                                                                            • UK: Pep&Co founder to launch a new discount variety chain
                                                                                                                                                                              • UK: Primark revenues rise 8%
                                                                                                                                                                                • UK: Reiss
                                                                                                                                                                                  • …plots international expansion following record sales
                                                                                                                                                                                    • …profits surge on the back of organic growth
                                                                                                                                                                                      • UK: Scarlett & Jo launches e-commerce site
                                                                                                                                                                                        • UK: Shoe Zone trades well in the second half
                                                                                                                                                                                          • UK: Superdry retail revenues surge 30.9%
                                                                                                                                                                                            • UK: Topshop hosts 3D printed jewellery pop-up
                                                                                                                                                                                              • UK: Whistles hosts dedicated menswear pop-up
                                                                                                                                                                                                • Multi-sector retailing
                                                                                                                                                                                                  • Eastern Europe: Marks and Spencer scales back Eastern European operations
                                                                                                                                                                                                    • UK: Home Retail warns on profits as Black Friday approaches
                                                                                                                                                                                                      • UK: Marks and Spencer’s
                                                                                                                                                                                                        • …delivers ‘good’ underlying profit growth
                                                                                                                                                                                                          • …unveils Sparks loyalty scheme
                                                                                                                                                                                                            • …releases ‘mobile-first’ Christmas campaign
                                                                                                                                                                                                              • UK: Matalan warehousing issues hit profits
                                                                                                                                                                                                                • UK: Next Q3 brand sales rise 6.0%
                                                                                                                                                                                                                  • Department stores
                                                                                                                                                                                                                    • Ireland: Selfridges acquires Arnotts department store
                                                                                                                                                                                                                      • UK: Bhs exploring sale of Oxford Street flagship
                                                                                                                                                                                                                        • UK: Debenhams delivers profit in line with expectations
                                                                                                                                                                                                                          • UK: Fenwick reports falling sales and profits
                                                                                                                                                                                                                            • UK: Harrods luxury brand focus drives sales up 1.2%
                                                                                                                                                                                                                              • UK: John Lewis unveils Christmas Man on the Moon advert
                                                                                                                                                                                                                                • UK: Liberty to launch new brand collaborations
                                                                                                                                                                                                                                  • UK: Selfridges reports 4.3% rise in sales
                                                                                                                                                                                                                                    • DIY retailing
                                                                                                                                                                                                                                      • UK: Travis Perkins sales grow 5.5%
                                                                                                                                                                                                                                        • Electrical retailing
                                                                                                                                                                                                                                          • France: Fnac
                                                                                                                                                                                                                                            • … acquisition of Darty could generate €85m in annual synergies
                                                                                                                                                                                                                                              • …and Darty agree on offer terms
                                                                                                                                                                                                                                                • …revenues up 0.6% in France
                                                                                                                                                                                                                                                  • Germany: Media-Saturn trials smaller high-tech stores
                                                                                                                                                                                                                                                    • Netherlands: Relevant Holdings takes over from BAS Group
                                                                                                                                                                                                                                                      • UK: Currys PC World trials collection in Carphone Warehouse stores
                                                                                                                                                                                                                                                        • Furniture and homeware retailing
                                                                                                                                                                                                                                                          • Finland: Ikea to start leasing furniture to offices
                                                                                                                                                                                                                                                            • Norway: Cafom Group acquires 8 Habitat franchise stores
                                                                                                                                                                                                                                                              • UK: Carpetright sales rise 2.5%
                                                                                                                                                                                                                                                                • UK: Habitat unveils redesigned flagship store
                                                                                                                                                                                                                                                                  • UK: Ikea creates animated films for toy launch
                                                                                                                                                                                                                                                                    • Home shopping
                                                                                                                                                                                                                                                                      • France: Cnova Q3 net sales grow 9.1%
                                                                                                                                                                                                                                                                        • Germany: Zalando trials new features on mobile app
                                                                                                                                                                                                                                                                          • UK: Asos revenues climb 18%
                                                                                                                                                                                                                                                                            • UK: EBay and Argos extend partnership
                                                                                                                                                                                                                                                                              • UK: Missguided generates £4m from personalisation
                                                                                                                                                                                                                                                                                • UK: N Brown first-half revenues rise 4.2%
                                                                                                                                                                                                                                                                                  • UK: Photobox sold for £400m
                                                                                                                                                                                                                                                                                    • UK: Shop Direct profits surge 78%
                                                                                                                                                                                                                                                                                      • Health and beauty retailing
                                                                                                                                                                                                                                                                                        • France: Sephora unveils connected convenience store
                                                                                                                                                                                                                                                                                          • UK: Well completes rebrand of 782 pharmacies
                                                                                                                                                                                                                                                                                            • Toy and games retailing
                                                                                                                                                                                                                                                                                              • UK: GAME full-year revenues up 0.6%
                                                                                                                                                                                                                                                                                                • UK: Hamleys
                                                                                                                                                                                                                                                                                                  • …owners in negotiations to sell business
                                                                                                                                                                                                                                                                                                    • …sale agreed
                                                                                                                                                                                                                                                                                                      • UK: Toys R Us reports first profit growth in five years
                                                                                                                                                                                                                                                                                                        • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                          • UK: Go Outdoors benefits from the ‘glamping’ trend
                                                                                                                                                                                                                                                                                                            • UK: Mountain Warehouse sales rise as it announces China launch
                                                                                                                                                                                                                                                                                                              • UK: North Face opens new Regent Street flagship
                                                                                                                                                                                                                                                                                                                • UK: Wiggle UK sales surge 26%
                                                                                                                                                                                                                                                                                                                  • Greetings cards and stationary retailing
                                                                                                                                                                                                                                                                                                                    • UK: Paperchase secures £50m funding
                                                                                                                                                                                                                                                                                                                      • UK: WH Smith focuses on profits as high street sales slip
                                                                                                                                                                                                                                                                                                                        • Pet retailing
                                                                                                                                                                                                                                                                                                                          • UK: Pets at Home revenues grow 6.0%
                                                                                                                                                                                                                                                                                                                            • Shopping locations
                                                                                                                                                                                                                                                                                                                              • France: Galeries Lafayette expands outlet format
                                                                                                                                                                                                                                                                                                                                • UK: Bradford Broadway opens its doors
                                                                                                                                                                                                                                                                                                                                  • UK: Intu boasts of improved occupancy rates
                                                                                                                                                                                                                                                                                                                                    • UK: Retail footfall improves as Christmas nears
                                                                                                                                                                                                                                                                                                                                      • Economy
                                                                                                                                                                                                                                                                                                                                        • UK: Government to launch price comparison consultation
                                                                                                                                                                                                                                                                                                                                          • UK: Retailers divided over Sunday trading debate
                                                                                                                                                                                                                                                                                                                                            • UK: Retail sales rise 3.4% in September
                                                                                                                                                                                                                                                                                                                                              • UK: Retail sales slow to 0.9% in October
                                                                                                                                                                                                                                                                                                                                                • UK: September retail sales boosted by bank holiday
                                                                                                                                                                                                                                                                                                                                                • Supermarkets – Aldi

                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                      • Aldi Sud still the innovator
                                                                                                                                                                                                                                                                                                                                                        • The UK
                                                                                                                                                                                                                                                                                                                                                          • Costs
                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                              • Everywhere else
                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                    • Figure 5: Aldi: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                    • Figure 6: Aldi: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                  • Retail offering

                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                                                                                                  • Système U (U express)
                                                                                                                                                                                                                                                                                                                                                                  • Age UK
                                                                                                                                                                                                                                                                                                                                                                  • Aldi
                                                                                                                                                                                                                                                                                                                                                                  • Aldi (Switzerland)
                                                                                                                                                                                                                                                                                                                                                                  • All Saints
                                                                                                                                                                                                                                                                                                                                                                  • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                  • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                  • Argos
                                                                                                                                                                                                                                                                                                                                                                  • Arnotts
                                                                                                                                                                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                  • ASOS
                                                                                                                                                                                                                                                                                                                                                                  • Auchan (Fr)
                                                                                                                                                                                                                                                                                                                                                                  • Axfood
                                                                                                                                                                                                                                                                                                                                                                  • B&M Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                  • BAS Group
                                                                                                                                                                                                                                                                                                                                                                  • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Biocoop
                                                                                                                                                                                                                                                                                                                                                                  • Brantano (Group)
                                                                                                                                                                                                                                                                                                                                                                  • Brown Thomas
                                                                                                                                                                                                                                                                                                                                                                  • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                  • Burton old
                                                                                                                                                                                                                                                                                                                                                                  • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                  • Carrefour Europe
                                                                                                                                                                                                                                                                                                                                                                  • Casino
                                                                                                                                                                                                                                                                                                                                                                  • Cdiscount
                                                                                                                                                                                                                                                                                                                                                                  • Chanel Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                  • Christian Dior
                                                                                                                                                                                                                                                                                                                                                                  • Claire's Stores Europe
                                                                                                                                                                                                                                                                                                                                                                  • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                  • Coca-Cola Company (The)
                                                                                                                                                                                                                                                                                                                                                                  • Currys
                                                                                                                                                                                                                                                                                                                                                                  • Darty Group
                                                                                                                                                                                                                                                                                                                                                                  • de Bijenkorf
                                                                                                                                                                                                                                                                                                                                                                  • Debenhams UK
                                                                                                                                                                                                                                                                                                                                                                  • Delhaize Belgium
                                                                                                                                                                                                                                                                                                                                                                  • Delhaize Group
                                                                                                                                                                                                                                                                                                                                                                  • Dia
                                                                                                                                                                                                                                                                                                                                                                  • Dia France
                                                                                                                                                                                                                                                                                                                                                                  • Dixons Carphone (Nordics)
                                                                                                                                                                                                                                                                                                                                                                  • Dixons Retail Northern Europe
                                                                                                                                                                                                                                                                                                                                                                  • Dolce & Gabbana
                                                                                                                                                                                                                                                                                                                                                                  • Dorothy Perkins old
                                                                                                                                                                                                                                                                                                                                                                  • DreamWorks Animation SKG Inc.
                                                                                                                                                                                                                                                                                                                                                                  • Ebay UK Ltd
                                                                                                                                                                                                                                                                                                                                                                  • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Electra Partners Europe
                                                                                                                                                                                                                                                                                                                                                                  • Ernst & Young
                                                                                                                                                                                                                                                                                                                                                                  • Evans old
                                                                                                                                                                                                                                                                                                                                                                  • Exponent Private Equity LLP
                                                                                                                                                                                                                                                                                                                                                                  • Fenwick Ltd Total
                                                                                                                                                                                                                                                                                                                                                                  • Fnac
                                                                                                                                                                                                                                                                                                                                                                  • Fnac Europe
                                                                                                                                                                                                                                                                                                                                                                  • Food Lion
                                                                                                                                                                                                                                                                                                                                                                  • Franprix/Leader Price
                                                                                                                                                                                                                                                                                                                                                                  • Galeries Lafayette Department Stores
                                                                                                                                                                                                                                                                                                                                                                  • Game Digital plc
                                                                                                                                                                                                                                                                                                                                                                  • Géant Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                  • Go Outdoors Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                  • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                  • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                  • Habitat
                                                                                                                                                                                                                                                                                                                                                                  • Hamleys of London Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                  • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                  • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                  • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                  • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                  • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                  • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                  • IKEA
                                                                                                                                                                                                                                                                                                                                                                  • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                                                                  • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                  • Jerónimo Martins
                                                                                                                                                                                                                                                                                                                                                                  • Jeyes UK
                                                                                                                                                                                                                                                                                                                                                                  • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                  • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                  • Jones Bootmaker
                                                                                                                                                                                                                                                                                                                                                                  • Kaufhof
                                                                                                                                                                                                                                                                                                                                                                  • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                  • Lidl (Germany)
                                                                                                                                                                                                                                                                                                                                                                  • Lidl (Ireland)
                                                                                                                                                                                                                                                                                                                                                                  • Macintosh Fashion
                                                                                                                                                                                                                                                                                                                                                                  • Macintosh Retail Group
                                                                                                                                                                                                                                                                                                                                                                  • Mackays Stores Group Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Mamas & Papas Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                  • Marks & Spencer (UK)
                                                                                                                                                                                                                                                                                                                                                                  • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                  • McColl's Retail Group
                                                                                                                                                                                                                                                                                                                                                                  • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                  • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                  • Moonpig.com Limited
                                                                                                                                                                                                                                                                                                                                                                  • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                  • Mountain Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                  • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                  • New Look (UK)
                                                                                                                                                                                                                                                                                                                                                                  • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                  • Next Directory
                                                                                                                                                                                                                                                                                                                                                                  • Next Group
                                                                                                                                                                                                                                                                                                                                                                  • Nisa
                                                                                                                                                                                                                                                                                                                                                                  • Office Holdings Ltd
                                                                                                                                                                                                                                                                                                                                                                  • One Stop
                                                                                                                                                                                                                                                                                                                                                                  • Other Europe (Ahold)
                                                                                                                                                                                                                                                                                                                                                                  • Pandora Group
                                                                                                                                                                                                                                                                                                                                                                  • Paperchase Products Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Pavers Ltd
                                                                                                                                                                                                                                                                                                                                                                  • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                  • Penny - Germany
                                                                                                                                                                                                                                                                                                                                                                  • Pepkor
                                                                                                                                                                                                                                                                                                                                                                  • Pets at Home Group Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Pingo Doce (Portugal)
                                                                                                                                                                                                                                                                                                                                                                  • Poundstretcher
                                                                                                                                                                                                                                                                                                                                                                  • Prada (I Pellettieri d'Italia S.p.A.)
                                                                                                                                                                                                                                                                                                                                                                  • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Primark/Penneys
                                                                                                                                                                                                                                                                                                                                                                  • Pyaterochka
                                                                                                                                                                                                                                                                                                                                                                  • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Rewe
                                                                                                                                                                                                                                                                                                                                                                  • Sainsbury's Local
                                                                                                                                                                                                                                                                                                                                                                  • Saturn Corporation
                                                                                                                                                                                                                                                                                                                                                                  • Schwarz Group
                                                                                                                                                                                                                                                                                                                                                                  • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                  • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Sephora
                                                                                                                                                                                                                                                                                                                                                                  • Shoe Zone Group Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                  • Sock Shop UK
                                                                                                                                                                                                                                                                                                                                                                  • SuperGroup Plc
                                                                                                                                                                                                                                                                                                                                                                  • Système U
                                                                                                                                                                                                                                                                                                                                                                  • Système U (Hyper U)
                                                                                                                                                                                                                                                                                                                                                                  • Système U (Super U)
                                                                                                                                                                                                                                                                                                                                                                  • Tesco (UK)
                                                                                                                                                                                                                                                                                                                                                                  • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                  • TGI Friday's
                                                                                                                                                                                                                                                                                                                                                                  • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                  • The Neiman Marcus Group Inc
                                                                                                                                                                                                                                                                                                                                                                  • The North Face Inc.
                                                                                                                                                                                                                                                                                                                                                                  • The Phone House (Belgium)
                                                                                                                                                                                                                                                                                                                                                                  • Tile Giant
                                                                                                                                                                                                                                                                                                                                                                  • Toolstation
                                                                                                                                                                                                                                                                                                                                                                  • Topman old
                                                                                                                                                                                                                                                                                                                                                                  • Topshop old
                                                                                                                                                                                                                                                                                                                                                                  • Toys R Us
                                                                                                                                                                                                                                                                                                                                                                  • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                                                                  • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                                                                  • Vivienne Westwood Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Waitrose
                                                                                                                                                                                                                                                                                                                                                                  • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                  • Walt Disney Company, The
                                                                                                                                                                                                                                                                                                                                                                  • Well
                                                                                                                                                                                                                                                                                                                                                                  • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                  • Whistles Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                  • Wiggle
                                                                                                                                                                                                                                                                                                                                                                  • Willys
                                                                                                                                                                                                                                                                                                                                                                  • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                  • Woolworths
                                                                                                                                                                                                                                                                                                                                                                  • X5 Retail Group
                                                                                                                                                                                                                                                                                                                                                                  • YouTube, Inc.
                                                                                                                                                                                                                                                                                                                                                                  • Zalando

                                                                                                                                                                                                                                                                                                                                                                  European Retail Briefing - November 2015

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