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European Retail Briefing - November 2016

This month ERB includes:

  • Analyst comment on M&S and its International strategy.
  • An overview of the the latest European retail sales data across the five major European economies.
  • A profile of Schwarz group (Lidl, Kaufland). This is taken from our recently published Supermarkets - Europe, November 2016 report.
  • Monthly headlines and retail news analysis across Europe.

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Table of contents

  1. Analyst Comment

    • M&S pulls out of Europe - again
      • Start with stores and space
        • To exit or not to exit
          • Where next?
          • European Retail Sales

            • Key points
              • Retail sales
                  • Figure 1: Major European economies: Year-on-year retail sales value growth, 2015-16
                  • Figure 2: Major European economies: Year-on-year retail sales volume growth, 2015-16
                • Inflation
                  • Figure 3: Major European economies: All items CPI, 2015-16
                  • Figure 4: Major European economies: Food price inflation, 2015-16
              • Headlines for the Month

                • Grocers
                  • Clothing retailers
                    • Multi-sector retailing
                      • Department stores
                        • Electrical retailing
                          • Furniture retailing
                          • News Analysis –Food and Drink

                            • Convenience Stores
                              • UK: Booker like-for-like sales flat on the year
                                • UK: Costcutter refreshes proposition with 'Shopper First Programme'
                                  • UK: Lifestyle Express reveals new fascia
                                    • Grocers
                                      • Belgium: Carrefour opens first Easy format stores
                                        • Belgium: Colruyt tests electronic shelf tags for the first time
                                          • Finland: Kesko sales increase 13.9%
                                            • France: Carrefour
                                              • …and Auchan merge mobile payment apps
                                                • …launches one-hour food delivery in Paris
                                                  • …tests new city format with bar and library
                                                    • France: Picard trials dining areas in store
                                                      • Germany: Aldi Süd to launch online in China
                                                        • Germany: Break up of Kaiser’s Tengelmann begins
                                                          • Germany: Lidl starts selling fresh food online
                                                            • Germany: Norma withdraws from lawsuit against Kaiser’s Tengelmann
                                                              • Italy: Aldi preparing for launch into Italy
                                                                • Italy: Crai and Coralis sign new collaboration agreement
                                                                  • Netherlands: Jumbo opens pop-up bus-stop shop
                                                                    • Poland: Carrefour Poland begins selling groceries online
                                                                      • Portugal: Jerónimo Martins reports 6.5% like-for-like growth
                                                                        • Spain: Lidl explores a potential online launch
                                                                          • UK: Aldi takes on the premium retailers with luxury hamper range
                                                                            • UK: Asda apologises for nationwide card glitch
                                                                              • UK: Birds Eye and Walkers request up to 12% price increases
                                                                                • UK: Booths slips into a pre-tax loss
                                                                                  • UK: Iceland to reveal new store concept
                                                                                    • UK: Lidl scales up expansion with £55m warehouse
                                                                                      • UK: Morrisons like-for-like sales rise 1.6%
                                                                                        • UK: Planet Organic introduces mobile wallet
                                                                                          • UK: Sainsbury's
                                                                                            • …finally rolls out contactless as Tesco trials Tap&Tag
                                                                                              • …like-for-like sales dip 1%
                                                                                                • …opens first mini-Habitat concession
                                                                                                  • …pension deficit swells to £1bn
                                                                                                    • UK: Supermarkets to benefit from fall in business rates
                                                                                                      • UK: Tesco
                                                                                                        • …and Unilever in price dispute
                                                                                                          • …and Unilever settle dispute
                                                                                                            • …chairman warns of price rises
                                                                                                              • …faces court battle over pay changes
                                                                                                                • …joins Waitrose in launching meal kit range
                                                                                                                  • Other food and drink specialists
                                                                                                                    • UK: Conviviality Retail sales rise 2.5%
                                                                                                                      • UK: Hotel Chocolat sales rise 12%
                                                                                                                        • UK: Majestic Wine launches new delivery options
                                                                                                                        • News Analysis – Non-food

                                                                                                                          • Clothing retailing
                                                                                                                            • Germany: Hugo Boss sales fall in challenging market
                                                                                                                              • Netherlands: The Sting opens new menswear fascia
                                                                                                                                • UK: Abercrombie & Fitch rebrands to become more inclusive
                                                                                                                                  • UK: All Saints sales rise amid global expansion
                                                                                                                                    • UK: American Apparel UK stores to close as it enters administration
                                                                                                                                      • UK: Banana Republic to close all UK stores
                                                                                                                                        • UK: Bhs
                                                                                                                                          • …owners reveal international expansion plans
                                                                                                                                            • …unveils new clothing range
                                                                                                                                              • …launches first two Christmas ranges
                                                                                                                                                • UK: Burberry
                                                                                                                                                  • …reports strong UK sales
                                                                                                                                                    • …retail revenues rise 2%
                                                                                                                                                      • …takes over Harrods with ‘A Very British Fairy Tale’
                                                                                                                                                        • UK: Concept store stocking Australian brands set for London launch
                                                                                                                                                          • UK: Diesel opens its new London flagship
                                                                                                                                                            • UK: Duke & Dexter opens first UK store
                                                                                                                                                              • UK: Exhibit enters administration
                                                                                                                                                                • UK: French Connection eyed by investors
                                                                                                                                                                  • UK: Kenzo collaboration results in overnight queues outside H&M
                                                                                                                                                                    • UK: Matalan revenues fall 6.2%
                                                                                                                                                                      • UK: Mothercare adds Boohoo maternity range
                                                                                                                                                                        • UK: New Look reports 8.8% decline in like-for-like sales
                                                                                                                                                                          • UK: Next Q3 sales fall 3.5%
                                                                                                                                                                            • UK: Primark full-year revenues rise 11%
                                                                                                                                                                              • UK: Retailers expected to raise prices by 5%
                                                                                                                                                                                • UK: SuperGroup reports strong first half
                                                                                                                                                                                  • UK: Ted Baker
                                                                                                                                                                                    • …delivers good performance across markets
                                                                                                                                                                                      • …partners with Google on voice recognition campaign
                                                                                                                                                                                        • UK: TK Maxx profits jump 11%
                                                                                                                                                                                          • UK: Whistles reports full-year loss of £2.9m
                                                                                                                                                                                            • Footwear retailing
                                                                                                                                                                                              • UK: Footasylum sales surge 41.6%
                                                                                                                                                                                                • UK: Kurt Geiger turnover rises 10%
                                                                                                                                                                                                  • UK: Shoe Zone sales fall 4.1%
                                                                                                                                                                                                    • Multi-sector retailing
                                                                                                                                                                                                      • UK: John Lewis
                                                                                                                                                                                                        • …picks JLab winners
                                                                                                                                                                                                          • …Retail Director moves to Moneysupermarket.com
                                                                                                                                                                                                            • UK: Marks & Spencer
                                                                                                                                                                                                              • …to scale back European operations
                                                                                                                                                                                                                • …to close a raft of stores in China
                                                                                                                                                                                                                  • …announces store closures as clothing sales fall 5.3%
                                                                                                                                                                                                                    • UK: Poundland trials Pep&Co offering
                                                                                                                                                                                                                      • Department Stores
                                                                                                                                                                                                                        • Denmark: Magasin du Nord to open seventh department store
                                                                                                                                                                                                                          • UK: Debenhams UK sales rise 1.2%
                                                                                                                                                                                                                            • UK: Fenwick to relaunch transactional presence online
                                                                                                                                                                                                                              • UK: Harrods
                                                                                                                                                                                                                                • …profits surge 16.9%
                                                                                                                                                                                                                                  • …refits men's underwear department
                                                                                                                                                                                                                                    • UK: John Lewis
                                                                                                                                                                                                                                      • …appoints new managing director
                                                                                                                                                                                                                                        • …opens in Leeds
                                                                                                                                                                                                                                          • …unveils Christmas advert
                                                                                                                                                                                                                                            • UK: Liberty managing director moves to the Hudson Bay Company
                                                                                                                                                                                                                                              • UK: Selfridges grows sales 5%
                                                                                                                                                                                                                                                • UK: Victoria Gate shopping centre opens in Leeds
                                                                                                                                                                                                                                                  • DIY retailing
                                                                                                                                                                                                                                                    • Germany: Praktiker brand returns online
                                                                                                                                                                                                                                                      • UK: Bunnings prepares for first UK store
                                                                                                                                                                                                                                                        • UK: Travis Perkins retail sales grow 9.1%
                                                                                                                                                                                                                                                          • UK: Wickes introduces one hour delivery slots
                                                                                                                                                                                                                                                            • Electrical retailing
                                                                                                                                                                                                                                                              • Europe: Redcoon websites closed in certain markets
                                                                                                                                                                                                                                                                • Finland: Verkkokauppa.com sales up 11%
                                                                                                                                                                                                                                                                  • France: Darty Fnac comparable sales fall
                                                                                                                                                                                                                                                                    • Germany: Metro Group sales grow 0.2%
                                                                                                                                                                                                                                                                      • Carpet retailing
                                                                                                                                                                                                                                                                        • UK: Carpetright sales fall 2.7%
                                                                                                                                                                                                                                                                          • Furniture retailing
                                                                                                                                                                                                                                                                            • Denmark: JYSK expects strong sales in the Nordics
                                                                                                                                                                                                                                                                              • UK: Furniture Village grows sales as it invests for growth
                                                                                                                                                                                                                                                                                • Homewares retailing
                                                                                                                                                                                                                                                                                  • UK: Oliver Bonas like-for-like sales rise 14%
                                                                                                                                                                                                                                                                                    • Home shopping
                                                                                                                                                                                                                                                                                      • Europe: Yoox Net-a-Porter Q3 sales rise 19%
                                                                                                                                                                                                                                                                                        • France: Vente-privee acquires Polish competitor
                                                                                                                                                                                                                                                                                          • Germany: Zalando
                                                                                                                                                                                                                                                                                            • …revenues jump 17.1%
                                                                                                                                                                                                                                                                                              • …raises profit forecast
                                                                                                                                                                                                                                                                                                • …trials independent retailer partnership
                                                                                                                                                                                                                                                                                                  • UK: Amazon
                                                                                                                                                                                                                                                                                                    • …announces twelve-day Black Friday Sale
                                                                                                                                                                                                                                                                                                      • …extends Prime to include local stores
                                                                                                                                                                                                                                                                                                        • UK: Asos full-year sales grow 26%
                                                                                                                                                                                                                                                                                                          • UK: Gear4Music growth in Europe accelerates
                                                                                                                                                                                                                                                                                                            • UK: Missguided launches referral rewards scheme
                                                                                                                                                                                                                                                                                                              • UK: N Brown profits fall in promotion-led market
                                                                                                                                                                                                                                                                                                                • UK: Shop Direct launches Whatsapp-style customer service platform
                                                                                                                                                                                                                                                                                                                  • Health & beauty retailing
                                                                                                                                                                                                                                                                                                                    • UK: Walgreens Boots Alliance sales fall due to weak UK performance
                                                                                                                                                                                                                                                                                                                      • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                        • UK: Paperchase poised to open first US stores in 2017
                                                                                                                                                                                                                                                                                                                          • UK: WH Smith operating profits rise 7%
                                                                                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                              • Europe: Asics Europe retail sales rise 16%
                                                                                                                                                                                                                                                                                                                                • Spain: Decathlon doubles its Decathlon City business
                                                                                                                                                                                                                                                                                                                                  • UK: Halfords revenues rise but profits fall
                                                                                                                                                                                                                                                                                                                                    • UK: Jaguar Land Rover store opens in Westfield Stratford
                                                                                                                                                                                                                                                                                                                                      • UK: Mountain Warehouse halts IPO plans after Brexit vote
                                                                                                                                                                                                                                                                                                                                        • UK: Rapha Cycling sales grow 25.6%
                                                                                                                                                                                                                                                                                                                                          • UK: Sports Direct issues third profit warning this year
                                                                                                                                                                                                                                                                                                                                            • Jewellers
                                                                                                                                                                                                                                                                                                                                              • Denmark: Pandora’s revenues increase 18%
                                                                                                                                                                                                                                                                                                                                                • Toys and Games Retailing
                                                                                                                                                                                                                                                                                                                                                  • Cyprus: The Entertainer ties up with Debenhams in Cyprus
                                                                                                                                                                                                                                                                                                                                                    • UK: GAME sales and profits fall
                                                                                                                                                                                                                                                                                                                                                      • UK: Hamleys sales fall following a change in reporting period
                                                                                                                                                                                                                                                                                                                                                        • Shopping Locations
                                                                                                                                                                                                                                                                                                                                                          • UK: Brent Cross shopping centre to receive £1.4 billion investment
                                                                                                                                                                                                                                                                                                                                                            • UK: Carnaby Street collaborates with V&A for Christmas
                                                                                                                                                                                                                                                                                                                                                              • UK: Centre:mk hosts Live in Style event
                                                                                                                                                                                                                                                                                                                                                                • UK: Intu sells Bromley shopping centre
                                                                                                                                                                                                                                                                                                                                                                  • Economy
                                                                                                                                                                                                                                                                                                                                                                    • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                      • …cites need for consumer-first Brexit strategy
                                                                                                                                                                                                                                                                                                                                                                        • …warns of long term retail job losses
                                                                                                                                                                                                                                                                                                                                                                          • UK: Retail footfall drops 0.9% in September
                                                                                                                                                                                                                                                                                                                                                                            • UK: Retail price deflation continues into October
                                                                                                                                                                                                                                                                                                                                                                              • UK: Retail sales grow 2.4% in October
                                                                                                                                                                                                                                                                                                                                                                                • UK: Retail sales grow 2.9% in September
                                                                                                                                                                                                                                                                                                                                                                                  • UK: Retail sales rise by highest level in September
                                                                                                                                                                                                                                                                                                                                                                                  • Schwarz Group (Lidl, Kaufland)

                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • Chasing Aldi in key markets
                                                                                                                                                                                                                                                                                                                                                                                          • Changing strategy in France
                                                                                                                                                                                                                                                                                                                                                                                            • Plans to break America
                                                                                                                                                                                                                                                                                                                                                                                              • Tentative moves online
                                                                                                                                                                                                                                                                                                                                                                                                • The Lidl shopper
                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 5: Schwarz Group: Group sales performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 6: Schwarz Group: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                    • Abercrombie & Fitch Co
                                                                                                                                                                                                                                                                                                                                                                                                    • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                    • Aldi Stores Ltd (UK & Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                    • All Saints
                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon UK
                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                    • American Apparel, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                    • Argos
                                                                                                                                                                                                                                                                                                                                                                                                    • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • ASICS America Corporation
                                                                                                                                                                                                                                                                                                                                                                                                    • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                    • Auchan (Fr)
                                                                                                                                                                                                                                                                                                                                                                                                    • Banana Republic
                                                                                                                                                                                                                                                                                                                                                                                                    • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Biedronka
                                                                                                                                                                                                                                                                                                                                                                                                    • Birds Eye Foods
                                                                                                                                                                                                                                                                                                                                                                                                    • Boohoo.com plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Booker Cash & Carry Limited
                                                                                                                                                                                                                                                                                                                                                                                                    • Brantano (Group)
                                                                                                                                                                                                                                                                                                                                                                                                    • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                                                                                    • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                    • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Carpetright Europe
                                                                                                                                                                                                                                                                                                                                                                                                    • Carpetright UK
                                                                                                                                                                                                                                                                                                                                                                                                    • Carrefour (France) C-stores
                                                                                                                                                                                                                                                                                                                                                                                                    • Carrefour (France) Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                    • Carrefour Europe
                                                                                                                                                                                                                                                                                                                                                                                                    • Cinven Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Colruyt France
                                                                                                                                                                                                                                                                                                                                                                                                    • Colruyt Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Costcutter Supermarkets Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Darty Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Decathlon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Edeka Bakeries
                                                                                                                                                                                                                                                                                                                                                                                                    • Edeka Group
                                                                                                                                                                                                                                                                                                                                                                                                    • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Fnac
                                                                                                                                                                                                                                                                                                                                                                                                    • Fortnum & Mason Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                    • Fresh Connection Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Furniture Village Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Game Digital plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Gap Inc
                                                                                                                                                                                                                                                                                                                                                                                                    • Gear4Music
                                                                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                    • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                    • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Hamleys of London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                    • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Homesense UK
                                                                                                                                                                                                                                                                                                                                                                                                    • Hotel Chocolat Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Hudson's Bay Company
                                                                                                                                                                                                                                                                                                                                                                                                    • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                                    • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                    • Jumbo Supermarkten
                                                                                                                                                                                                                                                                                                                                                                                                    • Jysk
                                                                                                                                                                                                                                                                                                                                                                                                    • Kaiser's Tengelmann
                                                                                                                                                                                                                                                                                                                                                                                                    • Kesko Food
                                                                                                                                                                                                                                                                                                                                                                                                    • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Lenta
                                                                                                                                                                                                                                                                                                                                                                                                    • Lidl (Germany)
                                                                                                                                                                                                                                                                                                                                                                                                    • Lifestyle Express
                                                                                                                                                                                                                                                                                                                                                                                                    • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                    • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Max Bahr
                                                                                                                                                                                                                                                                                                                                                                                                    • Media Markt/Saturn
                                                                                                                                                                                                                                                                                                                                                                                                    • Media Markt/Saturn (China)
                                                                                                                                                                                                                                                                                                                                                                                                    • Media Markt/Saturn (Redcoon) (Denmark)
                                                                                                                                                                                                                                                                                                                                                                                                    • Missguided
                                                                                                                                                                                                                                                                                                                                                                                                    • MoneySupermarket.com Limited
                                                                                                                                                                                                                                                                                                                                                                                                    • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Mountain Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • New Look (UK)
                                                                                                                                                                                                                                                                                                                                                                                                    • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Norma
                                                                                                                                                                                                                                                                                                                                                                                                    • Oliver Bonas
                                                                                                                                                                                                                                                                                                                                                                                                    • Pandora Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Paperchase Products Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Picard Surgelés
                                                                                                                                                                                                                                                                                                                                                                                                    • Pingo Doce (hypermarkets)
                                                                                                                                                                                                                                                                                                                                                                                                    • Planet Organic Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Praktiker
                                                                                                                                                                                                                                                                                                                                                                                                    • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                    • Sainsbury's Bank
                                                                                                                                                                                                                                                                                                                                                                                                    • Sainsbury's Local
                                                                                                                                                                                                                                                                                                                                                                                                    • Schwarz Group
                                                                                                                                                                                                                                                                                                                                                                                                    • Shoe Zone Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Suomen Lahikauppa
                                                                                                                                                                                                                                                                                                                                                                                                    • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                    • Tengelmann
                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco (UK)
                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • TK Maxx UK
                                                                                                                                                                                                                                                                                                                                                                                                    • Toolstation
                                                                                                                                                                                                                                                                                                                                                                                                    • Unilever Plc
                                                                                                                                                                                                                                                                                                                                                                                                    • Vente Privee
                                                                                                                                                                                                                                                                                                                                                                                                    • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                    • Walgreen Co
                                                                                                                                                                                                                                                                                                                                                                                                    • Walkers Snack Foods Limited
                                                                                                                                                                                                                                                                                                                                                                                                    • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                    • Whistles Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                    • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                    • Zalando

                                                                                                                                                                                                                                                                                                                                                                                                    European Retail Briefing - November 2016

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