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European Retail Briefing - September 2012

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

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Table of contents

  1. Analyst Comment

    • Convenience store innovation in Germany
      • New fascia
        • Structure of the market
          • Figure 1: Leading discounters’ aggregate share of grocery sector sales, 2008-10
        • Demographic trends and consumer attitudes
          • Figure 2: Germany: Total population, 2007-11
          • Figure 3: Germany: One-person households as percentage of all households, 2007-11
          • Figure 4: Germany: Cooking style, May 2012
        • And yet…
          • What we think
          • Headlines for the Month

            • Convenience stores
              • Grocers
                • Other food specialists
                  • Clothing retailing
                    • Footwear retailing
                      • Mixed goods retailing
                        • Multi-sector retailing
                          • Department stores
                            • Music and video goods retailing
                              • Electrical retailing
                                • Furniture retailing
                                  • Home shopping
                                    • Health and beauty retailing
                                      • Sports and leisure goods retailing
                                        • Garden centres
                                          • Economy
                                          • Retail Sales Review

                                            • Key points
                                              • France
                                                • Figure 5: France: Retail Sales, 2011-12
                                              • Inflation
                                                • Figure 6: France: Inflation, 2011-12
                                              • Germany
                                                • Figure 7: Germany: Retail Sales trends, 2011-12
                                              • Inflation
                                                • Figure 8: Germany: Inflation, 2011-12
                                              • Italy
                                                • Figure 9: Italy: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 10: Italy: Inflation, 2011-12
                                              • Netherlands
                                                • Figure 11: The Netherlands: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 12: The Netherlands: Inflation, 2011-12
                                              • Spain
                                                • Figure 13: Spain: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 14: Spain: Inflation 2011-12
                                              • UK
                                                • Figure 15: UK: Retail sales trends, 2011-12
                                              • Inflation
                                                • Figure 16: UK: Inflation, 2011-12
                                            • News Analysis

                                              • Convenience stores
                                                • UK: Costcutter
                                                  • …reports 4% rise in sales in H1
                                                    • …appoints former head of Clintons as new CEO
                                                      • Spar to roll out second phase of S Budget range
                                                        • Grocers
                                                          • Belgium: Delhaize releases second quarter results
                                                            • France: Auchan Groupe reports growth
                                                              • France: Carrefour
                                                                • …reports 8.2% decline in profit in H1
                                                                  • …faces tough decisions
                                                                    • …to make redundancies as part of turnaround plan
                                                                      • Germany: Metro looks to sell Real grocery stores
                                                                        • UK: Asda
                                                                          • …announces small like-for-like sales rise
                                                                            • …launches baby site
                                                                              • …Asda and Sainsbury's see market growth
                                                                                • UK: Booths begins roll-out of new store format
                                                                                  • UK: Iceland appoints new international business director
                                                                                    • UK: Morrisons
                                                                                      • …launches new voucher scheme
                                                                                        • …sales figures expected to be down
                                                                                          • …reports 0.9% fall in like-for-likes
                                                                                            • …urges consistency in food labelling
                                                                                              • UK: Tesco
                                                                                                • …acquires eBook platform provider
                                                                                                  • …announces new food delivery offer
                                                                                                    • …sale and leaseback deal
                                                                                                      • …green light for new store and homes development
                                                                                                        • …launches in-store Disc-on-Demand service
                                                                                                          • …reveals improved food labelling
                                                                                                            • …secures planning consent for Norfolk store
                                                                                                              • UK: Waitrose set for growth
                                                                                                                • UK: Co-op profits tumble 16%
                                                                                                                  • Other food specialists
                                                                                                                    • France: Success for Warburtons in France
                                                                                                                      • UK: Julian Graves disappears from the high street
                                                                                                                        • UK: Hotel Chocolat to open more stores
                                                                                                                          • Clothing retailing
                                                                                                                            • Europe: Van de Velde reports 8% fall in net profit
                                                                                                                              • France: Lancel appoints D&G director as new CEO
                                                                                                                                • UK: Jane Norman to close its London headquarters
                                                                                                                                  • UK: Ann Summers launches interactive lingerie app
                                                                                                                                    • UK: Aquascutum hunts for new London flagship
                                                                                                                                      • UK: Arcadia to change sourcing strategy
                                                                                                                                        • UK: Armani Exchange to open in Wales
                                                                                                                                          • UK: Barnardo’s introduces high fashion charity store
                                                                                                                                            • UK: Bestseller to open four new Jack & Jones stores in the UK
                                                                                                                                              • UK: Blue Inc set for international expansion
                                                                                                                                                • UK: Burberry opens new Regent Street store
                                                                                                                                                  • UK: Eileen Fisher plans to increase presence in UK
                                                                                                                                                    • UK: Fat Face reports 7% increase in sales and steadying profits
                                                                                                                                                      • UK: Fred Perry receives damages from Arcadia
                                                                                                                                                        • UK: H&M reports 2% rise in like-for-like sales
                                                                                                                                                          • UK: Hackett to re-launch ecommerce platform
                                                                                                                                                            • UK: J Crew in process of securing first UK store
                                                                                                                                                              • UK: Jack Wills appoints former marketing boss of Vodafone for new role
                                                                                                                                                                • UK: Jacques Vert to merge Irisa HQ with London head office
                                                                                                                                                                  • UK: Jaeger sales rise thanks to Better Capital
                                                                                                                                                                    • UK: New Look restarts hunt for chief executive
                                                                                                                                                                      • UK: Primark reports 17% boost in sales
                                                                                                                                                                        • UK: Rampant Sporting goes up for sale
                                                                                                                                                                          • UK: Reiss launches revamped website
                                                                                                                                                                            • UK: Republic attracts premium menswear brands in upmarket repositioning move
                                                                                                                                                                              • UK: River Island set to launch accessories range designed by bloggers
                                                                                                                                                                                • UK: Select to launch new label targeting mid-market
                                                                                                                                                                                  • UK: SuperGroup co-founder exits
                                                                                                                                                                                    • UK: The Original Factory Shop to add fashion and footwear to its online range
                                                                                                                                                                                      • UK: Topman in search for new managing director
                                                                                                                                                                                        • UK: Whistles buys back shares from Icelandic government
                                                                                                                                                                                          • UK: White Stuff
                                                                                                                                                                                            • …pre-tax profits fall 81%
                                                                                                                                                                                              • …to launch new smart range
                                                                                                                                                                                                • UK: Longchamp to open new store
                                                                                                                                                                                                  • Footwear retailing
                                                                                                                                                                                                    • Switzerland: MBT parent rescued from administration
                                                                                                                                                                                                      • UK: Clarks to launch collection in Debenhams
                                                                                                                                                                                                        • UK: Kurt Geiger to close stores
                                                                                                                                                                                                          • Mixed goods retailing
                                                                                                                                                                                                            • UK: Poundstretcher’s chief executive steps down after three months
                                                                                                                                                                                                              • UK: Poundworld takes store count to 200
                                                                                                                                                                                                                • UK: Wilkinson
                                                                                                                                                                                                                  • …reports 62.6% fall in pre-tax profit
                                                                                                                                                                                                                    • …reveals new store format
                                                                                                                                                                                                                      • …asks staff to take voluntary drop in hours
                                                                                                                                                                                                                        • Multi-sector retailing
                                                                                                                                                                                                                          • Europe: Boxpark to open in Amsterdam
                                                                                                                                                                                                                            • UK: Matalan to invest in multichannel and ecommerce operations
                                                                                                                                                                                                                              • UK: Westfield’s H1 net profit boosted to £534.4 million
                                                                                                                                                                                                                                • UK: M&S
                                                                                                                                                                                                                                  • …poaches senior House of Fraser executive
                                                                                                                                                                                                                                    • …to sell wine and clothing with iPads
                                                                                                                                                                                                                                      • …focuses on digital
                                                                                                                                                                                                                                        • …introduces contactless payment in London stores
                                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                                            • Europe: El Corte Inglés and AMS Sourcing unite
                                                                                                                                                                                                                                              • Ireland: Clerys may be acquired by Gordon Brothers
                                                                                                                                                                                                                                                • Russian Federation: Debenhams set to open new store in Russia
                                                                                                                                                                                                                                                  • UK: Allders to close
                                                                                                                                                                                                                                                    • UK: Debenhams
                                                                                                                                                                                                                                                      • …expands footwear range
                                                                                                                                                                                                                                                        • …reports boost in homeware and furniture sales
                                                                                                                                                                                                                                                          • UK: John Lewis
                                                                                                                                                                                                                                                            • …and M&S to open at new development in York
                                                                                                                                                                                                                                                              • …announces further details for pop-up shop
                                                                                                                                                                                                                                                                • …given the go ahead for new Essex store
                                                                                                                                                                                                                                                                  • …to open first flexible department store
                                                                                                                                                                                                                                                                    • UK: M&Co welcomed by House of Fraser
                                                                                                                                                                                                                                                                      • Music and video goods retailing
                                                                                                                                                                                                                                                                        • UK: HMV
                                                                                                                                                                                                                                                                          • …to become "portable entertainment" specialist through partnerships with digital firms
                                                                                                                                                                                                                                                                            • …to launch web-based in-store service, myhmv
                                                                                                                                                                                                                                                                              • …to open new format store with café and wi-fi
                                                                                                                                                                                                                                                                                • Electrical retailing
                                                                                                                                                                                                                                                                                  • France: Darty chairman to leave earlier than expected
                                                                                                                                                                                                                                                                                    • UK: Carphone Warehouse
                                                                                                                                                                                                                                                                                      • …introduces mobile payments app
                                                                                                                                                                                                                                                                                        • …appoints new retail director
                                                                                                                                                                                                                                                                                          • UK: Dixons
                                                                                                                                                                                                                                                                                            • …increases Pixmania stake
                                                                                                                                                                                                                                                                                              • …reports positive first quarter results
                                                                                                                                                                                                                                                                                                • UK: Everything Everywhere strikes deal with Mastercard for mobile payments
                                                                                                                                                                                                                                                                                                  • UK: Jessops appoints new Chief Operating Officer
                                                                                                                                                                                                                                                                                                    • Furniture retailing
                                                                                                                                                                                                                                                                                                      • UK: Bathstore to be transformed into omnichannel business
                                                                                                                                                                                                                                                                                                        • UK: Dwell focuses on multichannel offer with appointment of new director
                                                                                                                                                                                                                                                                                                          • UK: Jysk to expand in the UK
                                                                                                                                                                                                                                                                                                            • Home shopping
                                                                                                                                                                                                                                                                                                              • UK: Amazon
                                                                                                                                                                                                                                                                                                                • …2000+ jobs at new fulfilment centres
                                                                                                                                                                                                                                                                                                                  • …launches Amazon Local daily deals site
                                                                                                                                                                                                                                                                                                                    • …launches Appstore in Europe
                                                                                                                                                                                                                                                                                                                      • …to deliver parcels to corner shops and newsagents
                                                                                                                                                                                                                                                                                                                        • UK: EBay reports 28.2% boost in sales volume
                                                                                                                                                                                                                                                                                                                          • UK: Farfetch.com signs two new stores as part of strategic growth plans
                                                                                                                                                                                                                                                                                                                            • UK: Ocado
                                                                                                                                                                                                                                                                                                                              • …announces plan to stimulate growth through price war
                                                                                                                                                                                                                                                                                                                                • …defends itself after analysts raise banking concerns
                                                                                                                                                                                                                                                                                                                                  • UK: Play.com
                                                                                                                                                                                                                                                                                                                                    • …generates £2 million sales through Facebook
                                                                                                                                                                                                                                                                                                                                      • …to encourage consumer interaction with social media loyalty scheme
                                                                                                                                                                                                                                                                                                                                        • UK: Social shopping expected to rise 44% by 2014
                                                                                                                                                                                                                                                                                                                                          • UK: Wiggle reports record week following British cycling success
                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                              • Germany: Celesio improves H1 results following revaluation of units
                                                                                                                                                                                                                                                                                                                                                • UK: Boots partners with Musgrave to launch new food offer
                                                                                                                                                                                                                                                                                                                                                  • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                    • UK: Discount bookseller reports sales growth
                                                                                                                                                                                                                                                                                                                                                      • UK: WHSmith’s full-year results expected to be at top end of market expectations
                                                                                                                                                                                                                                                                                                                                                        • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                          • UK: JD Sports to acquire OneTrueSaxon and dispose of Canterbury
                                                                                                                                                                                                                                                                                                                                                            • UK: JJB
                                                                                                                                                                                                                                                                                                                                                              • …given two weeks to submit survival plan
                                                                                                                                                                                                                                                                                                                                                                • …shareholder Dick's writes off investment
                                                                                                                                                                                                                                                                                                                                                                  • …up for sale
                                                                                                                                                                                                                                                                                                                                                                    • …is eyed by Jon Moulton's Better Capital
                                                                                                                                                                                                                                                                                                                                                                      • …second largest shareholder reduces stake in the business
                                                                                                                                                                                                                                                                                                                                                                        • …founder eyes 40 stores
                                                                                                                                                                                                                                                                                                                                                                          • …founder raises concerns over retailer’s future
                                                                                                                                                                                                                                                                                                                                                                            • …Jon Moulton pulls out of the race to buy JJB
                                                                                                                                                                                                                                                                                                                                                                              • …more than ten companies in the running for JJB
                                                                                                                                                                                                                                                                                                                                                                                • UK: Sports Direct sales reports strong sales
                                                                                                                                                                                                                                                                                                                                                                                  • Garden centres
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Next begins garden centre roll out
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Tesco’s Dobbies Garden Centres reports 22% sales boost
                                                                                                                                                                                                                                                                                                                                                                                        • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                          • UK: The Entertainer reports 12.3% like-for-like sales boost
                                                                                                                                                                                                                                                                                                                                                                                            • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Mothercare
                                                                                                                                                                                                                                                                                                                                                                                                • …unveils new revamped store
                                                                                                                                                                                                                                                                                                                                                                                                  • …welcomes Jools Oliver’s Little Bird range
                                                                                                                                                                                                                                                                                                                                                                                                    • Economy
                                                                                                                                                                                                                                                                                                                                                                                                      • Europe: EU Labelling rules could put the brakes on UK exports
                                                                                                                                                                                                                                                                                                                                                                                                        • Germany: German retail sales fall 0.9%
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                            • …urges business rates freeze for 2013
                                                                                                                                                                                                                                                                                                                                                                                                              • …e-crime is largest emerging threat to retail
                                                                                                                                                                                                                                                                                                                                                                                                                • …Q2 footfall figures show further decline
                                                                                                                                                                                                                                                                                                                                                                                                                  • …Sunday trading reform losing momentum
                                                                                                                                                                                                                                                                                                                                                                                                                    • …retail sales suffer during Olympics
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Government to invest £5.5 million in high street revival
                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: ONS
                                                                                                                                                                                                                                                                                                                                                                                                                          • …inflation rises to 2.6% in July
                                                                                                                                                                                                                                                                                                                                                                                                                            • …July retail sales up 0.5%
                                                                                                                                                                                                                                                                                                                                                                                                                              • …weak sales forecast despite encouraging June
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: July sees highest online growth of 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Small stores call for supermarket tax
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Store total falls for first time in over a decade
                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Government called on to change current pricing laws
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Vacancy rates rise to 14.6%
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Use of Contactless Payment technology is gaining momentum
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Luxury Goods Retailing

                                                                                                                                                                                                                                                                                                                                                                                                                                              • Richemont
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 17: Richemont: Share of global luxury goods market, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 18: Richemont: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 19: Richemont: Percentage of group revenues from retail operations, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 20: Richemont: Contribution to group revenues, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 21: Richemont: Revenues, by region, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 22: Richemont: Year-on-year growth in revenues for hard-luxury and soft-luxury goods, 2009/10-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 23: Richemont: Revenues, by product category, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 24: Richemont: Financial performance, by operating segment, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 25: Richemont: Outlet numbers, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce and social networks

                                                                                                                                                                                                                                                                                                                                                                                                                                                    European Retail Briefing - September 2012

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