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European Retail Rankings - December 2017

The European Retail Rankings focuses on the leading retailers in Europe and puts them in perspective. This is a report where the numbers are all important, though we also give some background information both by sector and by country. We provide a three-year record of the main statistics (in so far as they are available) with a summary table of the 350 leading retailers in Europe as well as where those retailers operate and what sectors they operate in.

This report provides a snapshot of the leading retailers in Europe, ranked by 2016 revenues translated into Euros at the average rate ruling through the year. We cover the top 350 European retailers and include country and sector sections, which detail those of the top 350 companies that are present in those markets. In the text we cover the main trends by country and sector and the leading retailers in each country and sector as well.

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Table of contents

  1. Introduction

      • Report scope
        • Excel tables
          • Technical notes
            • Inclusion criteria
              • Definitions
                • Rankings
                  • A note on voluntary groups and Co-ops
                    • Comparability
                      • Currency
                        • Figure 1: Exchange rates: national currency against the Euro, 2014-16
                      • Financial years
                        • VAT
                          • Figure 2: Europe: VAT rates, 2012-17
                        • Accounting
                          • Classifications
                            • Figure 3: Sector codes
                            • Figure 4: Country codes
                          • Abbreviations
                            • Sources
                            • Winners and Losers

                                • The European top 20
                                  • Food dominant
                                    • Currency
                                      • Figure 5: Europe’s top 20 retailers rankings, 2014-16
                                    • Online
                                      • Technicalities
                                        • What is behind this growth?
                                          • Limits to online growth?
                                            • Innovation
                                              • Management
                                                • Clothing
                                                  • Figure 6: Selected leading clothing retailers, rankings, 2014-16
                                                • Stores fighting back
                                                  • Conglomerates
                                                    • Watch this space
                                                    • Clothing and Footwear Specialists

                                                        • Figure 7: Europe: clothing and footwear specialists: annual growth vs all retail sales growth, 2012-17
                                                      • The sector
                                                        • The retailers
                                                          • Leading retailers
                                                            • Figure 8: Top 350 European retailers: Top 10 clothing and footwear specialists, 2016/17
                                                        • DIY Specialists

                                                            • Figure 9: DIY Specialists: annual growth vs all retail sales growth, 2012-17
                                                          • The sector
                                                            • The retailers
                                                              • Leading retailers
                                                                • Figure 10: Top 350 European retailers: top 10 DIY specialists, 2016/17
                                                            • Electrical Goods Specialists

                                                                • Figure 11: Europe: electrical goods specialists: annual growth vs all retail sales growth, 2012-17
                                                              • The sector
                                                                • The retailers
                                                                  • The retailers
                                                                    • Figure 12: Top 350 European retailers: top 10 electrical specialists, 2016/17
                                                                • Food Retailers

                                                                    • Figure 13: Europe: food retailers: annual growth in food retailers’ sales vs all retail sales growth, 2012-17
                                                                  • The sector
                                                                    • The retailers
                                                                      • Leading retailers
                                                                        • Figure 14: Top 350 European retailers: top 10 food retailers, 2016/17
                                                                    • Health & Beauty Specialists

                                                                        • Figure 15: Health & beauty retailers: annual growth vs all retail sales growth, 2012-17
                                                                      • The sector
                                                                        • The retailers
                                                                          • Leading retailers
                                                                            • Figure 16: Europe top 350 retailers, top 10 health & beauty specialists, 2016/17
                                                                        • Home Shopping Specialists

                                                                            • Figure 17: Home shopping: annual growth vs all retail sales growth, 2012-17
                                                                          • The sector
                                                                            • The retailers
                                                                              • Leading retailers
                                                                                • Figure 18: Top 350 European retailers: Top 10 home shopping retailers, 2016/17
                                                                            • Homewares Specialists

                                                                                • Figure 19: Furniture retailers: annual growth vs all retail sales growth, 2012-17
                                                                              • The sector
                                                                                • The retailers
                                                                                  • Leading retailers
                                                                                    • Figure 20: Europe top 350 retailers, top 10 furniture/homewares specialists, 2016/17
                                                                                • Miscellaneous Specialists

                                                                                    • Figure 21: Miscellaneous specialists: annual growth vs all retail sales growth, 2012-17
                                                                                  • The sector
                                                                                    • The retailers
                                                                                      • Leading retailers
                                                                                        • Figure 22: Top 350 European retailers: top 10 miscellaneous specialists, 2016/17
                                                                                    • Mixed Goods Retailers

                                                                                        • Figure 23: Europe: Mixed goods retailers: annual growth vs all retail sales growth 2012-17
                                                                                      • The sector
                                                                                        • The retailers
                                                                                          • Leading retailers
                                                                                            • Figure 24: Top 350 European retailers: top 10 mixed goods retailers, 2016/17
                                                                                        • Austria

                                                                                            • Austria: Background
                                                                                              • The retail sector in Austria
                                                                                                  • Figure 25: Austria: retail sales breakdown (excl VAT), 2013-17
                                                                                                • Leading retailers in Austria
                                                                                                  • Figure 26: Top 350 European retailers: top 10 in Austria, 2016/17
                                                                                              • Belgium

                                                                                                  • Belgium: Background
                                                                                                    • The retail sector in Belgium
                                                                                                        • Figure 27: Belgium: retail sales breakdown (excl VAT), 2013-17
                                                                                                      • Leading retailers in Belgium
                                                                                                        • Figure 28: Top 350 European retailers: top 10 in Belgium, 2016/17
                                                                                                    • Bulgaria

                                                                                                        • Bulgaria: Background
                                                                                                          • The retail sector in Bulgaria
                                                                                                              • Figure 29: Bulgaria: retail sales breakdown (excl VAT), 2013-17
                                                                                                            • Leading retailers in Bulgaria
                                                                                                              • Figure 30: Top 350 European retailers: top 6 in Bulgaria, 2016/17
                                                                                                          • Croatia

                                                                                                              • Croatia: Background
                                                                                                                • The retail sector in Croatia
                                                                                                                    • Figure 31: Croatia: retail sales breakdown (excl VAT), 2013-17
                                                                                                                  • Leading retailers in Croatia
                                                                                                                    • Figure 32: Top 350 European retailers: top 6 in Croatia, 2016/17
                                                                                                                • Czech Republic

                                                                                                                    • Czech Republic: Background
                                                                                                                      • The retail sector in the Czech Republic
                                                                                                                          • Figure 33: Czech Republic: retail sales breakdown (excl VAT), 2013-17
                                                                                                                        • Leading retailers in the Czech Republic
                                                                                                                          • Figure 34: Top 350 European retailers: top 6 in Czech Republic, 2016/17
                                                                                                                      • Denmark

                                                                                                                          • Denmark: Background
                                                                                                                            • The retail sector in Denmark
                                                                                                                              • Figure 35: Denmark: retail sales breakdown (excl VAT), 2013-17
                                                                                                                            • Leading retailers in Denmark
                                                                                                                              • Figure 36: Top 350 European retailers: top 10 in Denmark, 2016/17
                                                                                                                          • Estonia

                                                                                                                              • Estonia: Background
                                                                                                                                • The retail sector in Estonia
                                                                                                                                  • Figure 37: Estonia: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                • Leading retailers in Estonia
                                                                                                                                  • Figure 38: Top 350 European retailers: top 10 in Estonia, 2016/17
                                                                                                                              • Finland

                                                                                                                                  • Finland: Background
                                                                                                                                    • The retail sector in Finland
                                                                                                                                        • Figure 39: Finland: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                      • Leading retailers in Finland
                                                                                                                                        • Figure 40: Top 350 European retailers: top 10 in Finland, 2016/17
                                                                                                                                    • France

                                                                                                                                        • France: Background
                                                                                                                                          • The retail sector in France
                                                                                                                                              • Figure 41: France: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                            • Leading retailers in France
                                                                                                                                              • Figure 42: Top 350 European retailers: top 10 in France, 2016/17
                                                                                                                                          • Germany

                                                                                                                                              • Germany: Background
                                                                                                                                                • The retail sector in Germany
                                                                                                                                                    • Figure 43: Germany: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                  • Leading retailers in Germany
                                                                                                                                                    • Figure 44: Top 350 European retailers: top 10 in Germany, 2016/17
                                                                                                                                                • Greece

                                                                                                                                                    • Greece: Background
                                                                                                                                                      • The retail sector in Greece
                                                                                                                                                          • Figure 45: Greece: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                        • Leading retailers in Greece
                                                                                                                                                          • Figure 46: Top 350 European retailers: top 10 in Greece, 2016/17
                                                                                                                                                      • Hungary

                                                                                                                                                          • Hungary: Background
                                                                                                                                                            • The retail sector in Hungary
                                                                                                                                                              • Figure 47: Hungary: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                            • The leading retailers in Hungary
                                                                                                                                                              • Figure 48: Top 350 European retailers: top 10 in Hungary, 2016/17
                                                                                                                                                          • Ireland

                                                                                                                                                              • Ireland: Background
                                                                                                                                                                • The retail sector in Ireland
                                                                                                                                                                    • Figure 49: Ireland: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                  • Leading retailers in Ireland
                                                                                                                                                                    • Figure 50: Top 350 European retailers: top 10 in Ireland, 2016/17
                                                                                                                                                                • Italy

                                                                                                                                                                    • Italy: Background
                                                                                                                                                                      • The retail sector in Italy
                                                                                                                                                                          • Figure 51: Italy: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                        • Leading retailers in Italy
                                                                                                                                                                          • Figure 52: Top 350 European retailers: top 10 in Italy, 2016/17
                                                                                                                                                                      • Latvia

                                                                                                                                                                          • Latvia: Background
                                                                                                                                                                            • The retail sector in Latvia
                                                                                                                                                                              • Figure 53: Latvia: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                            • Leading retailers in Latvia
                                                                                                                                                                              • Figure 54: Top 350 European retailers: top 7 in Latvia, 2016/17
                                                                                                                                                                          • Lithuania

                                                                                                                                                                              • Lithuania: Background
                                                                                                                                                                                • The retail sector in Lithuania
                                                                                                                                                                                  • Figure 55: Lithuania: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                • Leading retailers in Lithuania
                                                                                                                                                                                  • Figure 56: Top 350 European retailers: top 10 in Lithuania, 2016/17
                                                                                                                                                                              • Netherlands

                                                                                                                                                                                  • The Netherlands: Background
                                                                                                                                                                                    • The retail sector in The Netherlands
                                                                                                                                                                                        • Figure 57: The Netherlands: retail sales breakdown (excl VAT), 2012-17
                                                                                                                                                                                      • The leading retailers in the Netherlands
                                                                                                                                                                                        • Figure 58: Top 350 European retailers: top 10 in the Netherlands, 2016/17
                                                                                                                                                                                    • Norway

                                                                                                                                                                                        • Norway: Background
                                                                                                                                                                                          • The retail sector in Norway
                                                                                                                                                                                              • Figure 59: Norway: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                            • Leading retailers in Norway
                                                                                                                                                                                              • Figure 60: Top 350 European retailers: top 10 in Norway, 2016/17
                                                                                                                                                                                          • Poland

                                                                                                                                                                                              • Poland: Background
                                                                                                                                                                                                • The retail sector in Poland
                                                                                                                                                                                                    • Figure 61: Poland: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                  • Leading retailers in Poland
                                                                                                                                                                                                    • Figure 62: Top 350 European retailers: top 10 in Poland, 2016/17
                                                                                                                                                                                                • Portugal

                                                                                                                                                                                                    • Portugal: Background
                                                                                                                                                                                                      • The retail sector in Portugal
                                                                                                                                                                                                        • Figure 63: Portugal: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                      • Leading retailers in Portugal
                                                                                                                                                                                                        • Figure 64: Top 350 European retailers: top 10 in Portugal, 2016/17
                                                                                                                                                                                                    • Romania

                                                                                                                                                                                                        • Romania: Background
                                                                                                                                                                                                          • The retail sector in Romania
                                                                                                                                                                                                              • Figure 65: Romania: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                            • Leading retailers in Romania
                                                                                                                                                                                                              • Figure 66: Top 350 European retailers: top 10 in Romania, 2016/17
                                                                                                                                                                                                          • Russia

                                                                                                                                                                                                              • Russia: Background
                                                                                                                                                                                                                • The retail sector in Russia
                                                                                                                                                                                                                  • Figure 67: Russia: retail sales, by broad sector (excl VAT), 2013-17
                                                                                                                                                                                                                • The leading retailers in Russia
                                                                                                                                                                                                                  • Figure 68: Top 350 European retailers: top 10 in Russia, 2016/17
                                                                                                                                                                                                              • Slovakia

                                                                                                                                                                                                                  • Slovakia: Background
                                                                                                                                                                                                                    • The retail sector in Slovakia
                                                                                                                                                                                                                        • Figure 69: Slovakia: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                                      • Leading retailers in Slovakia
                                                                                                                                                                                                                        • Figure 70: Top 350 European retailers: top 10 in Slovakia, 2016/17
                                                                                                                                                                                                                    • Slovenia

                                                                                                                                                                                                                        • Slovenia: Background
                                                                                                                                                                                                                          • The retail sector in Slovenia
                                                                                                                                                                                                                            • Figure 71: Slovenia: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                                          • Leading retailers in Slovenia
                                                                                                                                                                                                                            • Figure 72: Top 350 European retailers: top 7 in Slovenia, 2016/17
                                                                                                                                                                                                                        • Spain

                                                                                                                                                                                                                            • Spain: Background
                                                                                                                                                                                                                              • The retail sector in Spain
                                                                                                                                                                                                                                • Figure 73: Spain: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                                              • The leading retailers in Spain
                                                                                                                                                                                                                                • Figure 74: Top 350 European retailers: top 10 in Spain, 2016/17
                                                                                                                                                                                                                            • Sweden

                                                                                                                                                                                                                                • Sweden: Background
                                                                                                                                                                                                                                  • The retail sector in Sweden
                                                                                                                                                                                                                                      • Figure 75: Sweden: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                                                    • Leading retailers in Sweden
                                                                                                                                                                                                                                      • Figure 76: Top 350 European retailers: top 10 in Sweden, 2016/17
                                                                                                                                                                                                                                  • Switzerland

                                                                                                                                                                                                                                      • Switzerland: Background
                                                                                                                                                                                                                                        • The retail sector in Switzerland
                                                                                                                                                                                                                                          • Figure 77: Switzerland: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                                                        • Leading retailers in Switzerland
                                                                                                                                                                                                                                          • Figure 78: Europe top 350 retailers: top 10 in Switzerland, 2016/17
                                                                                                                                                                                                                                      • Turkey

                                                                                                                                                                                                                                          • Turkey: Background
                                                                                                                                                                                                                                            • The retail sector in Turkey
                                                                                                                                                                                                                                                • Figure 79: Turkey: retail sales breakdown (excl VAT), 2013-17
                                                                                                                                                                                                                                              • Leading retailers in Turkey
                                                                                                                                                                                                                                                • Figure 80: Europe top 350 retailers: top 10 in Turkey, 2016/17
                                                                                                                                                                                                                                            • United Kingdom

                                                                                                                                                                                                                                                • The UK: Background
                                                                                                                                                                                                                                                  • The retail sector in the UK
                                                                                                                                                                                                                                                      • Figure 81: UK: retail sales breakdown, 2013-17
                                                                                                                                                                                                                                                    • Leading retailers in the UK
                                                                                                                                                                                                                                                      • Figure 82: Europe top 350 retailers: top 10 in the UK, 2016/17
                                                                                                                                                                                                                                                  • Schwarz Group

                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                        • Lidl lands in the US
                                                                                                                                                                                                                                                          • Further expansion
                                                                                                                                                                                                                                                            • Lidl goes on the attack in Germany
                                                                                                                                                                                                                                                              • Further gains in the UK
                                                                                                                                                                                                                                                                • Embracing technology
                                                                                                                                                                                                                                                                  • Lidl bets big on clothing
                                                                                                                                                                                                                                                                    • Figure 83: Esmara by Heidi Klum at Lidl UK, September 2017
                                                                                                                                                                                                                                                                  • Online operations at early stages of development
                                                                                                                                                                                                                                                                    • Lidl enters Black Friday
                                                                                                                                                                                                                                                                      • Kaufland dials back its online food delivery
                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                            • Figure 84: Schwarz Group: group sales performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                            • Figure 85: Schwarz Group: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                          • Tesco

                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                • The turnaround
                                                                                                                                                                                                                                                                                  • Booker
                                                                                                                                                                                                                                                                                    • Logic behind the deal
                                                                                                                                                                                                                                                                                      • A consumer downturn?
                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                          • Fraud Squad investigation
                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                              • Full year 2016/17
                                                                                                                                                                                                                                                                                                  • Figure 86: Tesco: sales growth by country in local currency terms, 2015/16-2016/17
                                                                                                                                                                                                                                                                                                • First half 2017/18
                                                                                                                                                                                                                                                                                                  • Figure 87: Tesco: first half sales growth by country in local currency terms, H1 2016/17-H1 2017/18
                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                  • Tesco Bank
                                                                                                                                                                                                                                                                                                    • The balance sheet
                                                                                                                                                                                                                                                                                                      • Figure 88: Tesco Plc: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                      • Figure 89: Tesco UK: like-for-like sales growth by format, Q1 and Q2 2017/18
                                                                                                                                                                                                                                                                                                      • Figure 90: Tesco: UK store space by format, 2017
                                                                                                                                                                                                                                                                                                      • Figure 91: Tesco Plc: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                    • Carrefour

                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                          • A new boss, a new plan
                                                                                                                                                                                                                                                                                                            • Core strength in food growing strongly
                                                                                                                                                                                                                                                                                                              • Expanding convenience formats
                                                                                                                                                                                                                                                                                                                • Online evolving
                                                                                                                                                                                                                                                                                                                  • Purchasing alliance with Fnac Darty
                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                        • Group
                                                                                                                                                                                                                                                                                                                          • France
                                                                                                                                                                                                                                                                                                                            • Rest of Europe
                                                                                                                                                                                                                                                                                                                              • Figure 92: Carrefour: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                              • Figure 93: Carrefour: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                              • Figure 94: Carrefour (Europe): outlet numbers, 2013-16
                                                                                                                                                                                                                                                                                                                              • Figure 95: Carrefour: store numbers by country, 2015-16 (at December)
                                                                                                                                                                                                                                                                                                                              • Figure 96: Carrefour: European hypermarket numbers (directly operated stores only), 2016
                                                                                                                                                                                                                                                                                                                              • Figure 97: Carrefour: European supermarket numbers (directly operated stores only, 2016
                                                                                                                                                                                                                                                                                                                              • Figure 98: Carrefour: European C-store numbers (directly operated stores only), 2016
                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                            • Aldi

                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                  • The key markets
                                                                                                                                                                                                                                                                                                                                    • Further expansion
                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                          • Figure 99: Aldi: estimated group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                          • Figure 100: Aldi: number of outlets, 2012-16
                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                        • Edeka Group

                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                              • Same-day grocery delivery service
                                                                                                                                                                                                                                                                                                                                                • New convenience store concept
                                                                                                                                                                                                                                                                                                                                                  • Convenient grocery delivery fulfilment option
                                                                                                                                                                                                                                                                                                                                                    • Edeka expanding into the drugstore market
                                                                                                                                                                                                                                                                                                                                                      • Netto Marken-Discount responding to consumers’ food provenance concerns
                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                            • Figure 101: Edeka Group: food retail sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                            • Figure 102: Edeka Group: food retail outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                          • Amazon

                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                • The focus on Prime
                                                                                                                                                                                                                                                                                                                                                                  • The fostering of the next generation
                                                                                                                                                                                                                                                                                                                                                                    • The white whale(s)?
                                                                                                                                                                                                                                                                                                                                                                      • Amazon gets physical
                                                                                                                                                                                                                                                                                                                                                                        • The threats?
                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                              • Figure 103: Amazon.com Inc: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                              • Figure 104: Amazon: estimated total retail sales, by European country (excl VAT), 2014-16
                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                            • Rewe

                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                  • Clearer strategy emerges for international operations
                                                                                                                                                                                                                                                                                                                                                                                    • Exploiting convenience
                                                                                                                                                                                                                                                                                                                                                                                      • Going local
                                                                                                                                                                                                                                                                                                                                                                                        • The natural way
                                                                                                                                                                                                                                                                                                                                                                                          • Online plans
                                                                                                                                                                                                                                                                                                                                                                                            • What next?
                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 105: Rewe: group* financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 106: Rewe: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                  • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                        • Single brand simplifies relationship with customers
                                                                                                                                                                                                                                                                                                                                                                                                          • Selling off non-core businesses
                                                                                                                                                                                                                                                                                                                                                                                                            • Stronger buying links with Système U but closer relationship ruled out
                                                                                                                                                                                                                                                                                                                                                                                                              • An expanding presence in Eastern Europe
                                                                                                                                                                                                                                                                                                                                                                                                                • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 107: Auchan: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 108: Auchan: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                      • E Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                            • A trailblazer on price
                                                                                                                                                                                                                                                                                                                                                                                                                              • Leader in the Drive format
                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 109: E Leclerc: estimated group sales performance, excl VAT, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 110: E Leclerc: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Les Mousquetaires (Intermarché)

                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                        • A new strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Overhaul of private label
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digitalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Netto doing well
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 111: Les Mousquetaires: grocery operations – Estimated sales performance, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 112: Les Mousquetaires: grocery outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 113: France: customer profile of consumers using Intermarché for their main shop, September 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • J Sainsbury (UK)

                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Looking to drive synergies from the Home Retail Group deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pushing ahead with online innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Keeping a lid on costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: J Sainsbury (UK)*: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: J Sainsbury (UK): outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • eBay

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What has gone wrong?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Not a retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 116: eBay – Gross merchandise volume, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Toyou drives footfall into stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lack of significant convenience presence could be an issue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Better solution may be to push hard on online development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A deal on the horizon?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cost-cutting on the agenda
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 117: Asda Group Ltd: group financial performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 118: Asda Group Ltd: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • IKEA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Rebirth of Cities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Offering a helping hand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Making flat-pack easier to construct and transport
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Increasingly digital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: IKEA: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 120: IKEA: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ahold Delhaize

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A good fit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Local brands at core of company strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 121: Ahold Delhaize: group financial performance*, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 122: Ahold Delhaize: outlet data*, 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ceconomy (Media Markt/Saturn)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Physical store innovations to draw customers in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fnac Darty deal strengthens Ceconomy’s position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Increasingly isolated web shop-only brand Redcoon being phased out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 123: Ceconomy: group financial performance, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 124: Ceconomy: outlet data, 2013/14-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Système U

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New buying alliance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Convenience store expansion driving sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Own-label development to push low-price proposition and healthy food credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New website and expanded click-and-collect options fuelling e-commerce sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 125: Système U: group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 126: Système U: outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Migros (Switzerland)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Unhelpful background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Discounters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 127: Migros (Switzerland): group sales performance, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 128: Migros (Switzerland): outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 129: Migros: main businesses, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ‘Fresh look’ supermarket format driving store sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Re-entry into the convenience market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Responding to consumer demand for more locally sourced food and drink products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New store-pick online service extends home delivery reach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanded online product offering boosting e-commerce sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Own-label push to combat food price inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • First womenswear range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Cutting food waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 130: Wm Morrison Group: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 131: Wm Morrison Group: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Growing importance in the world of beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Continuing to invest in its store network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Focus on fresh products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • International expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 132: Mercadona: Group financial performance, excl. VAT, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 133: Mercadona: Outlet data, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                European Retail Rankings - December 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $2,018.70 (Excl.Tax)