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Retailing in Emerging Markets - Europe - July 2011

The Emerging markets of Central and Eastern Europe have generally enjoyed some of the strongest rates of growth in Europe in recent years.

The retail sectors in these emerging markets are growing quickly as the markets embrace free market ideals.

For many of the markets in the region, retail development has been limited to the major urban centres suggesting significant growth potential remains in other areas as modern retail formats are introduced.

Rates of consolidation in the retail market vary considerably across the markets covered in this report. These figures offer a useful insight into the overall development of a retail sector.

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Table of contents

  1. Executive Summary

    • Economic development
      • Sector size and performance
        • The future
          • Highly fragmented markets
            • Leading retailers
            • Report Scope

                • Technical notes
                  • Currency and inflation issues
                    • Sector sizes
                      • Forecasts
                        • Company data
                        • Summary and Outlook

                            • Population
                              • Figure 1: Emerging markets: Share of total population in the region, 2010
                            • Declining populations…
                                • Figure 2: Emerging markets: Population change, 2005-10
                              • Set to continue…
                                • Figure 3: Emerging markets: Population change, 2010-15
                              • Economic development
                                • Dynamic economies
                                    • Figure 4: Emerging markets: Real GDP growth (local currency), 2005-10
                                  • Room for further development
                                      • Figure 5: Emerging markets: GDP per capita, 2010
                                    • Consumer spending
                                      • Figure 6: Emerging markets: Consumer spending per capita, 2009
                                    • Retail sales
                                      • Figure 7: Emerging markets: Retail sales, 2006-10
                                      • Figure 8: Emerging markets: Retail sales growth (Local currency), 2006-10
                                      • Figure 9: Emerging markets: Comparison of retail sales growth between 2006-08 and 2008-10 (Local currency)
                                    • Retail sales per capita
                                        • Figure 10: Emerging markets: Retail sales per capita, 2010
                                      • Retail forecasts
                                          • Figure 11: Emerging markets: Retail sales forecasts, 2011-16
                                        • Retailer concentration
                                            • Figure 12: Emerging markets: Top 5 retailers’ share of all retail sales, 2010
                                          • Leading retailers
                                            • Mixed success for Russian operators
                                              • Big fall for Maxima
                                                • New arrivals
                                                  • The multinationals continue their advance
                                                    • Outside the top 25
                                                      • Figure 13: Identified leading retailers in emerging markets, 2010/11
                                                    • Market shares
                                                      • Figure 14: Leading retailers, market share of top 10, 2010
                                                  • Albania

                                                    • Executive summary
                                                      • SWOT
                                                        • Strengths
                                                          • Weaknesses
                                                            • Opportunities
                                                              • Threats
                                                                • Broader market environment
                                                                  • Key points
                                                                    • Politics
                                                                      • Population
                                                                        • The economy
                                                                          • Implications for retailers
                                                                            • Competitive context
                                                                              • Figure 15: Inflation, 2006-10
                                                                            • Sector size and forecast
                                                                              • Retail sales
                                                                                • Wholesale, retail and car sales
                                                                                  • Retail sales growth
                                                                                    • Figure 16: Albania: Retail sales, 2005-09
                                                                                    • Figure 17: Retail performance, by sector, 2005-09
                                                                                  • Forecast
                                                                                    • Retail competitor analysis
                                                                                    • Belarus

                                                                                      • Executive summary
                                                                                        • SWOT
                                                                                          • Strengths
                                                                                            • Weaknesses
                                                                                              • Opportunities
                                                                                                • Threats
                                                                                                  • Broader market environment
                                                                                                    • Key points
                                                                                                      • Competitive context
                                                                                                        • Key points
                                                                                                          • Consumer spending breakdown
                                                                                                            • Figure 18: Belarus: Breakdown of household expenditure, 2005-09
                                                                                                            • Figure 19: Belarus: Inflation on food compared to all inflation, 2006-10
                                                                                                          • Sector size and forecast
                                                                                                            • Key points
                                                                                                              • Economic outlook
                                                                                                                • Retail sales
                                                                                                                    • Figure 20: Belarus: Retail sales, 2006-10
                                                                                                                  • Enterprise data
                                                                                                                      • Figure 21: Belarus: Retail enterprises, 2005-09
                                                                                                                    • Retail competitor analysis
                                                                                                                      • Key points
                                                                                                                        • Underdeveloped sector
                                                                                                                          • EBRD investment in question
                                                                                                                            • Slowing investment from Russia
                                                                                                                              • Figure 22: Belarus: Identified leading retailers, 2010/11
                                                                                                                          • Bulgaria

                                                                                                                            • Executive summary
                                                                                                                              • SWOT
                                                                                                                                • Strengths
                                                                                                                                  • Weaknesses
                                                                                                                                    • Opportunities
                                                                                                                                      • Threats
                                                                                                                                        • Broader market environment
                                                                                                                                          • Key points
                                                                                                                                            • Competitive context
                                                                                                                                              • Key points
                                                                                                                                                • Consumer spending breakdown
                                                                                                                                                  • Figure 23: Bulgaria: Average annual expenditure per household, 2006-10
                                                                                                                                                  • Figure 24: Bulgaria: Inflation on food compared to all inflation, 2005-11
                                                                                                                                                • Sector size and forecast
                                                                                                                                                  • Key points
                                                                                                                                                    • Economic outlook
                                                                                                                                                      • Retail sales
                                                                                                                                                          • Figure 25: Bulgaria: Retail sales forecasts, 2006-16
                                                                                                                                                        • Outlet data
                                                                                                                                                            • Figure 26: Bulgaria: Retail outlets, by product category, 2005-09
                                                                                                                                                          • Retail competitor analysis
                                                                                                                                                            • Key points
                                                                                                                                                              • Schwarz group leads the way
                                                                                                                                                                • Delhaize acquires Maxi Retail
                                                                                                                                                                  • Carrefour passes control
                                                                                                                                                                    • Discretionary areas struggle
                                                                                                                                                                      • Figure 27: Bulgaria: Identified leading retailers, 2010/11
                                                                                                                                                                    • Market shares
                                                                                                                                                                        • Figure 28: Bulgaria: Identified leading retailers market shares, 2010
                                                                                                                                                                    • Croatia

                                                                                                                                                                      • Executive summary
                                                                                                                                                                        • SWOT
                                                                                                                                                                          • Strengths
                                                                                                                                                                            • Weaknesses
                                                                                                                                                                              • Opportunities
                                                                                                                                                                                • Threats
                                                                                                                                                                                  • Broader market environment
                                                                                                                                                                                    • Key points
                                                                                                                                                                                      • Competitive context
                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • Consumer spending breakdown
                                                                                                                                                                                            • Figure 29: Croatia: Average annual consumption per household, 2005-09
                                                                                                                                                                                          • Inflation
                                                                                                                                                                                            • Figure 30: Croatia: Consumer price Indices, 2005-10
                                                                                                                                                                                          • Sector size and forecasts
                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Economic outlook
                                                                                                                                                                                                • Retail sales
                                                                                                                                                                                                  • Figure 31: Croatia: Retail sales forecasts, 2006-16
                                                                                                                                                                                                • Retail enterprises and outlets
                                                                                                                                                                                                  • Figure 32: Croatia retail trade: Business, outlet and employee numbers, 2005-09
                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                    • Agrokor dominant
                                                                                                                                                                                                      • A new giant of Eastern Europe?
                                                                                                                                                                                                        • Food sector receives most investment
                                                                                                                                                                                                          • Non-food sectors
                                                                                                                                                                                                            • Figure 33: Croatia: Identified leading retailers, 2010/11
                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                            • Figure 34: Croatia: Leading retailers market shares, 2010/11
                                                                                                                                                                                                        • Estonia

                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                            • SWOT
                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                      • Broader market environment
                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                          • Competitive context
                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                              • Consumer spending breakdown
                                                                                                                                                                                                                                • Figure 35: Estonia: Detailed breakdown of spending on consumer goods, 2005-09
                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                  • Figure 36: Estonia: Inflation on food compared to all inflation, 2006-11
                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                      • Figure 37: Estonia: Retail sales forecasts, 2006-16
                                                                                                                                                                                                                                      • Figure 38: Estonia: Retail sales, by type of retailer, 2005-09
                                                                                                                                                                                                                                    • Enterprise and employment data
                                                                                                                                                                                                                                      • Figure 39: Estonia: Retail enterprises, by sector, 2005-08
                                                                                                                                                                                                                                      • Figure 40: Estonia: Retail employment, by sector, 2005-08
                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                          • Figure 41: Estonia: Identified leading retailers, 2010
                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                          • Figure 42: Estonia: Leading retailers’ market shares, 2010
                                                                                                                                                                                                                                      • Latvia

                                                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                    • Broader market environment
                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                        • Implications for retail
                                                                                                                                                                                                                                                          • Competitive context
                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                                • Figure 43: Latvia: Total consumer spending of households, 2006-10
                                                                                                                                                                                                                                                                • Figure 44: Latvia: Breakdown of consumer spending of households, 2006-09
                                                                                                                                                                                                                                                              • Consumer prices inflation
                                                                                                                                                                                                                                                                • Figure 45: Latvia: Consumer prices inflation, Jan 2006-May 2011
                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                  • Economic outlook
                                                                                                                                                                                                                                                                    • Retail sales and forecasts
                                                                                                                                                                                                                                                                        • Figure 46: Latvia: Retail sales, 2006-10
                                                                                                                                                                                                                                                                        • Figure 47: Latvia: Retail sales forecasts, 2011-16
                                                                                                                                                                                                                                                                      • Enterprises and employment
                                                                                                                                                                                                                                                                        • Figure 48: Latvia: Retail enterprises and employees, 2006-09
                                                                                                                                                                                                                                                                        • Figure 49: Latvia: Retail enterprises, by sector, 2006-08
                                                                                                                                                                                                                                                                        • Figure 50: Latvia: Retail employment, by sector, 2006-08
                                                                                                                                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                          • Major operators
                                                                                                                                                                                                                                                                            • Grocery leadership
                                                                                                                                                                                                                                                                              • Clothing competition
                                                                                                                                                                                                                                                                                • Health and beauty concentrating
                                                                                                                                                                                                                                                                                  • DIY specialists faltering
                                                                                                                                                                                                                                                                                    • Figure 51: Latvia: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                    • Figure 52: Latvia: Identified leading retailers’ market shares, 2010/11
                                                                                                                                                                                                                                                                                • Lithuania

                                                                                                                                                                                                                                                                                  • Executive summary
                                                                                                                                                                                                                                                                                    • SWOT
                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                              • Broader market environment
                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                  • Implications for retail
                                                                                                                                                                                                                                                                                                    • Competitive context
                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                          • Figure 53: Lithuania: Total consumer spending of households, 2006-10
                                                                                                                                                                                                                                                                                                          • Figure 54: Lithuania: Breakdown of consumer spending of households, 2005-09
                                                                                                                                                                                                                                                                                                        • Consumer prices inflation
                                                                                                                                                                                                                                                                                                          • Figure 55: Lithuania: Consumer prices inflation, Jan 2006-May 2011
                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                            • Retail sales and forecasts
                                                                                                                                                                                                                                                                                                                • Figure 56: Lithuania: Retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                • Figure 57: Lithuania: Retail sales forecasts, 2011-16
                                                                                                                                                                                                                                                                                                              • Enterprises, outlets and employment
                                                                                                                                                                                                                                                                                                                • Figure 58: Lithuania: Retail enterprises and employees, 2006-11
                                                                                                                                                                                                                                                                                                                • Figure 59: Lithuania: Retail enterprises, by sector, 2008
                                                                                                                                                                                                                                                                                                                • Figure 60: Lithuania: Retail outlets, by sector, 2008 and 2009
                                                                                                                                                                                                                                                                                                                • Figure 61: Lithuania: Retail sales area for selected sectors, 2008 and 2009
                                                                                                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                  • Major operators
                                                                                                                                                                                                                                                                                                                    • Grocery leadership
                                                                                                                                                                                                                                                                                                                      • Health & beauty
                                                                                                                                                                                                                                                                                                                        • Others
                                                                                                                                                                                                                                                                                                                            • Figure 62: Lithuania: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                            • Figure 63: Lithuania: Identified leading retailers’ market shares, 2010/11
                                                                                                                                                                                                                                                                                                                        • Macedonia

                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                            • SWOT
                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                      • Broader market environment
                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                          • Politics
                                                                                                                                                                                                                                                                                                                                            • Population
                                                                                                                                                                                                                                                                                                                                              • The economy
                                                                                                                                                                                                                                                                                                                                                • Implications for retail
                                                                                                                                                                                                                                                                                                                                                  • Competitive context
                                                                                                                                                                                                                                                                                                                                                    • Figure 64: Macedonia: Consumer spending, detailed breakdown, 2007-09
                                                                                                                                                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                                                                                                                                                    • Figure 65: Macedonia: Consumer prices index, 2006-11 (May)
                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                    • Figure 66: Macedonia: Retail sales and outlet numbers, 2006-10
                                                                                                                                                                                                                                                                                                                                                    • Figure 67: Macedonia: Retail sales forecast, 2010-16
                                                                                                                                                                                                                                                                                                                                                  • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                  • Moldova

                                                                                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                                                                                      • SWOT
                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                    • Competitive context
                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending breakdown
                                                                                                                                                                                                                                                                                                                                                                          • Figure 68: Moldova: Average monthly expenditure per capita, 2006-09
                                                                                                                                                                                                                                                                                                                                                                          • Figure 69: Moldova: Inflation on food compared to all inflation, 2005-10
                                                                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                            • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                              • Retail sales
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 70: Moldova: Retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                • Outlet data
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 71: Moldova: Retail outlets and space, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 72: Moldova: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                                              • Romania

                                                                                                                                                                                                                                                                                                                                                                                • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                  • SWOT
                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                • Implications for retail
                                                                                                                                                                                                                                                                                                                                                                                                  • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 73: Romania: Total consumer spending of households, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 74: Romania: Breakdown of consumer spending of households, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer prices inflation
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 75: Romania: Consumer prices inflation, Jan 2006-May 2011
                                                                                                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                            • Retail sales and forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 76: Romania: Retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 77: Romania: Retail sales forecasts, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                              • Enterprises, outlets and employment
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 78: Romania: Retail enterprises and employment, by sector, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 79: Romania: Retail outlets, by sector, 2007
                                                                                                                                                                                                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                  • Grocery
                                                                                                                                                                                                                                                                                                                                                                                                                    • DIY
                                                                                                                                                                                                                                                                                                                                                                                                                      • Furniture
                                                                                                                                                                                                                                                                                                                                                                                                                        • Electricals
                                                                                                                                                                                                                                                                                                                                                                                                                          • Other specialists
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 80: Romania: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 81: Romania: Identified leading retailers’ market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Russia

                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Implications for retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 82: Russia: Proportion of household budget spend, by category, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 83: Russia: Retail prices index for food and all items, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 84: Russia: Retail sales forecasts, 2006-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food vs non-food
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 85: Russia: Share of retail sales, by commodity, 1992, 1995, 2000, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • High levels of investment in retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 86: Russia: Retail establishments, by sector, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Food retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 88: Identified leading food retailers in Russia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Electricals retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 89: Russia: Identified leading electricals retailers in Russia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Furniture and DIY retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 90: Russia: Identified leading DIY and furniture retailers in Russia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Health and beauty retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 91: Russia: Identified leading health and beauty retailers in Russia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 92: Russia: Identified leading clothing retailers in Russia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Other specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 93: Russia: Other identified leading retailers in Russia, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 94: Russia: Identified leading retailers’ market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Serbia

                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer spending breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 95: Serbia: Breakdown of household consumption by major category, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 96: Serbia: Inflation on food compared to all inflation, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 97: Serbia: Retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Delhaize ups its emerging market presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 98: Serbia: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 99: Serbia: Identified leading retailers market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Slovak Republic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 100: Slovak Republic: Breakdown of consumer expenditure per capita per month, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 101: Slovak Republic: Consumer prices indices, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 102: Slovak Republic: Breakdown of retail sales, 2006-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Coop Jednota Slovensko remains in front
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco closes the gap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • An appealing market for investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Not just for food retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Domestic operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 103: Slovak Republic: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 104: Slovak Republic: Identified leading retailers estimated market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Turkey

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Implications for retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 105: Turkey: Breakdown of consumer spending of households, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer prices inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 106: Turkey: Consumer prices inflation, Jan 2006-May 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 107: Turkey: Estimated retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 108: Turkey: Retail sales growth rates, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector employment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 109: Turkey: Retail employment, by sector, 2006-Q1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • IPO opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Grocers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing and department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Other specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Turkey: Identified leading retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 111: Turkey: Leading retailers’ market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ukraine

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Competitive context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Ukraine: Total household expenditure, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 113: Ukraine: Average annual monthly expenditure per household, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 114: Ukraine: Inflation on food compared to all inflation, 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: Ukraine: Retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 116: Ukraine: Retail sales by type of retailer, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enterprise and outlet data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 117: Ukraine: Retail enterprises, by sector, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 118: Ukraine: Retail outlets, by sector, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: Ukraine: Identified leading retailers, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 120: Ukraine: Identified leading retailers’ market shares, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Agrokor

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 121: Agrokor Group: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 122: Agrokor Retail & Wholesale: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 123: Auchan: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 124: Auchan: Store numbers in Central and Eastern Europe, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • BIM

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 125: BIM: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 126: BIM: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 127: BIM: Private label sales as % of total sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 128: Carrefour: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 129: Carrefour: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 130: Carrefour emerging European markets: Outlets by type, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Co-op Jednota Slovensko

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Coop Jednota Slovensko: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Coop Jednota Slovensko: Retail network, by store type, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Eldorado

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 133: Eldorado (Russia): Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 134: Eldorado (Russia): Outlet data, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Etk

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 135: ETK: Group sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: ETK: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 137: ETK: Outlet data, by store format, 2006, 2008 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Euroset (Evroset)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 138: Euroset: Sales performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 139: Euroset: Total outlet numbers, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kesko

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 140: Kesko: Group presence in Eastern Europe, by brand, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 141: Kesko: Non-domestic sales performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 142: Kesko: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Magnit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 143: Magnit: Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Magnit: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 145: Magnit: Store numbers, % breakdown, by federal district, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 146: Magnit: Private label: Number of products and share of total sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Maxima Grupê

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 147: Maxima: Group sales performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: Maxima: % of sales by territory, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 149: Maxima: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Maxima: Own brands, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mercator

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Mercator: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 152: Mercator, sales by division, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: Mercator: Group outlet numbers, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 154: Mercator: Sales area, by outlet type, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 155: Mercator: group outlet data*, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Mercator Own brand development, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 157: Pika card holders, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Migros Türk

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 158: Migros Türk: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 159: Migros Türk: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 160: Migros Türk: Turkish fascia and store numbers, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Metro (Real/Media Markt/Saturn)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 161: Real: Sales growth in domestic currencies, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 162: Real: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 163: Real: % of total sales originating from international operations, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 164: Media Markt/Saturn: Financial performance in selected territories, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 165: Real: % change in sales per outlet in domestic currencies, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 166: Real: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 167: Real: % of store numbers located in international territories, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 168: Media Markt/Saturn: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 169: Rewe: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 170: Rewe: Estimated % food retail sales, by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 171: Rewe: % of total Rewe food stores in emerging markets, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 172: Rewe: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 173: Rewe: International food formats, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rimi Baltic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 174: Rimi Baltic: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 175: Rimi Baltic: Store sales by country, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Rimi Baltic: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: Rimi Baltic: Outlet data, by format, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 178: Rimi Baltic: Market positioning, by format, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Schwarz Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 179: Schwarz Group: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 180: Schwarz Group: Store formats, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 181: Schwarz Group: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 183: Tesco Plc: Group and Central/Eastern Europe financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 184: Tesco Plc: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 185: Tesco: Central/Eastern Europe store formats, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 186: Tesco: Central/Eastern Europe sales area, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 187: Tesco: Central/Eastern Europe sales area projected growth as % of existing sales area, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • X5 Retail Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 188: X5 Retail Group: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 189: X5 Retail Group: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 190: X5: Own brand penetration as % sales, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 191: Emerging markets: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 192: Emerging markets: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 193: Emerging markets: Projected population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 194: Emerging markets: Projected population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 195: Emerging markets: GDP, in current prices, 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 196: Emerging markets: GDP growth rates, in constant prices, 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 197: Emerging markets: Households consumption expenditure, in current prices, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 198: Emerging markets: Consumer price inflation, 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 199: Emerging markets: Average annual rates of unemployment, 2001-10

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Retailing in Emerging Markets - Europe - July 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              £1,495.00 (Excl.Tax)